OFX says it has a cheaper way to collect money from customers in certain countries.
Anyone who receives money from overseas via PayPal or bank transfers knows that a significant percentage evaporates in the form of fees and charges. Even when an overseas customer deposits a sum in Aussie dollars into your bank account and pays the currency exchange and transfer fees, your bank still seems to demand a cut.
Sydney-based OFX reckons it has a better way.
Its new OFX for Online Sellers service – aimed especially at sellers using eBay and other online marketplaces – lets you set up collection accounts in UK pounds, Euros, and US, Canadian or Hong Kong dollars, and then save “up to 60 percent” on the 3–5 percent conversion charges normally levied.
An OFX for Online Sellers account can be opened at no charge, and there are no account keeping fees.
The company says funds are delivered to merchants’ home accounts quickly.
“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,” said Jeff Parker, OFX's chief enterprise officer.
You’ll need to do your own due diligence on the service, but we think most small businesses would like the idea of keeping an extra 1 or 1.5 percent of their own overseas revenue.
OFX invites interested businesses to contact them at email@example.com.