Solving one online seller’s small business currency exchange roadblocks

Now, more than ever, online sellers and small virtual businesses are thriving and expanding globally. As a small organisation, many of these businesses also hit roadblocks in currency exchange, foreign vendor payments, and global bank accounts. That is where OFX comes in. We sat down with one small business owner, to discuss how OFX has made a difference in his online marketplace.

Currency exchange as an online seller

IFITWEREEASY Ltd. is a small business based in Canada that began selling kitchen and home goods on a major online marketplace in 2021. When owner, Todd Al, opened his virtual storefront, he experienced great success and was rapidly fulfilling orders. As his business grew internationally, so did his foreign exchange needs, “As a Canadian, I don’t qualify for an account with a US bank. I needed a bank account that was virtual, online, and simple to collect payments from customers and make payments to vendors.” When Todd began looking for a currency exchange provider he quickly discovered that not all forex companies were approved payment providers for the online marketplace he wished to do business on – which was critical for him given that he was an internet-based business. “[Online marketplaces] can be really picky about who they are willing to list as a partner. Many common online banks didn’t have their certifications. When I found OFX I was thrilled to see they were a [marketplace] payments provider. It was just easy to do business with OFX,” Todd said.

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Online business expansion and forex needs

As his business continued to expand, Todd got started with OFX. His OFXpert, Tsewang, introduced him to a variety of foreign exchange products and services that could help support his online business. “When I was just starting my business I only used spot transfers. I was transferring to vendors from a Canadian bank account to USD to make payments and then back to CAD when I received payments. After speaking with my OFXpert, Tsewang showed me the Global Currency Account.”

OFX’s Global Currency Account was created specifically for online sellers. The Global Currency Account is essentially a local bank account in another country that allows you to get paid in the local currency and then decide when you want to exchange those funds for your preferred currency. This account allows business owners to save money when receiving payments from around the world, hold funds in the account to convert when it best suits your needs, and make payments directly from your own currency accounts. “The Global Currency Account saves me a ton of time and money because it stays in USD unless I want to convert it,” Todd said. Like any of OFX’s products, the Global Currency Account is a simple, self-serve platform backed by 24/7 OFXpert phone support.

Professional image of Todd Al, owner of IFITWEREEASY Ltd.
Todd Al, owner and founder of Ifitwereeasy Ltd, an online-based storefront, discusses how OFX helped him solve his small business currency exchange problems.

FX problems, OFX solutions

When sending money across the world, you want it to be secure and fast every time you transfer. Todd experienced a failed transfer with a previous FX provider early on in his currency exchange journey before he started working with OFX. Now, he has peace of mind knowing that his OFXpert is there to support all of his FX needs 24/7, “I think the best thing about working with OFX is definitely the problem-solving and attention to my transfers. Tsewang, my OFXpert, stays on top of my transfers. He always knows where they are at and keeps me updated.” Fast, secure, and simple transfers at a great rate are what we are committed to. Our OFXperts get to know your business so we can act as a member of your team and help you manage all of your global payment needs. “Sometimes I encounter problems or questions that I would not be able to solve without Tsewang. It is really great having a direct account representative I can get ahold of,” Todd said.

As a small business owner, Todd knew that finding a foreign exchange partner you can count on helps simplify FX and gives you more time to focus on growing your business. Todd gets the best of both worlds with his OFXpert and OFX’s simple online platform. If you’re selling online and looking to simplify your FX needs, reach out to us today. As an approved online payments partner, we can help you save time and money. Are you interested in seeing all of these things for yourself? Register today.

Manage the currencies you do business in from one simple dashboard

The Global Currency Account is a simple,  self-serve platform backed by 24/7 OFXpert phone support.

Let our OFXperts help your online business thrive with bank-beating rates, secure transfers, and 24/7 support. Contact us.

IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.

Written by

Michala Lamichhane

Content Marketing Manager

Michala Lamichhane is OFX’s Content Marketing Manager for the North America region where she plans and writes content regularly. After studying English at the University of Wisconsin-Madison, Michala found a passion for content marketing and works with many OFXperts to produce content for a global corporate audience.