- WorldFirst adds Australian dollar currency accounts to new World Account platform
- Launch coincides with arrival of Amazon marketplace in Australia, bringing benefits of its marketplace business model to local buyers and global sellers
- Australia is third most popular export market for UK businesses outside Europe and USA
WorldFirst is today adding Australian dollar currency accounts for businesses and online sellers to its recently launched World Account platform – the addition of the new accounts coinciding with Amazon’s own high-profile launch Down Under. The new AUD currency accounts are free-to-open and maintain, meaning businesses will not be charged with a monthly fee to use.
The new AUD accounts make it easier, cheaper and simpler for global businesses outside of Australia to trade in Australia, enabling them to receive money from Australian customers in AUD and pay Australian suppliers in local currency. Operating ‘like a local’ enables businesses to avoid international banking fees commonly associated with cross-border, cross-currency transfers.
Launched during one of the most lucrative periods for retailers and Amazon sellers’, Black Friday and Cyber Monday, the new accounts open up Australian consumers to businesses across the world.
Recent research from WorldFirst and Cebr revealed that Australia is the most popular market for UK small businesses outside Europe and the USA and with the launch of Amazon marketplace, the country’s popularity is only set to grow among UK exporters.
With the addition of AUD accounts on World Account, WorldFirst’s new international payments platform, businesses can open a local currency account in Australia with ease foregoing the hassle of traditional international banking or messy and expensive transfers.
Commenting on the launch, Jonathan Quin, CEO of WorldFirst said: “Adding the new Australian dollar currency accounts to our World Account platform will make it easier and cheaper for UK businesses to trade Down Under. Opening overseas bank accounts is one of the most stubborn hurdles for businesses to get over when looking to expand into a new market. Until now the process could take months, sometimes years.
“We’ve been committed to the Australian market since 2008, our office in Sydney was our first international office. Since then, we’ve seen more and more UK businesses express an interest in doing more in the region given the common ground between our two countries. The launch of Amazon’s marketplace will make it easier for international businesses to sell into Australia while our AUD accounts will make sure they can get paid fast for their hard work.
It is also further proof of our tireless commitment to creating the best possible trading environment for ambitious SME expoters.”
WorldFirst AUD account holders will get their own unique bank account details where they can receive funds from sales on Amazon or other marketplaces or pay suppliers giving them full control of all their international payments. The new AUD accounts will sit alongside the already launched CAD, EUR, GBP, JPY and USD accounts.