SOURCE: OFX

OFX

July 07, 2016 08:00 ET

USForex Launches New E-tailer Service to Lower Merchant Exchange Rate and Power Global Growth

SAN FRANCISCO, CA--(Marketwired - Jul 7, 2016) - USForex, one of the world's leading foreign exchange companies, today announced the launch of USForex for Online Sellers, a new online merchant solution that streamlines payments from international marketplaces into domestic bank accounts. The new solution will offer a faster, more competitively priced transfer option to the millions of vendors that sell on global E-Commerce marketplaces like eBay and Amazon in Australia, Canada, Hong Kong, U.K. and the U.S.

45 percent of the trillion dollar global online retail market is attributed to online marketplaces like Amazon and eBay. Selling on international marketplaces means merchants can lose up to four percent in foreign exchange conversion charges when converting funds back to their home currencies. By enabling merchants to collect money in domestically held accounts via USForex for Online Sellers, USForex is allowing merchants to save up to 60 percent in exchange rates.

"Exchange rates and associated fees can mean the difference between growth and stagnation for emerging vendors," said David Nicholls, Head of Payment Solutions, North America, USForex. "For companies looking to expand into new markets, the standard 3-5 percent that some marketplaces and banks charge to get that money into a vendor's bank account can make a huge difference over the course of a year. With USForex for Online Sellers, we're providing the means for merchants to reach new customers across country borders."

With USForex for Online Sellers, merchants are enabled with:

  • Local collection accounts: to collect global revenues in USD, GBP, EUR, CAD, AUD and HKD
  • No fees and superior exchange rates: saving up to 60 percent on exchange rates. Additionally, there is no charge to open an E-tailer account, no monthly fees, and no fees to transfer funds out of the account
  • Rapid delivery and service: funds are delivered to home accounts quickly, with around the clock phone service 24 hours a day, 7 days a week

E-tailer accounts are typically approved within four business days and collection account numbers are then delivered within two business days. For more information and to setup your account, please email etailing@ofx.com.

Since its inception, USForex has helped customers in 190 countries process more than $100 billion in international transfers in 55 currencies. USForex is now available in 47 of 50 U.S. states. For information on other USForex solutions, please visit: www.usforex.com.

About USForex
USForex is focused on providing a smarter, online alternative to existing currency exchange services. USForex is a wholly-owned subsidiary of OFX.

OFX is a global provider of online international payment services for consumer and business clients. OFX technology also powers international money transfer services of Travelex, Moneygram, ING Direct, Macquarie and other international financial institutions. Established in 1998 with the aim of providing clients with a better deal, it has offices in Sydney, Toronto, San Francisco, London, Hong Kong, and Auckland.

OFX provides services under the brands OzForex, UKForex, CanadianForex, USForex, NZForex, Tranzfers and ClearFX. OFX is a publicly listed entity with shares traded on the Australian Securities Exchange (ASX: OFX). For more information on USForex, visit www.usforex.com.

Contact Information

  • Media Contact:
    Anna Vaverka
    Highwire PR for USForex
    ofx@highwirepr.com
    415-963-4174, ext. 50