Review: OFX international money transfers for businesses
Sign up, schedule and save on business transactions worldwide.
What can OFX for Business offer my business?
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 and without fees.
Business clients can also save with forward contracts, scheduled payments and limit orders. A dedicated OFX service rep can help you navigate your options.
If you’re an online seller, you can also set up receiving accounts in six major currencies to get the most out of sales made all around the world.
How are OFX for Business’s exchange rates?
Exchange rates and the transfer margin that OFX applies depends 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 will my business pay to send money with OFX for Business?
You’ll pay $0 in 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
Read our review of OFX for international money transfers
What types of transfers can my business make?
With OFX, you can easily lessen the blow of fluctuating exchange rates with several 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 or better, then take advantage with an automatic transfer at that rate.
- Recurring transfers. Schedule custom regular payments to clients or suppliers.
- Global Currency Account. 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.
- API-based online payment system. Process and receive credit card payments with flexible tools, secure transactions and bulk supplier payments.
Pros and cons of using 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 help keep more money in your wallet.
Cons
- Bank account transactions only. OFX only allows bank-to-bank transfers — no cash or checks.
- Better for larger payments. The minimum transfer size is $1,000 within 12 months. 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.
Compare OFX for Business to similar services
How do I make an international business payment with OFX for business?
To get started, go to OFX’s Business site. The whole process takes about 20 minutes.
- Choose from the small business, medium business or online seller options.
- Provide details on your business, including registration information and your industry, as well as your contact information and date of birth.
- Submit your info, and 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’s needs — get your seller account in order, save money on your first transfer and more.
How do I manage my online account?
- Add new recipients to your account. Log in to your account, select Recipients and Add new recipient to get started.
- 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 when you need help with a question.
Bottom line
Businesses and online sellers looking for low fees and options to simplify international business transactions should consider OFX a strong contender. It has features that can benefit anyone from those just looking for great rates to startup business owners who need customized advice from a transfer specialist.
There are a number of other similar sites and international money transfer companies vying for your attention, so compare them before making a decision.
