Multi-Currency Accounts Guide for Merchants

Added Values when Using Our Recommended Multi-Currency Accounts?

Companies like World First, MoneyCorp or OFX provide whoever chooses to use them with a lot more than simply moving money from point A to point B, or enabling business to collect and pay savings from a multi-currency bank account. It’s not only about improving the poor currency exchange rate offered by Amazon’s Global Sellers Program or improving your eBay seller account’s value proposition to overseas buyers. Both of these companies are happy to provide customers with dedicated account managers who become an integral part of your business – they can assist on the right time to exchange certain currencies, suggest hedging solutions tailored to your business’ needs, and even help on topics relating to selling internationally online based on their experience escorting many clients like yourself.

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For example, we heard of cases where representatives from these companies have helped online sellers on Amazon reduce their Amazon Seller fees above and beyond the Amazon Money Transfer; they helped them understand the costs of Amazon FBA and suggested a local solution that other clients of theirs recommended.

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Additionally, the power of opening a foreign bank account abroad (or a multi-currency account locally), and accepting payments in foreign currency into your a bank account is simply unparalleled in the money transfer and currency exchange industry. Very few companies have the same capabilities when it comes to online sellers as these two companies.

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Will using alternatives to Amazon’s currency exchange make me a successful online seller?

So far, this article has touched a single (important) topic relating to selling online with a particular focus on international sellers. With that being said, by paying the least commission on international money transfers, or finding the best foreign currency bank account in UK, without having a solid business model, you will not be a great Amazon seller.Below you can find 7 more tips that can guide you in the right direction when selling your merchandise online, and particularly to international audience:

1) Use local pricing

Using the current exchange rate to determine the local price of your products in domestic currency doesn’t always work. In some countries certain items are cheaper and in some countries they are more expensive. It all depends on the local competition!

2) Focus on reliable shipping with reasonable pricing

Amazon and eBay have great international shipping programs but they are often too reliable. For example, did you know that buying from Amazon in the middle east means almost $30 in shipping? if you are selling items that cost dozens of dollars, you are losing out on all potential customers in that region. Similarly, eBay’s international shipping program can cost up to $40 for the smallest of items (whereas using UK Post or USPS can slash that cost by a lot).

3) Use local language descriptions that make sense

Too many online sellers insist on using automated software to translate their listings. It doesn’t work and locals are likely to think it’s a scam.

4) Consider drop-shipping

If your product is manufactured overseas anyhow, why not store it in the country where it is manufactured and ship from there?

5) Expand outside of eBay, Amazon, Ali and the marketplaces

Customers always like to see that you have a “store” outside of eBay. It helps establish trust that you are indeed a serious vendor rather than someone’s side hustle on eBay.

6) Local customer support

This one is tricky but can perhaps be addressed by using a third party provider to simply accept calls and emails and transfer them to you, translated. People view local support as the ultimate sign of trust because normally, only big companies offer multi-language support.

7) Advertise and market your product the way locals do it

Many online sellers and businessmen mistakenly believe that an advertising campaign that worked in one locale will work globally, but it isn’t so. Cultural differences make a huge difference in the buying decision making process – and hence, marketing and advertising have to be adapted to the local preferences.

Want to learn more about selling overseas? view our overseas product pricing guide for online sellers!