OFX Global Currency Account: eCommerce made easier

This is a guest post written by our partners at OFX.

In the dynamic world of eCommerce, small businesses are no longer confined to their local markets. They are expanding globally, reaching customers across borders and dealing in multiple currencies. This international exposure, while opening up a world of opportunities, brings with it the challenge of managing foreign exchange risks.

Small eCommerce businesses typically operate on various online marketplaces, including Etsy, eBay UK, Shopify, and more. Each platform offers its unique customer base, and sellers often find themselves juggling multiple currencies as they cater to their international clientele.

The Challenges

One of the significant challenges small online businesses face is managing their revenue and payments. They receive their earnings and pay their suppliers through various channels, including banks and other money transfer providers. This process can be complex and time-consuming, especially when dealing with multiple currencies and countries.

Additionally, these small businesses are crossing the additional hurdle of figuring out how to best transfer their hard-earned profits into their home currency. Due to their international operations, these online sellers are also exposed to the risk of losses when making international payments due to currency fluctuations.. This is called currency risk or foreign exchange risk. .These risks can impact a business’s bottom line. Managing currency risk can seem complicated, but working with industry experts makes it simple.  

The Solution: OFX - Manage multiple currencies, from one dashboard

This is where OFX comes into the picture. OFX helps keep things simple when it comes to making global payments, receiving international funds, and moving money between currencies for businesses, all from one account. All are supported by our OFXperts who are here for you 24/7, to help provide support so you can achieve confidence and success in your global business transactions.

Exclusively for our eCommerce and business clients, the OFX Global Currency Account allows you to hold up to 7 foreign currency accounts. These multi-currency accounts means you can pay invoices, receive payments, and easily reconcile transfers in your selected currencies such as EUR, USD, GBP or yen all from one easy-to-use platform.

Our solution helps you tap into new markets and get paid.

Benefits of OFX’s Global Currency Account

The Global Currency Account from OFX offers immediate benefits to small eCommerce sellers:

• There is no need to register your business in multiple countries. Get paid from 50+ countries without registering your business in each one
• No setup or monthly fees. There are no set-up costs, monthly fees, or OFX fees*. Just the cost of transfers
• Simple to connect to marketplaces. Connecting to marketplaces is a straightforward process and you can collect your sales in the same currency instead of converting to your home currency
• Hold funds and convert when you want. Wait for a better rate before converting a payment, like EUR to GBP
• Faster money transfers: Sellers can receive their money quickly, improving their cash flow
• Transfer funds globally: When you decide to pay your cross-border suppliers, OFX has great rates for over 50 currencies
• Local tax payments: Sellers have the option to pay their local taxes from local currency accounts, simplifying tax management
• Connect your Global Currency Account with Xero. With OFX’s Xero integration, your transfers can automatically post to Xero so you can easily reconcile payments

Easily connect your marketplaces and payment gateways

Connecting your payment gateways or marketplaces is a straightforward process.

Keep track of your connected accounts with nicknames like “PayPal, Stripe, Amazon DE, Etsy US, eBay UK or Shopify. And the best part? You can connect multiple platforms.

Secure and regulated

OFX became a public company in Sydney in 2013. In Ireland, we’re regulated by the Central Bank of Ireland as an Electronic Money Institution. The Irish financial system is regulated by the European Union.

We also monitor transactions for suspicious activity with sophisticated technology and the eagle eyes of our foreign exchange experts (we call them OFXperts). At OFX, our teams are highly trained including a dedicated Financial Investigation department that specialises in detecting and preventing fraud.

Register now to benefit from LinkMyBook’s special pricing

Unlock the full potential of your business with the OFX Global Currency Account. Manage funds in up to seven currencies, save on currency conversions, and enjoy seamless international payments. Benefit from no setup costs, great rates, and integrate easily with platforms like Xero.

Start simplifying your global transactions today—sign up now

Here is how it works

Don't just take our word for it, see what global sellers are saying about us:

*Occasionally third-party intermediary banks may deduct a fee from your transfer before paying your recipient. This fee may vary, and OFX receives no portion of it.

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