International business just got easier. Introducing World Account.

Value of international trade for small business SMEs in the UK

International business just got easier. Introducing World Account.

Partner article by World First

 

Globalisation is arguably the one of the defining trends of our times. We live in an era where consumers buy across borders – granted, sometimes unwittingly – and where it is possible for businesses of any size to access new markets in almost any country and on any continent. In the UK, the value of international trade – our imports and exports – has risen by the more than 40% over the last 10 years alone and it is estimated that the average UK SME generates £287,000 from dealings overseas.

 
But challenges persist for any UK business trading internationally. In the case of currency volatility, businesses should use the tools available to them, such as hedging solutions, from specialist currency providers to manage a risk that clearly cannot be controlled. Exchange rates move on market sentiment and political action – and inaction – and are thus inherently volatile and unpredictable. But other challenges seem less to understand and accept. Why is it so expensive to send money around the world? And how can it often be faster to have a physical box shipped from say China than it is to send money there?
 
Like you, we believe this is crazy and that’s why we’re on a mission for change.
 
We think that our new World Account is the future of international banking for small businesses and marketplace sellers – and best of all, there’s no bank needed! In short it helps businesses overcome the hurdles and costs of buying and selling across borders by delivering international banking functionality on one easy-to-use platform – minus the cost, hassle and upheaval of traditional international business banking.
 
Specifically, with the World Account you can:
 

  • Open local currency accounts making it easier and cheaper to receive and make payments
  • Virtual accounts are held in-country giving you a local presence and opening up new markets
  • Send and receive in local currencies to compete with local businesses
  • Hold balances in GBP, EUR and USD, helping to reduce FX costs
  • Access hedging tools like forward contracts to manage currency volatility
  • Control all your international payments and balances from one easy to use app
  •  
    WorldFirst research shows that UK SMEs are trading £78bn every month and World Account signals a step-change in international business banking as we continue to provide solutions for underserved SMEs to do more internationally.
     
    Be amongst the first to get World Account – register your interest now!
     

    First of its kind

     
    World Account is the first service to offer SMEs and online sellers the same flexibility and control in international banking that is normally reserved for larger, multinational players.
     

    Commenting on the launch, Jonathan Quin, Co-founder and CEO at WorldFirst said:

     
    “We’re very excited to be launching our World Account, the first multi-currency international payments platform for businesses. Our research shows that over 1.5 million SMEs are trading more than £76 billion[3] a month across international borders. This is a significant contribution to the UK economy. It’s time that small and medium-sized businesses enjoyed the same products, price and service that was only previously available to big businesses.”
     
     “Our World Account will solve what is a pain point for many ambitious businesses who buy or sell internationally enabling them to manage their international accounts in one single platform wherever and whenever they want. We think this will be the world’s most flexible financial platform to support a new era of international business.”
     
    E-commerce currency conversionThere is no cost to open or maintain accounts and businesses can also save money by reducing the number of foreign exchange transactions needed.
     

    The new platform will be available to businesses and online sellers in the UK and Europe on limited release throughout summer 2017 both online and through a newly launched mobile app. Additional functionality and more currency accounts will also be added later this year.
     
    Ahead of launch, businesses can register their interest from today here: www.worldfirst.com/uk/products-services/multi-currency-accounts/ and will receive preferential access.

     

    Simon Wright

    Marketing manager at Parcelhub and Mail Workshop - Optimising delivery experience.

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