This article contains links to products or services from one or more of our advertisers or partners. We may receive a commission when you click or make a purchase using our site. Learn more about how we make money.
OFX Global Currency Account for online sellers review
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 – Australia, the USA, Europe, the UK, Hong Kong and Canada – and manage all your accounts, balances and transfers in the one place.
As well as accepting euros, you can open foreign accounts for the following currencies:
USD US dollar
CAD Canadian dollar
GBP British pound
HKD Hong Kong dollar
You can then use your Global Currency Account to accept payments from a wide range of online marketplaces, including:
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 euros. 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.
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 3.4% + €0.35 for international payments.
Currency conversion fees. When you receive payment in a foreign currency, you’ll need to convert that money into euros to transfer it to your bank account. When you do this, PayPal adds a margin of 3.25%.
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.
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.
Head to the OFX homepage and click the “Register” link in the top right-hand corner of the page. Select a business account before continuing to the next step.
Select the country where your business is registered or incorporated in and specify the type of entity it is.
Enter your business’s name and the amount you expect to transfer each year.
Next, you’ll need to provide your name, date of birth, address, job title and primary contact number. You’ll also be asked to provide your driver’s licence details so that your identity can be confirmed.
Create a username and password before setting up an account security question. You’ll also need to read and agree to the terms and conditions before submitting your account application.
After receiving your form, an OFX representative will call you to ask about the currencies you’d like to accept and your payment needs. You may also need to provide some additional documentation to support your application. Once you’ve completed this step, accounts are typically approved within four business days.
In a nutshell
Receive payments in multiple currencies. The Global Currency Account lets you receive payment in six 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.
Slow approval process. Once you’ve submitted an application to open an OFX Global Currency Account, you’ll need to wait four business days for approval. It can then take up to two 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.
Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.