iBanFirst Information
iBanFirst is a financial services company that provides businesses with a variety of payment solutions. They are headquartered in France and operate in over 30 countries.
iBanFirst offers a cutting-edge and secure trading platform that allows users to make frictionless and traceable payments in real time. They also offer a variety of payment methods, including SWIFT, SEPA, credit card payments, and bank transfers. iBanFirst offers multilingual support in English, German, French, Italian, and Spanish.
Pros and Cons
Regulatory Status
iBanFirst is not currently regulated by any specific financial regulator. However, they are subject to a number of regulations, including AML/CFT regulations, PSD2 regulations and EBA regulations.
Market Instruments
iBanFirst is a financial services company that provides businesses with a variety of payment solutions, including currency accounts, international payments, and invoice financing. They operate in over 30 countries.
iBanFirst offers currency accounts in over 30 currencies. These accounts can be used to collect and hold payments in different currencies, and to make payments in the currency of your choice. They also offer competitive exchange rates and low fees.
iBanFirst makes it easy to send and receive international payments. They offer a variety of payment methods, including SWIFT, SEPA, and credit cards. They also offer real-time tracking of payments, so you can always see where your money is.
iBanFirst can help businesses finance their invoices. They offer a variety of invoice factoring and invoice discounting solutions that can help businesses get the cash they need to grow their business.
How to Open an Account?
To open an iBanFirst account, follow these steps:
- Visit the iBanFirst website (https://ibanfirst.com/) and click on the “Open an Account” button.
- Fill out the online application form. This will require you to provide information about your business, including your company name, registration number, contact details, and business activity.
- Submit your documents. You will need to upload the following documents: Company registration certificate, Passport or identity card of the authorized person and Proof of address.
- Wait for approval. iBanFirst's compliance team will review your application and documents and contact you if they need any further information. Once your application is approved, you will be able to log in to your iBanFirst account and start using the platform.
Spreads & Commissions
iBanFirst charges a spread when buying or selling currencies. The spread is the difference between the buy and sell price of a currency pair. iBanFirst's spread is typically around 0.2 pips, which is considered to be low in the industry.
iBanFirst also charges a commission on each trade. The commission is typically around $7.50 per trade.
Here is a table of iBanFirst's spreads and commissions for some popular currency pairs:
Trading Platform
The iBanFirst platform offers an innovative solution for currency payments. Users can easily view transaction details and account balances, including external bank accounts, through an intuitive dashboard, and manage hedging contracts directly from it.
What sets iBanFirst apart is its ability to simplify global payments, offering fast, traceable transactions with upfront cost visibility. The platform provides real-time exchange rates and allows users to set automatic alerts for target rates, keeping them informed of market trends. Additionally, iBanFirst enables advanced user permissions, payment approval chains, and customizable thresholds, ensuring secure and flexible financial management.
Deposit & Withdrawal
iBanFirst offers a diverse range of payment methods to facilitate both incoming and outgoing international transactions. The available options include SWIFT, a widely used method for global fund transfers settled within 2-3 business days, SEPA for euro transactions within the European Union settled in 1 business day, credit card payments enabling transfers to over 30 countries with a settlement time of 1-3 business days, and bank transfers supporting transactions in over 150 currencies, which take up to 5 business days to settle.
The associated fees for international payments through iBanFirst vary based on the specific currency pair and the desired transaction speed. For instance, a SEPA payment in euros incurred a fee of €0.50, while a SWIFT payment in a non-euro currency could have a fee of €10.
Here's a table of iBanFirst's fees for some popular payment methods and currencies:
Customer Support
iBanFirst offers a robust and multilingual customer support system to assist its users across various regions. Customers can access support in English, German, French, Italian, and Spanish through dedicated phone lines. For English inquiries, the contact number is +32 2 808 15 42, while German-speaking users can reach out to +49 89 26200644. French support is available at +33 1 76 44 00 47, Italian assistance at +39 02 3056 9009, and Spanish support at +34 91 949 81 20.
Additionally, customers can connect with iBanFirst on LinkedIn via https://www.linkedin.com/company/ibanfirst/ for updates, networking, and further engagement.
Educational Resources
iBanFirst provides a comprehensive set of educational resources to empower its users with valuable insights into international finance and banking. The blog serves as a dynamic platform, offering regularly updated articles on relevant industry trends, financial strategies, and platform updates. The resource library consolidates a wealth of information, including guides, whitepapers, and educational materials aimed at enhancing users' understanding of diverse financial concepts.
Conclusion
In conclusion, iBanFirst stands out as a versatile financial services provider, offering businesses a range of payment solutions and a cutting-edge trading platform. The company operates in over 30 countries, providing a variety of account types to satisfy different business needs. While its real-time exchange rates, multilingual customer support, and educational resources are notable advantages, iBanFirst faces challenges, such as not being regulated by a specific financial authority.
FAQs
Can iBanFirst assist with invoice financing?
Yes, iBanFirst offers solutions to help businesses finance their invoices.
What payment methods does iBanFirst support for international transactions?
iBanFirst facilitates international transactions through various payment methods, including SWIFT, SEPA, credit card payments, and bank transfers.
