OFX launches Global Currency Account in UK

OFX, the foreign exchange company, has launched the Global Currency Account in order to simplify cash flow management for online merchants trading on international marketplaces. Thus, by using this feature, the UK-based ecommerce merchants are now able to manage marketplace payments in multiple currencies including EUR, USD, GBP, HKD, AUD, or CAD.

In order to obtain a local bank account in a country overseas, one should be physically present in each marketplace, and the process of doing business in a different currency is slow. However, the OFX Global Currency account allows users to hold balances, make secure payments to global suppliers, and pay taxes directly from the account.

Also, it gives users the chance to create nickname accounts that correspond with the marketplace where proceeds originate from, or to have account balances automatically paid to a domestic bank account at a suitable time.