You ask, we answer

With iBanFirst, you can hold and receive funds in 25 currencies and execute payments in 135+ currencies. You can check the list of currencies available here.

At iBanFirst, we offer competitive and transparent foreign exchange rates and fees. Here you can find a complete overview of all our fees applied.

Unlike most corporate banks, iBanFirst does not charge any fees to open an account nor any monthly subscription fees.

iBanFirst earns a spread on every currency conversion, calculated as the difference between the market rate and the client rate. This spread is transparent and shown on the web platform or communicated over the phone.

A multi-currency account allows businesses to hold, send, and receive funds in different currencies without opening separate local bank accounts.

With an iBanFirst multi-currency account, companies can open accounts and hold balances in 25 currencies, each with its own account details and dedicated account number, avoiding the administrative burden of setting up and managing accounts with multiple banks.

No, iBanFirst doesn't currently offer card payments.

Yes, you can connect iBanFirst to your accounting or treasury software, bank accounts and internal tools via the open banking PSD2 API, the iBanFirst API, EBICS, Isabel 6, or SwiftNet, plugging into your existing workflows to streamline payments, FX, reconciliation and more.

The iBanFirst REST API covers all the main tasks that you need to automate your accounts payable processes: You can submit payments, get real-time FX quotes, execute spot transactions, open accounts autonomously, create beneficiaries, retrieve your financial history and upload invoices.

As a regulated Electronic Money Institution authorised by the Financial Conduct Authority (FCA), iBanFirst Limited follows strict rules to safeguard your money. Our regulatory framework ensures that we maintain rigorous procedures to protect client funds, giving you confidence in the security of our services.

For instance, we segregate client funds from our own funds in a separate bank account set aside solely for this purpose. In the unlikely event that iBanFirst encounters financial difficulties or becomes insolvent, your money will remain fully secure and protected in one of these accounts.

iBanFirst is a registered trading name of iBanFirst Limited, registered in England and Wales under company No. 06260585. Registered Office: 6th Floor Dashwood House, 69 Old Broad Street, London, EC2M 1QS.

iBanFirst Limited is authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution under the Electronic Money Regulations 2011 (FRN: 1001629). The products and services that iBanFirst Limited offers are limited to unregulated spot FX transactions and deliverable forward contracts excluded from MiFID or EMIR regulation, as they are intended to cover an underlying future payment for identifiable goods and services.

At iBanFirst, we do our utmost to keep our clients’ accounts safe and secure by investing in robust infrastructure and SSL connection encryption and carrying out steady audits and penetration tests. 

Our servers are hosted in industry-grade data centres and protected by hardware and software firewalls. Data transmitted between your web browser and our servers is encrypted using SSL certificates and RSA SHA-256 encryption. Our servers and software regularly undergo independent audits and penetration tests.

No. You control who can initiate payments through customisable user permission rights. You can configure payment limits and multi-level approvals for different user roles, with granular access rights across different entities.

Additionally, iBanFirst requires dual authentication via our mobile app to approve and execute sensitive operations, including payments.

iBanFirst uses Strong Customer Authentication (SCA) methods to keep accounts and funds secure.

Two-factor authentication requires you to authenticate access credentials using both something you know (your iBanFirst username and password) and something you hold in your possession (your phone).

Click here to learn more.

Additionally, there are other measures that you, as a user, can and should do to protect your accounts against fraudulent attempts: 

• Do not share a single user access with people in your company
• Do not store your user ID and password
• Do not share your SCA method with anyone
• Use a unique, strong password
• Use time-based one-time password (TOTP) or Yubikey rather than SMS as your SCA method

iBanFirst will NEVER ask you for your user ID, password, or strong authentication code.

If you believe that your user ID, password, or strong authentication code have been compromised, please contact your account manager as soon as possible.

No sensitive data is accessible by iBanFirst teams. We cannot access the data related to external account balances or transactions. We only have access to the account name, the account currency, the synchronisation dates and the connection state.

If you suspect fraud or any unauthorised activity on your iBanFirst account, you should contact your account manager directly.

Opening an account with iBanFirst is a 100% paperless process. 

1. Fill out the account opening form to be contacted by a member of our team.
2. Send us the documents identifying your company and its beneficial owners.
3. Our customer support team will set up your account so you can be up and running right away.

You will need to activate your iBanFirst account by making an initial transfer from your main bank account. Your account will be ready to use upon receipt of this activation transfer.

Nothing, opening an account at iBanFirst is completely free.