International payments are one of the most important components of e-Commerce operations. The Internet has facilitated a global marketplace of willing buyers and sellers, with multiple platforms such as Amazon, Alibaba, eBay and others driving the industry. However, payments processing options remain a thorn in the side of many retailers seeking to make a living from these types of operations. For starters, international currency transfers, bank fees, commissions, hidden charges, and the like increasingly eat into the costs of these operations.
Over the years, many novel concepts have emerged, attempting to address this issue. Many money transfer services peddle their products on the market, but few are worthy of consideration. Those companies with established operations like OzForex Group have been operating since 2005. They have built up sterling reputations of the years, and provide clients with a wide range of foreign exchange transactions services. In 2015 alone, OFX processed some 600,000 fund transfers worth an estimated AU$20 billion. OFX has won multiple awards such as the Top 10 Largest Currency Brokers UK, the DRW Fast 100 Award, The Fast 500 Asia-Pacific Award (Deloitte), the Fast 50 (Deloitte), and the International Business Awards Finalist at the UK Trade and Investment Awards.
Objective Assessments of OFX Services
The true test of a money transfer company’s service is evident in the client feedback it generates. For example, the highly regarded TrustPilot has garnered multiple positive reviews of OzForex and the UK version of the company. This bodes well for the credibility of the brand, and instills confidence in buyers and sellers seeking to use the company’s payments processing services. Currently, there are scores of positive reviews of the services provided by OFX. Among the many positives are expertly trained customer service professionals, local bank accounts, local client support, and competitive rates. Based on the independent client reviews of the company services alone, it is safe to assume that the overwhelming sentiment is extremely positive.
What Makes OFX Services So Much Better Than Other Payments Providers?
For starters, OFX offers buyers and sellers local bank access to eliminate the extortionary fees associated with foreign currency transactions. The company provides a collection bank account overseas that sellers can use to make deposits. With earnings deposited in foreign currency in collection bank accounts, sellers can then repatriate these profits to their home country, in the domestic currency for a fraction of the cost that is charged by e-commerce giant Amazon’s currency exchange services. This results in significant cost savings for the OFX online seller offering products for sale. This then translates into increased profitability.
One Company That Beats Amazon’s Rates
With Amazon, all orders that are placed have a currency exchange rate associated with them. To view that rate, clients simply need to click on individual items and then move to the checkout section. Amazon’s rates include all charges and associated fees that are levied on the current purchase. Plus, banks are also likely to charge additional fees on the purchase. Amazon does not disclose what those bank fees are, suffice it to say that buyers should contact their bank vis-à-vis fees. The Amazon currency converter makes it possible to purchase items in local currency. The order total will be displayed on screen, and clients can pay in USD or their preferred currency. However, it’s the exchange rate that is always unfavourable to the buyer. With OFX services, these ‘surprises’ and ‘unfavourable’ fees are absent.