OFX introduces Global Currency Account for marketplace sellers
OFX has introduced the new 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, Sterling, US Dollars, Hong Kong Dollars, Australian Dollars and Canadian Dollars – all in one convenient place, saving money on exchange rates and freeing up time.
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 also 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. They claim that the Global Currency Account is meant to give online sellers advantages usually reserved for much larger global businesses. The service isn’t currently available to merchants in the UK but is expected robeson, watch this space.
You can out more about OFX and the various services they offer on top of the Global Currency Account in our recent Meet the Company feature here on Tamebay.
And we previously teamed up with OFX to publish an ebook. The simple fact is, if you’re selling to shoppers overseas, and letting the likes of Amazon or PayPal administer your payments and then also send you the money you’ve made, then you’re losing out on some of your margin.
It could well be time to engage a currency exchange specialist and make sure you’re getting the best exchange rate possible. That’s where our ebook called Optimising Foreign Currency Exchange: the guide for marketplace sellers and online retailers written in collaboration with OFX comes in.