While many micro businesses on marketplaces may just rely on PayPal or merchant accounts to manage foreign exchange transactions, sellers that start to see larger sales from outside their country may want to rethink that strategy.
The cost of convenience for managing exchange rates can start to eat into profits and OFX, a foreign currency exchange company, has launched a solution that could solve the problem.
The company announced they have introduced a new OFX Global Currency Account designed to simplify cash flow management for online sellers trading on international marketplaces.
With the Global Currency Account, eCommerce merchants can manage multiple currencies in Euros, British Pounds, U.S. Dollars, Hong Kong Dollars, Australian Dollars and Canadian Dollars. All in one convenient place, saving money on exchange rates, and freeing up time.
Global Trade Made Easier
Historically, it has been difficult to obtain a local bank account without being physically present in a country, making it challenging to do business in another currency.
Borderless business solutions are on the rise and OFX’s new Global Currency Account is empowering eCommerce sellers of all sizes to be fully globally active with a true multi-currency account.
“OFX has been committed to growing eCommerce business for online sellers with local currency accounts. We asked our customers what would help them better manage their global revenue and, based on their feedback, responded with a product that efficiently manages every account, balance and transfer from multiple marketplaces, in multiple currencies, simply and easily.”
David Nicholls, Director of Enterprise Development at OFX
Global Currency Account users can also hold balances and make secure payments to their global suppliers and even pay taxes, directly from the account.
To keep track of each marketplace, users can nickname accounts to correspond to the marketplace where their proceeds originate from.
For additional flexibility, sellers can provide instructions to have account balances automatically paid to their domestic bank account when they prefer.
The Global Currency Account is meant to give online sellers advantages usually reserved for much larger global businesses.
“The world is moving to new ways of making money that require new ways of moving money, securely and easily. We are excited to be a part of creating efficiencies in the global economy for our eCommerce customers. And we are just getting started.”
Skander Malcolm, CEO and Managing Director of OFX
OFX new product looks very promising and seems to provide services that can save sellers money over using high exchange rates offered by PayPal and banks.
While this financial product from OFX may be new, the company has over 300,000 OFX clients that have used their exchange rate services for many years.
As cross-border eCommerce sales increase from U.S. sellers, alternative currency exchange products like OFX’s Global Currency Account are worth a look.
To learn more about OFX, visit their website here.
Have you used a global banking account that allows multiple currencies instead of relying on PayPal to process the currency exchange? Head over to our Facebook Discussion Group or use the comments section below.