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You don't need to be a major corporation or importer/exporter to benefit from a money transfer service dedicated to marketplace sellers. If you're selling something overseas, even as a side hustle, it's worth exploring flexible international payment options if you want to keep more of your profits.
The marketplace you're selling on will probably give you a few in-built options to handle payments from international buyers. eBay, for example, uses PayPal. Amazon has its own Currency Converter for Sellers tool. You might also consider opening a bank account in the country you're selling to and using a transfer to get your money back to Australia. However, all of these options tend to come with poor exchange rates and high fees, so you'll keep less of the profits from your sales.
Many money transfer services have "online seller" accounts which can help you get your profits converted more fairly than a bank or PayPal transfer. These have two main features to them:
You have the option of getting local bank details for a range of markets, like the UK or US. This works exactly the same as having a normal bank account in these countries, without the hassle of opening a bank account in another country. The benefit of this is that when your buyer pays you, it's treated as a domestic transfer.
This kind of account lets you hold multiple foreign currencies at the same time, without having to transfer them into Australian dollars. You can make and receive foreign currency payments, depending on what currencies your service supports.
When it comes time to convert your money back into Australian dollars, the service can help you with a fairer exchange rate and fee than what you'd see at a bank or PayPal. This will often end up giving you better value for money.
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Including only a PayPal "Buy Now" button depends on the needs of your business. PayPal doesn't require an ongoing commitment, so it can make planning for growth easy. It also gives buyers the ability to buy multiple items, can issue refunds and track inventory. However, the fees can end up quite a lot higher for you than using a third-party transfer service.
The fees for online seller accounts vary from service to service. In general, there won't be any fees for opening an account or keeping it open. Fees generally only apply when you move your money:
Using a specialised account for e-commerce sellers can help you manage your business by:
Depending on your circumstances, there are several international payment options that can benefit you and your business, including:
Whether you're selling crocheted fruit or the latest tech gadgets, if you're doing business across borders, getting the best foreign exchange deal will help you pocket more of your profits.
Money transfer services with dedicated marketplace seller accounts can help you reduce the impact of poor foreign exchange rates and conversion fees, but are only helpful if you're selling to buyers in certain overseas markets. Make sure you weigh up the pros and cons of opening an online seller account before deciding whether it's right for your needs.
Learn about the pros and cons of using PayPal to convert your online seller profits into Australian dollars in this detailed review.
Read our guide to Payoneer and how it can help marketplace sellers save money when receiving international payments.
Your detailed review of the Moneycorp multi-currency account for online sellers, which is compatible with 14 marketplaces and can hold GBP, EUR and USD.
Read our guide to the WorldFirst World Account for online sellers, including info on supported currencies, fees and how to open an account.
Our in-depth review of the OFX Global Currency Account for online sellers, including supported currencies, fees, exchange rates and registration.