Foreign currency exchange company OFX (ASX: OFX) today introduced the 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, US Dollars, Hong Kong Dollars, Australian Dollars and Canadian Dollars - all in one convenient place, saving money on exchange rates, and, freeing up time.
“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”
With the incredible growth of online marketplaces1 more and more eCommerce merchants are using digital to expand and access global markets. 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 is at the forefront of empowering eCommerce merchants to be fully globally active with a true multi-currency account.
David Nicholls, Director of Enterprise Development at OFX commented: “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.”
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.
Adi Gullia, an eCommerce entrepreneur, is excited about the new functionality. “Being able to pay global suppliers from our OFX currency accounts will really save us time. This, coupled with the great rates we receive from OFX make this the type of convenience that every small business dreams of.”
“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,” said Skander Malcolm, CEO and Managing Director of OFX.
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