iBanFirst Review [2025]: Pros, Cons & What To Use Instead

Final Verdict

iBanFirst favours larger SMEs with international and FX payments above €200,000 annually. For smaller SMEs, the fees will be more costly. 

iBanFirst delivers solid tools for managing cross-border transactions and currency exchange risk, with features like multi-currency accounts, real-time payment tracking, SWIFT transfer, free SEPA transfer, and access to forward contracts. 

However, there’s no business card or integration with accounting and ecommerce platforms. Plus, businesses transacting under €200,000 in FX annually will face added fees. After sign-up, you're assigned an account manager, but there’s little public detail on contact channels or support hours, and onboarding requires going through a representative rather than a self-service option. 

For large-scale businesses managing international payments, iBanFirst is a practical choice. However, it is not the best value for smaller operations, those dealing only with a single currency, or businesses requiring integrations.

Key Highlights

• Hold and transfer funds in 30+ currencies
• Local and SWIFT payment options for 180+ countries
• Lock in FX rates with forward contracts
• Real-time payment tracking for both sender and recipient
• Dashboard with access to other bank accounts via PISP
• Dedicated account manager after sign-up

iBanFirst Account Features

iBanFirst is a financial service platform that helps small and medium-sized businesses (SMEs) manage international transactions more easily. It offers a multi-currency account designed to collect, exchange, and send money across borders. Here's a breakdown of its key features:

• Multi-Currency Accounts: Open multiple currency accounts in about 30 different currencies, including USD, EUR, GBP, JPY, AUD, CAD, and more. You can use these to receive payments, hold funds, and make transfers.
• Global Payment Solutions: Send and receive money in over 180 countries. Make payments to suppliers, partners, or staff in their preferred currency using SEPA, SWIFT, or iBanFirst local networks partnership. 
• Receive in Local Currencies: Accept payments from clients in their own currency, making it easier for them to pay you.
• Flexible Payment Options: Choose between faster transfers for a fee or more affordable options with standard delivery times (from three days). 
• Track Payment: Both you and your recipients can track payments in real time on the iBanfirst platform.
• Foreign Exchange (FX) Tool: Lock in exchange rates in advance with forward contracts and set up alerts to get notified when your desired rates become available.
• Dashboard: View key financial data at a glance, and make quick payments or currency conversions directly from your dashboard.

With iBanFirst, you can also bring all your financial accounts together in one place using a PISP (Payment Initiation Service Provider) accreditation API. You can then get a clear, consolidated view of both your iBanFirst multi-currency accounts and those held at other banks. Additionally, you can transfer funds between your company’s subsidiaries. 

📖Insight: While iBanFirst operates globally, it is particularly well-known in the European market, thanks to its coverage of EEA countries and the SEPA service.

iBanFirst Fees

Below is a breakdown of iBanFirst's fees.

The platform claims that it does not charge commissions or hidden fees on currency conversions. Instead, iBanFirst makes money through the difference between the market exchange rate and the rate offered to clients. You should also see the fees displayed during the payment setup process.

Please refer to the iBanFirst Fees page for full details. These fees apply to all countries except Germany. The pricing details for Germany are not available on the website. 

iBanFirst Customer Support

According to iBanFirst, once you have an account, you can contact your customer success manager for assistance with any issues you may face. Additionally, your dedicated account manager is available to help with any inquiries regarding our currency risk management solutions.

You can also find support through the following channels:

• iBanFirst Help Center page
• iBanFirst FAQ Page
• iBanFirst website's contact form

There is no specific information on additional support channels.

Opening an iBanFirst Business Account

In this section, let’s explore the ease of opening an iBanFirst business account — who’s eligible, what you need, and the steps to get started.

Eligibility Criteria and What You’ll Need

To qualify for an iBanFirst business account, your company should have international or foreign exchange payments exceeding €200,000 annually. Otherwise, you may be able to get an account, but with more fees. Additionally, the company must not be based in a restricted country, nor can the funds originate from prohibited sources. While iBanFirst doesn’t publish a public list of eligible or restricted countries, the account request form includes a dropdown menu that includes most countries.

You’ll need

• A signed contract with iBanFirst.
• Company incorporation certificate.
• A signed and dated shareholder chart detailing the beneficial owners.
• Bank account information for the company’s primary bank account.
• Valid identification documents for the beneficial owners and platform users. This can include passports or national identity cards (NIC).
  

How to Apply 

1. Begin by visiting https://info.ibanfirst.com/en/request-an-account and filling out the online form to initiate the process.
2. An iBanFirst representative will get in touch with you.
3. You will need to send the necessary documentation identifying both your company and its beneficial owners.
4. iBanFirst’s team will process your information, set up your account, and contact you
5. Make an initial transfer from your company’s primary bank account. Once the transfer is received, your account will be fully operational.

Typically, opening a business account with iBanFirst takes  3- 5 days. However, if your company has a simple structure and all documentation is in place, the process can be completed in as little as one day.

iBanFirst Reviews

Trustpilot: 4.8/5 (based on 1,115 reviews)
iBanFirst receives high ratings, with users highlighting its helpful customer service and ease of use. Negative feedback represents about 1% of the total reviews, mentioning application rejections, delays in transfer, and transaction issues. 

Overall, the Trustpilot review count of 1,155 reflects a certain level of adoption, though not on the scale of larger providers. The majority of users find the service positive and useful.

What To Use Instead

If you're uncertain about your transaction volume or don't have enough to take full advantage of iBanFirst, Statrys could be a suitable alternative. 

Statrys is a Hong Kong-based provider offering multi-currency business accounts designed specifically for companies incorporated in Hong Kong, Singapore, and the BVI, with no minimum transaction requirements. You can hold and manage funds in 11 major currencies, handle cross-border payments, and access competitive FX rates and tools, whether you transact occasionally or frequently.

You'll also benefit from payment cards (subject to approval), a dedicated account manager, and personalised customer support available via phone, chat, and email.

Here’s a breakdown of the key features offered: