Foreign currency exchange company OFX has launched its Global Currency Account in the UK. Available to importers and exporters, the Global Currency Account is designed to simplify cash flow management for online merchants trading on international marketplaces.
With the Global Currency Account, ecommerce merchants in the UK can now manage marketplace payments in multiple currencies (pounds, euros, US dollars, Hong Kong dollars, Australian dollars and Canadian dollars) using the feature.
Traditionally, they say, to obtain a local bank account in a country overseas, you would have to be physically present in each market, making doing business in another currency unnecessarily slow and arduous but The OFX Global Currency Account will give UK customers the advantages often 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
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.
– Skander Malcolm, CEO and Managing Director, OFX
To discover more about the service, you can watch this explanatory video:
As marketplaces merchants expand and sell overseas, and start dealing in multiple currencies, numerous new problems present themselves. And one of these is the effective collection and repatriation of funds from other countries. Foreign exchange specialists offering tools like this are certainly useful, saving both time and money.