In association with Our Preferred Partner, World First

Exporting has always been an important element for successful British businesses. It’s such a major part of our economy and it’s estimated that 28% of all goods made in Britain are sold to customers abroad.

Now firmly in a digital age, it’s typical for a business to be completely digital, making it easier than ever to sell abroad. Businesses can trade online through their own websites, or even on digital marketplaces like Amazon or eBay, reaching customers far and wide and not limit themselves to one geographical region.  

Small businesses added £11 billion to the UK economy in 2016 through online exports.  With technological developments in communication, ecommerce and even shipping and logistics, businesses can market to, sell, and distribute goods and services to customers overseas with ease.

Why is it then, that in this globalised digital world, money remains so stale and immobile?

Currently, a UK business selling to US customers could spend weeks, if not months, trying to open a dollar account to receive payment from their customers and then lose out when transferring it back to pounds on extortionate transfer fees and charges.

This is why World First launched World Account, a new international payments platform designed to make international trade easier, simpler and cheaper. Through World Account, businesses – large or small – can quickly open multiple international currency accounts in GBP, EUR, USD and CAD free of charge. All these accounts can then be accessed and managed from one platform or through a brand new app using one single sign-on.

With World Account there are also no hidden fees to send international payments or receive funds from overseas. Businesses will be able to hold balances in multiple currencies at the same time allowing them to manage their funds effectively and reduce foreign exchange costs.

IoD members benefit from:

• Best exchange rate guarantee on all international transfers
• No fees on FX payments in or FX payments out of your currency accounts
• 10% discount on same currency payment fees
• No opening charges or monthly fees on any of your currency accounts
• Access to a choice of EUR, USD, CAD and AUD local accounts opened same day

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The views expressed in blogs such as the above are those of the author and do not represent the views of the Institute of Directors.

Jeremy Cook

Jeremy is one of the UK’s leading voices on foreign exchange, and you’ll regularly find him on television and across the national media giving his unique, thoughtful insight. He has made regular appearances on BBC News, BBC Radio 5 Live and Newsnight, as well as in leading blogs and newspapers.

Having started out at HSBC in the City of London, Jeremy decided on a move into currency after a brief stint in private equity advice. He joined World First in 2007 as a Corporate Dealer when the Corporate Desk at World First consisted of only five people. He took on the role as World First's Chief Economist in 2010.