OFX Global Currency account review
Send and receive payments in seven different currencies as if you were a local.
finder.com’s rating: 4.3 / 5.0
★★★★★OFX Global Currency allows individuals and businesses to open local currency accounts in seven international markets – the US, the UK, the European Union, Australia, Hong Kong, Singapore and Canada. There are no account fees and you can manage all your balances and transfers in the one place. But personal accounts can only send and receive bank transfers, and you’ll need to watch out for a slow approval process.
$0 per month
Minimum deposit to open
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
The OFX Global Currency Account is best for businesses and individuals who want to send and receive money in different currencies as if they were a local. Although it’s primarily marketed to businesses, individuals can also open a personal account and send bank-to-bank transfers to friends and family members.
Those with a business account get access to additional perks, such as the ability to pay suppliers and taxes in the same currency to avoid conversion fees, send invoices in foreign currencies through Xero and connect your account to your online marketplace for quicker processing times. All of these perks aim to make managing your global e-commerce business easier and more cost-effective.
Regardless of which account you open, you’ll get access to competitive currency conversion rates — often far better than banks and larger money transfer services like Western Union.
But the approval process can take up to six business days and exchange rate margins aren’t quoted upfront. Also, the OFX Global Currency Account only supports these seven currencies: USD, EUR, AUD, HKD, SGD, CAD and GBP. If you need to do business in a different currency, you may want to explore other options like the Transferwise Borderless account, which also supports New Zealand dollars (NZ).
How do I open an OFX Global Currency account?
Open an OFX Global Currency account in seven steps:
- Go to the provider’s site and follow the steps to apply.
- From the provider website, select Business, then Global Currency Account.
- Select Get Started.
- Choose if you’re opening a Personal or Business account.
- If you’re opening a business account, add your business information, your contact information and how much money you expect to transfer annually. If you’re opening a personal account, add your country and email address.
- OFX will call you to complete your registration and provide instructions for the verification documents you’ll need to submit.
- Upload all required documents to OFX’s secure site. Approvals take up to four business days and local currency account details take an additional two business days for delivery.
You can open an OFX Global Currency account if you meet these requirements:
- At least 18 years old
- US citizen or resident
- Government-issued photo ID
Have this information ready before you apply:
- Country of residency
- Currency pair
- Estimated transfer amount per year
- Full name
- Date of birth
- Phone number
- Home address
- Business documents (if opening a business account)
What are the benefits of an OFX Global Currency account?
You’ll get these benefits when you open an OFX Global Currency account:
- No hidden fees. OFX doesn’t charge any account setup or maintenance fees. Instead, it adds a margin on top of the mid-market exchange rate to cover its costs when you make a transfer. The exact percentage depends on the currency you send.
- No setup or monthly fees. There are no fees attached to opening an account and no monthly fees to worry about.
- 24/7 customer support. You can contact OFX’s customer support team 24 hours a day, 7 days a week.
- Faster access to sales revenue. Connect your account to Amazon, eBay, Newegg and other online marketplaces to get faster access to sales revenue and competitive exchange rates when it’s time to transition funds to US dollars.
- Extra perks for businesses. OFX also operates an online hub to provide tips and advice to help you grow your ecommerce business.
What should I look out for?
The OFX Global Currency account has these potential drawbacks:
- 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.
- Limited features for personal accounts. If you open a personal OFX Global Currency account, you can only send and receive bank transfers in seven different currencies. You won’t be able to do cash transactions or FX trading.
- 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 up front before you sign up for an account.
- Limited currencies. COFX only supports seven currencies while Transferwise’s multi-currency account supports eight currencies and World First’s account supports 10.
Which foreign currencies does the OFX Global Currency account support?
The OFX Global Currency account supports the following seven foreign currencies:
- Euro (EUR)
- British pound sterling (GBP)
- Australian dollar (AUD)
- Hong Kong dollar (HKD)
- Singapore dollar (SGD)
- Canadian dollar (CAD)
- US dollar (USD)
Which online marketplaces can the OFX Global Current account accept payments from?
Your Global Currency Account accepts payments from a wide range of online marketplaces, including:
- Rue du Commerce
How does the OFX Global Currency Account compare to other multicurrency accounts?
Check out this table to see how the features of the OFX Global Currency Account stack up against those of online seller accounts from other services.
Frequently asked questions
Why should I use OFX 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. This fee is 2.9% + $0.30 for payments from within the US and 4.4% + a fixed fee for international payments.
- Currency conversion markups. When you receive payment in a foreign currency, you’ll need to convert that money into US dollars to transfer it to your bank account. When you do this, PayPal adds a margin of about 2.5%.
- 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 setup 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 your money.
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