Expanding into new markets with currency accounts and competitive pricing

For some businesses, the importance of pricing, and the ability to open multiple local currency accounts with ease was essential. These two factors were particularly valuable to electronic goods company, Bleepbox. When Bleepbox decided to launch on NewEgg in the US, they set up an account with WorldFirst to make selling via marketplaces smoother. They now have AUD, CAD, SGD, USD, EUR and JPY accounts, allowing them to collect income locally, and repatriate funds from these countries at the inter-bank rate with a fixed set fee. What’s more, Bleepbox are now able to compete more on price with local sellers because they have greater control of the exchange rates versus the sales price.

Providing trust and transparency, WorldFirst offer prices up to 85% lower than the high street banks, meaning customers save even more on transfers with our tiered pricing structure. For UK-based drone manufacturer HELIGUY.com™, the pricing offered by WorldFirst was what initially motivated them to partner with us ten years ago. Tired of expensive bank fees, they made the move to WorldFirst and now predominately use our services to pay suppliers in USD and EUR. To facilitate their same-currency and cross-currency payments they also created an International Collections Account (formerly the World Account), to help with USD receivables, making their processes faster and more efficient.

Similarly, home interior wholesaler Argofield began working with WorldFirst in March 2014 with the intent to save thousands per year in currency exchange, but since then, the company has added functionality such as the ability to pay suppliers in local currency.

More than just pricing

As many businesses move away from a traditional customer service model, we at WorldFirst pride ourselves on our personalised customer service. Customers can trust that they will always have the option to call and speak to a real person. Our dedicated relationship managers work with you to make the most out of our partnership. This is something that has been championed by our partner Monika Milcarz, company director of Glamor Empire Ltd. Out of the seven years Glamour Empire Ltd has been running, they have used WorldFirst for four and half of these years. Prior to this, Monika was using an FX company based in Poland and making FX transfers directly from her bank account, but found this very arduous, especially when guidance or support was required. That’s why when WorldFirst reached out to her and offered a full-service platform with a dedicated account manager to help with any queries, Monika found everything she needed to help her business operate with ease, flexibility and support.

Your easy alternative to a bank account abroad

WorldFirst make international business payments simple. Since 2004 more than 240K businesses have utilised WorldFirst to send more than £87bn around the world. In 2019, WorldFirst became part of the Ant Group, the operator of digital lifestyle platform Alipay which serves 1.3 billion users worldwide with its global e-wallet partners. Together, we are advancing in bringing inclusive and affordable financial services to SMEs in the rapidly growing areas of cross-border trade and ecommerce.

Next steps

No matter what challenge your business is facing, it’s our mission to make it easy to do business everywhere. With many years’ experience working with SMEs who are selling internationally on global marketplaces, WorldFirst has the knowledge and expertise to help accountants, bookkeepers and their clients understand which FX strategies would best fit their business needs.

For more information on how your accountancy or bookkeeping practice can benefit from partnering with WorldFirst, or how we can help your business, contact the team today and better manage your budget.

020 7801 2388 ukpartnerships@worldfirst.com www.worldfirst.com

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