All you need to know about currency exchange when selling online
We’ve partnered with InterCultural Elements to bring you a 10 part video series to give you a head start on expanding your sales to new territories. Over the next weeks it will form a step by step guide to your international expansion.
If you’ve missed any of the previous instalments you can catch up on our TamebayTV How to take your ecommerce business abroad playlist on our YouTube channel
This week, Scott Galvao sits down with Bart from WorldFirst to discuss currency exchange and what you need to know when selling online.
Bart sets the stage for international selling pointing out that the first steps are to determine if your products will sell in a particular market followed by the logistics of fulfilment – figure out how will you ship items to customers in a particular country. Once you’ve figured out the mechanics of selling, the next question to consider is how you will get paid and access funds paid in a foreign currency.
Scott and Bart discuss the costs of exchanging currency and how these can be reduced as well as the risk involved due to currency fluctuations and how you can protect against them: