The Finder app is here! 🥳🥳 Download the new Finder app!
Get your savings sorted.Take control of your money with the all-new Finder app. Now available for free for iOS and Android. It's your new way to save, sorted.
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.
OFX Online Seller Account
OFX Money Transfers for Online Sellers
No set-up fees
No monthly account fees
Receive local bank account details for AUD, USD, EUR, GBP, CAD & HKD.
OFX Online Seller Account
Receive local bank account details in 6 global destinations with an OFX international money transfers account. Avoid costly currency conversions and keep more profits in your pockets with OFX's specially tailored account for online sellers.
How do online seller accounts work for international payments?
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:
Local bank details
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.
Multi-currency account
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.
Compare marketplace seller accounts
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Should I just use PayPal?
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.
What are the pros and cons of using a marketplace seller account?
Good for
Selling around the world. You can expand your audience to customers all around the globe.
Saving money. Fees for international transfers are twofold: the fee you see and the margin added to the exchange rate. Finding a better transfer service means more profits for your business.
Getting a better exchange rate. You can use options like a forward contract to lock in today's exchange rate for a future transfer, which helps reduce risk.
Watch out for
Available currencies. Most online seller accounts support a limited number of currencies. For getting local bank details in another country, the list is even shorter.
Taxes. While you'll gain access to the global market, you'll need to keep on top of the tax rules and regulations in each country.
What fees should I expect?
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:
Flat or percentage fee. Most services are quite upfront about this fee. You'll be able to see it before you make a transfer. Keep in mind that if no fees apply, you might be given a poorer exchange rate instead.
Exchange rate margin. The mid-market rate is the real exchange rate you can see on Google or the news. However, not many services will offer this. Instead, a margin is often added to the exchange rate, ranging from 0.4% to 10% depending on the currency and which service you're using.
Receiving bank fee. Your bank may charge you fees to receive money, especially if it's in the form of an international transfer. You can read more about these in our guides on the major banks, like ANZ and Westpac.
What can I use a marketplace seller account for?
Using a specialised account for e-commerce sellers can help you manage your business by:
Accepting payments
Detecting and preventing fraud
Verifying customers
Protecting your customers' identities
Documenting transactions
Simplifying the payment process
Other international payment types that can help
Depending on your circumstances, there are several international payment options that can benefit you and your business, including:
One-off spot transfers. When you need to make a fast payment at the best available exchange rate, this is the option you would likely use.
Recurring transfers. Many transfer providers allow you to set up a recurring payment plan for extra convenience.
Forward contracts. You can protect yourself against exchange rate fluctuations by locking in an exchange rate now for a transfer that will be sent up to two or even three years into the future.
Limit orders. This option allows you to specify a target exchange rate for your international transfer. Your transfer company can then monitor foreign exchange markets, and when the desired rate becomes available, automatically transfer your funds.
What else should I know about selling online internationally?
Customs. Customs can be a pain for both sellers and buyers, but it's there to ensure security and to abide by the laws in each country. Buyers are typically subjected to any fees associated with customs, a practice that is widely accepted.
Countries with transfer or shipping restrictions. International business is governed by the legalities of each country you do business with. Understand any legal ramifications that might come into play when selling products internationally.
What information you will need to get or provide. When establishing an online seller account you will provide your personal and business information. When a customer places an online order, they will need to use their full name and address to finalise the purchasing process.
Shipping and costs. Some online marketplaces offer shipping options to simplify the shipment process for sellers, two popular ones are the eBay Global Shipping Program and Fulfilled by Amazon.
Tools to make your life easier. Within the complex space of online selling, there are tools that can simplify the selling process for you and your customers. Take advantage of tools like Time Zone Converter, handy when trying to coordinate times to set your listings. Searching for tools that can aid your process can be time-consuming, but can make a big difference in the long run.
Fulfilment time. While fulfilment time can be an educated guess, especially when it comes to international shipping, manage customer expectations and be transparent about how long it takes for packages to be delivered.
Taxes and duties. Each country will have its own unique duties and taxes. Make sure to do your research thoroughly and even seek out professional tax advice. Austrade also has a lot of resources on this which might be helpful.
Watch: How to become a successful online seller
Bottom line
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.
Online seller accounts like OFX and TransferWise help educate you on how to identify fraud and have in-built systems to prevent and detect fraudulent activity. They can detect malware, fraudulent apps and phishing scams that are commonly targeted at online sellers. If you are worried that you've been the victim of fraud, you can call your service's customer care department.
If you're vigilant in preventing suspicious transactions by verifying your customer's identity and information, you're more likely to avoid scammers in the marketplace.
Rosie Russell is a money transfers writer at Finder. She is on a mission to make personal finance easier to understand and is constantly planning her next trip overseas. Rosie has a double degree in Journalism and International Studies from the University of Technology Sydney.
Read more on this topic
PayPal for ecommerce sites reviewLearn about the pros and cons of using PayPal to convert your online seller profits into Australian dollars in this detailed review.
How to sell on InstagramLearn how to set up your shop and start selling on your Instagram posts and stories.
Review: Payoneer for online sellersRead our guide to Payoneer and how it can help marketplace sellers save money when receiving international payments.
What is dropshipping?Read our complete guide to dropshipping to discover how it works, how to find a reliable supplier and the pros and cons of this popular fulfilment method.
Review: Moneycorp online seller accountYour detailed review of the Moneycorp multi-currency account for online sellers, which is compatible with 14 marketplaces and can hold GBP, EUR and USD.
How to sell on GumtreeIf you want to start selling on Gumtree, you’ll find everything you need to become a successful seller in this detailed guide.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
