What Is a World Account?
World Account is a multi-currency business account that helps businesses receive, hold, and manage funds in different currencies, as well as make international payments.
Instead of managing overseas payments through separate bank accounts, you can use one World Account to collect revenue from marketplaces and payment providers, pay suppliers and other business partners, and exchange currencies when needed. It is designed for businesses that sell, source, or operate across international markets.
Fees And Charges
There are no setup or monthly fees to open and maintain a World Account. Receiving funds is also free, with no minimum account balance required.
| Fee | Cost |
| Fee | Cost |
| Account opening | Free |
| Monthly fee | Free |
| Receiving funds | Free |
| Minimum account balance | None |
Who Is the World Account For?
World Account is designed for businesses that receive or make payments across borders, including:
- E-commerce sellers: Businesses selling through marketplaces such as Amazon or their own online stores.
- Retailers, wholesalers, and distributors: Businesses that import from or export to overseas businesses.
- Service providers: Businesses in industries such as advertising, IT and logistics.
You can apply for a World Account as a sole trader or a company, with onboarding requirements that depend on your business structure.
Documents You'll Need to Apply
The documents required to open a World Account depend on your business structure:
Sole Traders: Provide business information, including business registration details where applicable, as well as the required personal identification and verification.
Companies: Provide information about the company, including its registration details, trading address, directors, and relevant beneficial owners. Directors also need to complete identity verification.
Additional documents or information may be requested if further verification is required.
How To Apply
You can apply for a World Account online. The process differs depending on whether you apply as a sole trader or company.
- Select your business structure: Choose the relevant application route for your business.
- Provide your details: Enter your personal and business information as requested.
- Submit the required information: Provide your business registration details and identification documents.
- Complete verification: Complete the required identity and business verification checks.
- Wait for your application to be reviewed: Sole trader applications can receive a response within 48 working hours, while company applications can take up to two working days to review. Additional verification may take longer.
Frequently Asked Questions
Can I use a World Account for personal transactions?
No. World Account is intended for business use and should not be used for personal, family, or household transactions.
Can I hold money in my World Account without converting it immediately?
Yes. You can hold funds in your World Account and decide when to convert or use them for payments, subject to the applicable account terms and restrictions.
Does a World Account pay interest on my balance?
No. WorldFirst does not pay interest on funds held in a World Account.
Can I add money to my World Account from my personal bank account?
Generally, funds added to your World Account should come from an account in the same name as your World Account, unless otherwise permitted.
Can I withdraw money from my World Account to any bank account?
Not necessarily. Withdrawals generally need to be made to an account in the same name as your World Account. Other withdrawal arrangements may be permitted in certain circumstances, subject to applicable requirements.
Can I cancel an international payment after sending it?
You can request cancellation of a payment before the payment instruction is acted on. If the payment has already been sent, WorldFirst may try to recall it, but a successful recall is not guaranteed, and fees may apply.
What happens if I enter the wrong bank details for a payment?
You are responsible for providing the correct beneficiary details. If incorrect details result in a payment being sent to the wrong recipient, WorldFirst may try to recover the funds, but recovery is not guaranteed, and fees may apply.
Can WorldFirst reject or hold a payment I receive?
Yes. Payments or funds may be rejected, held, or restricted where required for compliance, risk management, or other applicable requirements. Additional information or verification may also be requested.
What happens if I receive money by mistake?
You should contact WorldFirst as soon as possible. Erroneous payments may be reversed where necessary.
Can WorldFirst suspend my World Account?
Yes. Access to your World Account may be suspended, disabled, or restricted in certain circumstances, including suspected fraud, illegal activity, financial crime, or a breach of the applicable terms.
Disclaimer: This content references information and product features from WorldFirst Malaysia’s website. RinggitPlus advises all users to read the full Terms and Conditions before applying.
