Multi-currency accounts simplify cross-border transactions
Foreign currency exchange company OFX, now an approved eMoney institution, today launches its OFX Global Currency Account in the UK.
Available to importers and exporters, the Global Currency Account is designed to simplify cash flow management for online sellers trading on international marketplaces.
With the Global Currency Account, eCommerce merchants in the UK can now manage multiple currencies – pounds, euros, US dollars, Hong Kong dollars, Australian dollars and Canadian dollars – all in one place, saving money on exchange rates and making it easier than ever to manage their cash flow.
Increasingly, eCommerce merchants are using marketplaces like Amazon to expand quickly and gain access to global markets. Traditionally, to obtain a local bank account, you would have to be physically present in each market, making doing business in another currency unnecessarily slow and arduous. With the introduction of the Global Currency Account, OFX is breaking down borders, and empowering online sellers to embrace international growth and do business all over the world.
Jake Trask, FX research director at OFX, commented: “By offering customers a multi-currency account, OFX is showing its commitment to helping online sellers grow their eCommerce business. Its launch will mean our UK customers will be able to manage every account, balance and transfer from multiple marketplaces, in multiple currencies simply and easily, thereby growing their global revenue potential.”
The OFX Global Currency Account will give UK customers the advantages traditionally reserved for much larger global businesses. Users can now:
- Hold balances, make secure payments to global suppliers, and even pay taxes directly from the account
- Nickname accounts to correspond with the marketplace where proceeds originate from
- Have account balances automatically paid to a domestic bank account at a time that’s suitable
Skander Malcolm, CEO and Managing Director of OFX, said: “We’re delighted to bring this product to our growing UK customer base, to help them expand globally and move their money securely and easily. With the growing international popularity of ‘Brand Britain’, it’s important we find new efficiencies in the global economy for our UK eCommerce customers. We aim to continually innovate, harnessing client feedback to create new offerings, and look forward to launching more in the near future.”
A global company with its UK headquarters in London, OFX is intent on continually improving international payment services for businesses and consumers.
Interested parties can view an explainer video and learn more about the Global Currency Account at the OFX website.