One of the most challenging aspects of online retail operations is international money transfers. When funds are being delivered from one country to another, they are typically diverted through banks and payment processors like PayPal. Unfortunately, these are the least cost-effective ways to transfer money from one country to the next. The spreads offered by banks are designed to maximize profits for banks, and to minimize the take-home pay of retailers, merchants and everyday folks transferring money. The problem is the traditional money transfer mechanisms; the structural framework that has existed for decades. It is inefficient, costly, and not designed for the end-user.
The e-commerce boom led by companies like Amazon has dramatically changed traditional sales methods. Customers across international borders can now transact seamlessly with retailers. For the most part, these two-way interactions are facilitated by banks, credit cards, and other payment processing options. Fortunately, WorldFirst has made dramatic inroads into this realm by making it possible for overseas sellers on e-commerce platforms like Amazon to have multi-currency bank accounts. The benefit of a multi-currency bank account is that currencies do not need to be bought and sold and heavy commissions don’t need to be taken off the sale price of each item. This facilitates improved ROI (return on investment) for online retailers.
What Is WorldFirst Doing That Others Are Not Doing?
WorldFirst is a UK-based, disruptive financial services operator. It is geared towards facilitating Forex transactions. It serves corporate clients and private clients all over the world, and has been doing so with aplomb since 2004. To date, this company is operational across 4 continents, and employs hundreds of people. An estimated 75,000 customers use WorldFirst’s services annually, and it is fully licensed and regulated by the Financial Conduct Authority (FCA) of the UK. Back in 2016, it won the Queen’s Award for International Trade – a prestigious honour from Buckingham Palace. Among customers, the consensus is overwhelmingly positive – websites like Feefo, TrustPilot, ReviewCentre and others attest to the efficiency, low cost of operations, and expediency of WorldFirst’s international money transfer services.
WorldFirst's diverse FX offering speaks volumes for the company’s services for Amazon sellers. If you are trading internationally, it’s important to have a cost-effective way to convert payments back into your own currency. However, with WorldFirst, it’s possible to have multicurrency bank accounts. There are many reasons for this, notably paying overseas suppliers, accepting funds from overseas clients, and managing all business activity. The exchange rates offered by this international money transfer company are among the best in the business, and they offer flexible account systems to make it easier to send your money back to your home country at your leisure.
Amazon, eBay or Rakuten Sales No Match for WorldFirst
Online marketplaces such as Amazon, eBay and Rakuten are the world’s most popular e-commerce platforms. However, one of the issues that continually plagues freelancers, and businesses across the board is how funds are repatriated from abroad. With WorldFirst, e-commerce traders will have access to domestic bank accounts in the countries where they offer their products and services. For example, if you are based in the UK, and you’re selling to a USA client base, you can have a WorldFirst bank account in the US, and accept payments in the US.
Much the same is true for the Eurozone, Australia, and beyond. This allows businesses to easily expand across the globe, without any geographical constraints limiting money transfers. This leads to significant cost savings on money transfers around the world. Traditional transactions can cost up to 4% for cross-border transactions, but with this international money transfer company, that’s not the case. WorldFirst does this at no charge to you. You can then transfer the funds to your home bank account at a fair exchange rate.