For anyone with a business, you’re always looking for new ways of saving time and money. And for marketplace sellers, it’s all about making savings when repatriating your profits.
You might be sceptical about the savings you might make, and think that if there is a way to save money on your international currency transfers, it will require a lot of time and effort. Well, that’s not the case. All it takes is a small change to the way you send your profits home. It’s all about getting the best exchange rate.
With some of the major marketplaces – Amazon and eBay, for example – you probably won’t be getting the best exchange rates when you send your profits back home. And though you’re unlikely to have any problems transferring your profits from major currencies back into a UK bank account, you may find that you’re unable to transfer funds into bank accounts in some other countries.
With World First, you can rest assured that your funds will be sent wherever you want them. Plus you’ll get a better exchange rate than with your marketplace – or indeed with your bank – so you get to keep more of your money. World First will set up, free of charge, bank accounts on your behalf in the US, UK, Europe and Canada to receive payments from your marketplace sales.
Better exchange rates
We can save you money by giving you better exchange rates. When you use your bank or one of the bigger marketplaces to make a currency transfer, they’ll usually take a considerably bigger margin, and therefore a bigger slice of your profits when you’re sending them home, which means you end up with less. Generally, currency exchange specialists will take a smaller margin, passing the savings onto their clients.
Let’s take a closer look at how you can make savings. For example, if you’re a UK-based etailer selling $20,000-worth of products on a major US marketplace, and you get the marketplace to send USD to your home account, you may later realise that you’re paying an extra 3.5% on the conversion.
You could instead get World First to open up on your behalf – for free – a US-based USD account. The marketplace sends USD straight to that account with no conversion, and your funds are then converted back to your home account in the UK at a much better exchange rate.
Most individuals and businesses are still using their banks for currency transfers, and the majority of online sellers just accept the exchange rate they’re offered by the major marketplaces. But what they don’t realise is just how much money they could be saving by making just a minor change to the way they make their payments.