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Interview: WorkingHouse UG

Building trust with suppliers by letting them track payments

Real-time exchange rates and transparent fees help our client workingHouse UG to easily manage international transactions in multiple currencies.


Since 2013, Workinghouse UG has been developing and importing goods from Asia to resell them to consumers in Europe. These purchases are mainly made in USD or local currencies, while sales in Europe are mostly generated in EUR. In this interview, Workinghouse UG's CEO Eckart Schenck discusses the advantages iBanFirst has been able to offer his business.



Importing goods for resale
Founded in 2013

Europe, Asia

Outgoing and incoming payments
FX spot





What problems do you encounter as a German trading company that sources products abroad?


As the managing director of Workinghouse UG, I'm mainly based in Taiwan, however my company is located in Germany, so I manage the entire business from abroad. This means that I need to be able to efficiently run my business online, which is not always easy.

In fact, it was a big problem for us to transfer exact amounts, VAT-included, in foreign currencies like the British Pound, the Polish Złoty or the Czech Koruna.

On the procurement side, we source our products mainly from China and Taiwan, so remittances in multiple currencies are an integral part of our daily operations. Processing transactions with our regular bank required a  lot of paperwork and it was impossible to keep track of real-time exchange rates. In the end, we could never be sure of the exact amount that would actually arrive in our trade partners accounts. It's especially important when transferring sales taxes to know the exact amount in the recipient's currency.

Before using iBanFirst, we used other platforms and payment service providers but they only gave us limited insight into the fees applied to international payments. We never new exactly how much the recipient was ultimately receiving.

Another problem we had was transaction costs. Many banks charge very high international transfer fees. On top of that, there are often unfavorable exchange rates. For larger transfers, this quickly amounts to a considerable sum.


How does iBanFirst meet your needs?

The transparency and speed of execution that iBanFirst offers for international transactions helps us a lot. We mainly use spot transactions, which we directly execute on the platform in just a few clicks. Fees are transparent, and tracking capabilities offered by the Payment Tracker feature enable us to follow payments and confirm that the correct amounts reach our recipients. We constantly keep track of the status of our payments. Another positive side effect is that by informing our suppliers of when the transfer is made and how they can track it themselves, we build trust and strengthen our business relationship.

iBanFirst has helped us eliminate uncertainties and we can quickly process everything via the platform without drowning in paperwork. This saves us valuable time and makes our operations abroad much easier.

Last but not least, iBanFirst's real-time exchange rates are always very competitive and are displayed before a transaction is completed, so there are no unpleasant surprises.


From your point of view, what are the biggest advantages of iBanFirst?

Undoubtedly: convenience, transparency as well as cost and time savings. Overall, with iBanFirst we have one thing less to worry about. When everything is working properly, all I have to do is make the payment and I can check that task off in my head. I don't have to worry about when the transfer will arrive and what the fees will be. I can see all that directly on the platform. Ultimately, this is the biggest advantage for us.


Even though I was hesitant to switch at first, it was worth it because the alternatives involved a lot of paperwork and much less transparency. We now have one less problem.

Frequently asked questions

Who can open an account with iBanFirst?

Any individual or company with international and foreign exchange payment volumes of more than €80,000 per year is eligible to open an iBanFirst account. Restrictions may apply depending on the country of origin, the activity of the company, or the origin of the funds.

Fill out the account opening form to be contacted by an advisor.

What does the process of opening an account look like?

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

  • Fill out the account opening form to be contacted by an iBanFirst adviser.

  • Send us the documents identifying your company and its beneficial owners.

  • 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 a first transfer from your main bank account.

  • Your account will be ready to use upon receipt of this activation transfer.  

How much does it cost?

Unlike most corporate banks, iBanFirst does not charge fees or commissions on currency conversions.
The only fees iBanFirst charges are payment fees. Payment fees are fixed, but vary depending on the payment network, speed and payment instructions chosen. They are clearly displayed when a payment is created and users can choose between different payment options.
Companies below the minimum annual threshold of €200,000 in currency payments incur a variable fee of 0.2% of incoming payments and transfers without currency exchange. 
Other ad hoc fees may apply for iBanFirst to handle exceptional requests

Are my funds secure?

Protecting your account from fraud:
BanFirst ensures the security of its customers' accounts through numerous measures such as a robust infrastructure, SSL encryption of connections, and regular audits and computer penetration tests.
Strong Authentication:
Strong authentication is a mandatory security measure for sensitive actions such as:

  • Logging into the platform from a new device

  • Adding a beneficiary

  • Validating a payment or a currency conversion

  • Adding a user 

Strong authentication ensures the security of your account and funds if your platform credentials are ever compromised. The strong authentication methods available at iBanFirst are:

  • One-time code generated by mobile or desktop applications such as Google Authenticator or Authy

  • Yubikey

These methods are both used in a process called two factor authentication (2FA). They will ask you to authenticate using both something you know (your iBanFirst credentials) and something you have in your possession (your phone or Yubikey) .

What currencies does iBanFirst offer?

With iBanFirst, you can open accounts in more than 35 currencies, with nominative IBANs that guarantee the security and quality of your payments. 

Go check our Currency Reference Center

How much money can iBanFirst make me save?

Since 2013, iBanFirst has been analyzing exchange rate changes and fees charged by banks on foreign currency transactions and has developed a bank fee calculator.

How much do your foreign currency transactions cost you today with your bank? How much could you save with iBanFirst?

Do the simulation here.