When running a business, you’re always looking for ways to protect your bottom line. For marketplace sellers, there’s the added challenge of saving money when repatriating your overseas profits.
Many sellers are skeptical when presented with options to save money. They’re worried that the hassle and time involved may outweigh the savings. With World First, 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 a great 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 while you’re unlikely to have any problems transferring your profits from major currencies back into a US bank account, you might find that you’re unable to transfer funds into bank accounts in some other countries.
With World First, you’ll be getting a better exchange rate than the one offered by your marketplace or bank. When you receive a better exchange rate, more of your money goes back into your own pocket. World First won’t charge you when we set up bank accounts, on your behalf, in the US, UK, Europe and Canada.
Better exchange rates
We can save you money simply by taking a smaller margin. When you use your bank or one of the bigger market places, they tend to apply considerably bigger spreads than we do. This means that they’re taking more of your profits, and you end up with less. Currency exchange specialists like World First will apply smaller spreads, and so can pass those savings along to you.
Let’s talk specifics using an example. If you’re a US-based etailer selling $20,000 worth of products on a major UK marketplace, and you get the marketplace to send GBP to your home account, you may later realize that you’re paying an extra 3.5% on the conversion.
Or, World First could open up a UK-based GBP account on your behalf – for free! The marketplace sends your profits in GBP straight to that account, avoiding the conversion. World First then converts your funds back to your home account in the US at a much better exchange rate.
A lot of people and businesses turn to their banks for currency transfers, and the majority of online sellers just accept the exchange rate they’re offered by the major marketplaces. What they don’t realize is just how much money they could be saving with a minor change to their current systems. World First watches the market for you, and offers the best rate possible, on your schedule.