OFX for Business money transfers review June 2018 | finder.com

Review: OFX International Money Transfers for businesses – June 2018

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Sign up, schedule and save on business transactions worldwide.

OFX helps small and medium size businesses and online sellers manage their foreign currency exposure and save on international money transfers.
Get competitive exchange rates and pay no fees when you make payments to overseas suppliers and staff. And online sellers can start receiving sale proceeds directly into their account.

Product NameOFX International Money Transfers business
Min. Transfer AmountUSD 150
Max. Transfer AmountNo limit
Transfer Methods
Online, Phone,
Transfer Options
Regular payments, One off payments, Market orders, Forward contracts, ...
Transfer Speed
Minimum transfer time
1 day
Banking PartnerOFX - US
Customer Service
Phone
Available CurrenciesAED, AUD, CAD, CHF, 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, XOF, XPF, ZAR
Online Transfer Fee$0
Branch Transfer Fee$0
Phone Transfer Fee$0
Exchange Rate UpdatesReal time

Pros

  • Support for 55+ major and exotic currencies.
  • Competitive rates and no transfer fees.
  • Multiple transfer options include forward contracts and limit orders.

Cons

  • No cash payments or pickup — bank deposits only.
  • Phone verification required for new accounts.

Fast, flexible business transfers and seller services

For 15 years, OFX has offered international money transfers with competitive rates and no fees across six continents. OFX can help manage your international business payments and invoices without the need for your local bank.

Set up a business account to pay suppliers, freelancers and employees at competitive rates without fees. Business clients can also save with forward contracts, scheduled payments and limit orders. Better yet, your personal service rep can help you navigate your options.

If you’re an online seller, you can set up receiving accounts in six major currencies that dovetail with some of the world’s leading online marketplaces.

Highlights

  • No fees. It’s free to sign up and OFX charges no fees to transfer your funds.
  • Flexible transfer options. From basic transfers to forward contracts and limit orders, OFX offers a wealth of options to help you get the most out of your money.
  • Local account. Online sellers can collect global revenues in USD, EUR, GBP, CAD, AUD and HKD.

Low rates save your company money

Exchange rates depend on your specific transfers and how often you need to make them, but rates typically beat those offered by your local bank. OFX makes money by adding a small margin to the mid-market rates, but you’ll see the rate that applies to your transfer before you finalize the deal.

If you like the rate you see, you’ll have the option of setting up a forward contract to lock it in for up to 12 months of predictable payments.

How much does an OFX business transfer cost?

This one’s easy: You’ll pay no fees on your business payments. Instead, you’ll pay a small spread on the mid-market rate.

Online seller accounts, however, do come with a low conversion fee that tops out at 1.5% of your transaction when you’re ready to move your cash to a personal account.

Calculate your exchange rate

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
OFX International Money Transfers business USD 150 1 day USD 0.00 0.857 EUR 4,285 Send safe, no-limit transfers with no fees and competitive exchange rates. Go to site Show details

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What other services does OFX offer my business?

With OFX, you can easily mitigate fluctuations in exchange rates with an array of hedging options:

  • Forward contracts. Lock in an exchange rate for up to 12 months.
  • Limit orders. Let OFX monitor the market until it reaches your desired exchange rate, then take advantage with an automatic transfer at that rate.
  • Recurring transfers. Schedule regular payments to clients or suppliers on a schedule that suits your needs.
  • Seller accounts. Set up an online seller account in US dollars, Canadian dollars, British pounds, euros, Australian dollars and Hong Kong dollars for seamless integration with top marketplaces like eBay.
  • Online payment system. Process and receive credit card payments with flexible tools, secure transactions and significant savings.

Pros and cons of OFX for business

Pros

  • No-fee transfers. You won’t pay a fee to move your money worldwide.
  • Excellent customer service. Customers boast about OFX’s attention to detail and 24/7 business support.
  • Set up regular payments and lock in rates. Forward contracts, limit orders and recurring payment schedules can keep more money in your pocket, where it belongs.

Cons

  • Bank account transactions only. OFX allows only bank-to-bank transfers.
  • Better for larger payments. Minimum payments start at $1,000, and hedging options are designed for large transfers.
  • Fluctuating exchange rates. Exchange rates can fluctuate right up until you confirm your transfer, so lock in your rate quickly or set up rate limits.

How do I use OFX for business?

To get started, go to OFX’s Business site. The whole process takes about 20 minutes.

  1. Choose from small business, medium business or online seller options.
  2. Provide details on your business, including registration information and your industry, as well as your contact information.
  3. Once you submit your info, an OFX representative will call you to complete your registration.

Once you’re approved, OFX will walk you through setting up your account to suit your business needs — from getting your seller account in order to saving money on your first transfer.

What’s next?

  • Download the app. Get live exchange rates, convert currency and track your business transfers from your smartphone.
  • Get support. Take a look at OFX’s extensive online FAQs or call the toll-free business line at 888-966-6888.

Bottom line

Businesses and online sellers looking for good rates and options to simplify their international business transactions should consider OFX a strong contender. It’s ideal for those who want to save on fees or startup business owners who need customized advice from a transfer specialist.

There are a number of other international money transfer companies vying for your attention, so compare them before making a decision.

Frequently asked questions about OFX for business

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