Globalisation is one of the defining trends of modern times. This is an era where consumers can buy from merchants on the other side of the world and have it delivered to their door in a matter of days. It’s also an era where marketplaces in particular make it possible for businesses of any size to access new markets in almost any country and on any continent. Today, any business can be a multinational.
Whilst it is estimated that the average UK SME generates around £287,000 from overseas trade, it is not without its challenges.
The trouble with multiple-currency businesses
One such challenge is how to manage your business operations across multiple currencies. If, for example, you buy from suppliers in China and Hong Kong and sell to customers in the UK and across the Eurozone, you will need to manage this very carefully. And if that wasn’t complicated enough, exchange rates are constantly moving. In the 12 months after the Brexit result was announced, sterling lost nearly 14% against the US dollar and almost 13% against the euro.
Reducing the cost of international business
But other global challenges seem less easy to understand. For example, just why is it so expensive to send money around the world? And how can it be faster to have a physical box shipped from say China to the UK than it is to send money there?
Like you, we believe this is crazy and that’s why we’re on a mission for change.
The World Account is the new way to save time and money for online sellers who do business in different currencies. We’re helping businesses overcome the hurdles and costs of buying and selling across borders by delivering international banking functionality on one easy-to-use platform –without the cost, hassle and upheaval of traditional international business banking.
Specifically, with the World Account you can:
- Open multiple local currency accounts in GBP, EUR & USD for FREE
- Access great rates on all FX transfers, with absolutely no hidden fees
- Do business like a local – e.g. collecting revenues in USD and paying suppliers in USD
- Send, hold and receive funds in multiple currencies and reduce FX costs
- Control all your international payments from one easy to use app
WorldFirst research shows that UK SMEs are trading £78bn every month and World Account signals a step-change in international business banking as we continue to provide solutions for underserved SMEs to do more internationally.
Be amongst the first to get World Account – sign up for free now!
 WorldFirst Global Trade Barometer, May 2017