OFX Global Currency Account for online sellers review

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Receive payments in 6 currencies, and get competitive exchange rates on your international payments.

  • Good for receiving payments in 6 currencies and paying suppliers in their local currency.
  • Watch out for the slow approval process.

USD 150

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameOFX International Money Transfers for online sellers
Min. Transfer AmountUSD 150
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Agent
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XAF, XOF, XPF, ZAR
Online Transfer FeeCAD 0
Phone Transfer FeeCAD 15
Exchange Rate UpdatesReal time

How does the OFX Global Currency Account work?

The OFX Global Currency Account is designed to make managing your global e-commerce business easier and more cost-effective. It allows you to open local currency accounts in six international markets – Canada, the USA, Europe, the UK, Hong Kong and Australia – and manage all your accounts, balances and transfers in the one place.

As well as accepting Canadian dollars, you can open foreign accounts for the following currencies:

  • USD US dollar
  • CAD Canadian dollar
  • GBP British pound
  • EUR Euro
  • HKD Hong Kong dollar

You can then use your Global Currency Account to accept payments from a wide range of online marketplaces, including:

  • Amazon
  • eBay
  • PriceMinister.com
  • Newegg
  • Buy.com
  • Game
  • Wish.com
  • CDiscount.com
  • Rue du Commerce
  • Shop.com

This means you’ll enjoy faster access to your sales revenue and be able to take advantage of OFX’s competitive exchange rates when you want to repatriate your funds to Canadian dollars. You can also hold funds in a foreign currency while you wait for a better exchange rate to become available, or use those funds to pay overseas suppliers in their local currency.

Read our review of OFX for international money transfers

Why use this instead of PayPal?

PayPal is widely seen as a convenient option for marketplace sellers looking to receive and send international payments. However, using PayPal does have a few disadvantages:

  • Payment fees. PayPal charges a fee when you receive payment from a sale. In the case of PayPal Wallet transactions, this fee is 2.9% + $0.30 for payments from within Canada, 3.7% + $0.30 for payments from the US and 3.9% + a fixed fee for payments from all other countries.
  • Currency conversion fees. When you receive payment in a foreign currency, you’ll need to convert that money into Australian dollars to transfer it to your bank account. When you do this, PayPal adds a margin of 3.5%.
  • Low exchange rates. If you send an international payment via PayPal, you’ll typically be able to find a superior exchange rate from a specialist transfer company.

In comparison, there are no set-up or ongoing fees attached to the OFX Global Currency Account. And while OFX does charge a percentage fee when you make a transfer, it’s worth comparing this fee with the total cost of managing your international payments with PayPal to work out which provider offers better value for money.

What are the OFX Global Currency Account’s fees?

OFX doesn’t charge any:

  • Account set-up fees
  • Ongoing account fees

However, when you make a transfer from your account, OFX does add a margin on top of the mid-market exchange rate to cover its costs. The size of this percentage varies depending on the currency being sent.

To find out how much international transfers with OFX will cost you, enter the details of your transaction in the table below.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 15.00 0.746 USD
735
Receive local bank account details for 6 currencies. Free account signup with 24/7 support. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How do I set up an OFX Global Currency Account for my e-commerce store?

You can sign up for an OFX Global Currency Account by completing a few simple steps.

In a nutshell

Pros

  • Receive payments in multiple currencies. The Global Currency Account lets you receive payment in 6 currencies, helping you avoid poor exchange rates and high transaction fees.
  • No set-up or ongoing fees. There are no fees attached to opening an account and no ongoing account-keeping fees to worry about.
  • 24/7 customer support. You can contact OFX’s customer support team 24 hours a day, 7 days a week.
  • OFX Online Seller Resource Hub. OFX also operates an online hub to provide tips and advice to help you grow your e-commerce business.

Cons

  • Slow approval process. Once you’ve submitted an application to open an OFX Global Currency Account, you’ll need to wait 4 business days for approval. It can then take up to 2 additional business days for your account details to be delivered to you.
  • Exchange rate margins aren’t quoted upfront. While OFX charges a percentage when you make a transfer from your account, this margin isn’t quoted upfront before you sign up for an account.
  • Limited currencies. Some multi-currency accounts from other services support a greater range of foreign currencies.

How does the OFX Global Currency Account compare to other online seller services?

Check out the table below to see how the features of the OFX Global Currency Account stack up against those of online seller accounts from other services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 5,000 1 - 2 days CAD 0.00 0.75 USD
7,499
CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Use it to take your ecommerce business to the next level. Go to site Show details
USD 150 1 day CAD 0.00 0.751 USD
7,506
Receive local bank account details for 6 currencies. Free account signup with 24/7 support. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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