We had the pleasure of speaking with the team at OFX and we’re convinced that this is a “must have” for any Amazon business selling internationally. The company takes the difficulty and risk out of transacting in multiple currencies. From the company’s site: “We’re trusted by customers all around the world. And we’ve grown from two employees to over 200. We’ve also managed over 1 million transfers and exchanged more than $119 billion. The only thing that hasn’t changed, is that we’re still just as focused on giving you the best exchange rate and the fastest money transfer backed by leading customer service.”
OFX includes the following features.
Save Money: Amazon Marketplace charges 3% on your international money transfers. That’s $3k for every $100k in revenues! OFX charges 1.5% over the daily market exchange rate, so you’ll immediately pay half of the fees vs the alternative. additionally, the company charges no fees for account setup or for 24/7 service.
Expediency: It’s critical that you can access your money when you need it. The Amazon Seller game is all about capital. If your capital gets locked up, you could lose huge amounts of money. Not with OFX. No matter where in the world your revenues are generated, you can bring them home nearly immediately with ease.
Simplicity: The company has done the difficult, time-consuming paperwork and due diligence so you don’t have to. With actual bank accounts set up in your major markets, OFX has the ability to easily provide you with the equivalent of a bank account in these markets.
Functionality: In addition to standard money transfers, the company provides additional features to help optimize your business, including the following.
Again, the company offers free setup for new accounts and new markets.
Price: No fees. Rates start at 1.5% and go down from there by volume.
To learn more about the product:
If you’ve used OFX, please add your feedback in the comments section below.
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