Consider this… You live in a remote country and make a living by selling your goods to a global audience using online marketplaces such as Amazon, eBay, Walmart, Newegg, Buy.com, Groupon, PriceMinister, or Rakuten. Do you rely on the selling platform to send money to your home country through international wire transfer? There is a good chance you will get a less-than-favorable exchange rate and you might end up paying steep fees as well.
To circumvent this problem, an increasing number of online sellers are opening accounts with international money transfer service providers. These companies can integrate with various eCommerce platforms, giving online sellers the ability to save money through better exchange rates and reduced fees.
Top International Payment Service Providers
When it comes to sending or receiving money to or from a foreign country, using the services of a specialist fund transfer company is in your best interest. However, not all such companies provide services to online sellers. If you wish to open an international online seller account, here are some of your options.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- NO FEES
- 1 - 3 Days
- NO FEES
- 1 - 3 Days
- CAD$15 / AUD$15 / USD$0 / €10 / £0
- 1 - 3 Days
With World First, you can open receiving accounts in the U.S., Canada, the UK, Europe, Japan, and China. The company operates dedicated websites for online sellers in North America, the UK, Australia, France, Hong Kong, Singapore, China, and Japan. Access to different World First websites is available in English, French, Chinese, and Japanese.
Depending on which website you register with, you might be able to make use of supplier payments and forward contracts. The company lets you manage your account online 24/7. You also have the option of speaking with World First currency specialists over the phone. On Feefo, WorldFirst.uk averages at 9.6 out of 10.
World First is registered with relevant regulatory bodies in the U.S., Canada, the UK, Australia, Hong Kong, and Singapore.
This specialist fund transfer company lets you open receiving accounts in U.S. dollars, euros, Great Britain pounds, Canadian dollars, Australian dollars, New Zealand dollars, Japanese yen, and Hong Kong dollars.
Previously known as OZForex, OFX operates dedicated websites for online sellers in the U.S., the UK, and Australia. The OFX Group also operates dedicated websites for online sellers in Canada and New Zealand, in the form of CanadianForex and NZForex. The transitioning of these sites to the global OFX website is underway. Access to all OFX websites is offered in English only.
Depending on the website you use, you can make cross-border supplier payments. You also can choose from limit orders and spot contracts.
On Trustpilot, OFX get 9.0 out of 10. The company provides 24-hour phone support. All OFX entities are registered in the countries in which they operate.
Currencies Direct lets you open receiving accounts in U.S. dollars, Great Britain pounds, and euros. You can open receiving accounts to collect payments from sales make in the U.S., the UK, Spain, Italy, France, and Germany. The company operates dedicated websites for online sellers in the U.S., the UK, France, Germany, China, and South Korea. Depending on which website you select, you can use it in English, French, German, Chinese, or Korean.
The company’s AutoWithdraw facility lets you transfer funds automatically every time your account receives a payment or when your account balance reaches a predetermined level. Depending on the website you register with, you might be able to benefit by using services such as forward contracts and multiple payments.
Currencies Direct averages at 9.1 out of 10 on Trustpilot. In the countries in which it operates, you can speak with a Currencies Direct representative over the phone. This UK-based company is authorized and regulated by the Financial Conduct Authority.
Before you make a decision, take the time to compare your options thoroughly, and remember to keep your specific needs in mind.
What is an International Online Seller Account?
An international online seller account facilitates collection of electronic payments through different online marketplaces. These accounts essentially work as payment gateways, giving small and mid-sized businesses the ability to process credit and debit card payments without opening merchant accounts with banks. Other than providing access to receiving accounts in different countries and currencies, some of these accounts also let you make payments to international suppliers.
How Do I Select the Right International Online Seller Account?
When comparing online sellers accounts offered by different specialist fund transfer companies, multiple aspects require your attention:
- Security. Make sure you deal with a reputable company, and one that is licensed to operate as an international fund transmitter. Websites for reliable companies depend on high levels of encryption to keep the information you provide over the Internet secure. Some companies offer fraud protection.
- Exchange rates. If the company you work with does not provide competitive exchange rates, cost-effectiveness takes a backseat. The best way to deal with this is to compare rates offered by different companies over time.
- Fees. These can come in the form of foreign account fees and transfer fees. Check if the foreign account in which you will receive payments attaches any fees. Compare fees charged by different service providers, and remember that even a seemingly small difference can have a significant effect in the long run.
- Turnaround times. If receiving payments quickly is crucial to the operations of your business, this aspect requires particular attention. When selecting a company, find out how much time it will take for the funds to reach your local bank account.
- Supported countries. If you plan to spread your wings in the global online marketplace, take stock of which countries you can open accounts in and the currencies in which you can receive payments.
- Customer service. Online sellers who cater to international buyers deal with currency exchange on an ongoing basis, and it is only natural that they face problems on occasion. Under such a scenario, the kind of customer service you receive, and whether it is timely or not, can make a big difference.
- Payment methods. Accepted methods of payment can differ from one country to another. However, finding companies that accept payments via bank transfers, debit cards, and credit cards is easy.