If you are an e-business outside the US, there will be times that you may have difficulty when it comes to certain transactions, especially if your customer base and/or the merchants you work with are from there. A big part of the problem with these types of transactions is that you will have to deal with the exchange rate and currency conversion every time you process payments.
How to bypass the exchange rate
Most of the time, when dealing with merchants from the US, you will have to resort to other methods of payment, such as using an online payment provider. However, if you are dealing with larger amounts of money, this may not be economical for you in the long run. The reason for this is because payment providers can charge you a different amount for currency conversion than what your bank or other payment services may charge you. Either way, you will still be paying for an exchange rate no matter which method you choose.
But if you have a virtual USD account, you can bypass the costs of the exchange rates altogether. This means that you will be saving more money just by simplifying the method of payment and receiving payments from the merchants you do business with.
By using a virtual bank account in USD, you will also be able to get your money without having to pay an additional fee for the transfer of your money. If you go about the payment through your regular bank, there may still be charges for the cost of the transfer you will be receiving or sending out. These fees may be even higher if you send or receive a payment through a money transfer service.
More business opportunities
Being able to provide a merchant with the option to pay through a USD account can also open you up to more business opportunities. There may be other small businesses that you want to work with that can only deal through local USD bank accounts. Having this option can enable you to work with these businesses in a manner that is more convenient for both of you.
Owning a dollar account is necessary if you have income that comes in from the USA. It is also wise to own one if you travel frequently or often send money abroad. US dollars are commonly accepted by many eCommerce stores and in most countries. If you use this currency regularly, you need to own a dollar account to be able to store and track your funds and cut down on costs such as remittance fees.
Enjoy greater flexibility
One of the advantages of owning a USD account is being able to store the funds and exchange it into local currency when the rate is high. The dollar account can also provide greater flexibility for making payment transactions and also get to decrease conversion fees. Find the right online payment provider so that you can apply for a USD account to gain these financial benefits. It will be one of the best business decisions that you can make.