iBanFirst, the global financial services provider, is now offering local accounts in USD to its clients in Bulgaria to facilitate the transfer of flows to and from Bulgarian companies with business in the US, the number of which has been growing significantly in recent years. This new product complements their comprehensive offering of financial services for companies with international operations and payments, while those in the IT sector benefit the most.
At a time when the EUR/USD pair has never been so sensitive to market fluctuations, iBanFirst is now offering its clients the possibility of opening local accounts in USD to facilitate the transfer of flows from European SMEs to the US. It can be particularly cumbersome and time-consuming to open a local USD account which is why iBanFirst wants to offer its clients, and especially those operating on marketplaces, a cheaper and faster alternative. For clients with local offices in the US or clients who trade internationally, USD accounts will offer more agility and operational efficiency, from rapid account opening to immediate fund transfers between iBanFirst accounts, flexibility and much more.
Long processing times, rigid processes, high and opaque fees are among the many obstacles that companies doing business across the Atlantic can encounter. As a company specialised in international payments, iBanFirst’s main priority is to remove these bottlenecks and provide solutions for its clients’ various FX transaction needs.
Thanks to local USD accounts, iBanFirst’s clients will be able to collect revenues from local sales, aggregate all their accounts in one place, make payments instantly and free of charge, and benefit from favourable exchange rates.
Pierre-Antoine Dusoulier, CEO of iBanFirst, commented on this announcement: “Our mission is to support our clients who trade internationally and to simplify their day-to-day business practices. The US market and the EUR/USD pair are crucial for our clients. It was very clear to us that offering them solutions such as local accounts in USD were crucial. With a presence in 10 countries, the ability to offer local US accounts, and a secure and transparent technological interface, iBanFirst is a natural alternative for international payments for companies with operations in the US.”
Dean Todorov, Country Manager Bulgaria at iBanFirst, added: “Our objective is to offer our clients the services they need. We’ve noticed that for some of them, expanding to the US can sometimes be complicated just for banking reasons related to collecting profits in USD and managing flows. And the number of companies expanding there has been increasing in recent years, mostly from the increasingly fast-growing technology sector. That is why offering local USD accounts is the natural complement to our portfolio of services. Removing the technical barriers and enabling clients to focus on their international expansion is what we do every day with the strength of our technology and the know-how of our FX experts”.