SAN FRANCISCO & SYDNEY--(BUSINESS WIRE)--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.
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.
A global company with its North American headquarters in San Francisco, OFX is intent on continually improving services for businesses and consumers in the international payments space.
Interested parties can view an explainer video and learn more about the Global Currency Account at the OFX website.
OFX is a leading international currency exchange service for consumers and businesses transferring large dollar amounts across borders. OFX combines a streamlined digital experience and expert personal service with great rates so customers can transact across borders when, where and how they want at a better exchange rate. Founded twenty years ago, OFX has transferred more than $100B in 55 currencies around the globe. OFX is a stable, profitable, fast growing fintech with over 350 employees and offices in San Francisco, Sydney, Toronto, London, Hong Kong and Singapore.
The OFX Group Limited is a publicly listed entity on the Australian Securities Exchange ("ASX") under the code "OFX." USForex Inc. dba OFX. OFX is the registered trade name for USForex Inc. a licensed money transmitter. NMLS #1021624. For more information visit OFX.com.
1 Amazon reported $51 billion in net sales in the first quarter of 2018 or 43% increase compared to Q1 2017. https://www.nasdaq.com/press-release/amazoncom-announces-first-quarter-sales-up-43-to-510-billion-20180426-01845