They say that they can pay into bank accounts in the USA, Canada, UK, Eurozone, Hong Kong, and Australia. The new product will offer a fast, competitively priced transfer options to merchants that sell on global ecommerce marketplaces in North America, Asia and Europe. They note that 45% of the trillion dollar global online retail market is attributed to online marketplaces like Amazon and eBay.
OFX CEO Jeff Parker says: “Exchange rates and associated fees can mean the difference between growth and stagnation for emerging merchants. For companies looking to expand into new markets, the standard 3-5 percent that some marketplaces and banks charge to get that money into a vendor’s bank account can make a huge difference over the course of a year. With OFX for Online Sellers, we’re providing the means for merchants to reach new customers across country borders.”