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$1,000
Min. Transfer Amount
No limit
Max. Transfer Amount
1 day
Transfer Speed
Product Name | OFX International Money Transfers (Online Sellers) |
---|---|
Min. Transfer Amount | $1,000 |
Max. Transfer Amount | No limit |
Transfer Methods | Online, Phone, Bank Account to Bank Account |
Transfer Options | Regular payments, One off payments, Market orders, Forward contracts |
Transfer Speed Minimum transfer time | 1 day |
Customer Service | Phone, Email |
Available Currencies | AUD, CAD, EUR, GBP, HKD, USD |
Online Transfer Fee | $0 |
---|---|
Branch Transfer Fee | $0 |
Phone Transfer Fee | $0 |
Exchange Rate Updates | Real time |
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 US, Europe, the UK, Hong Kong and Canada – and manage all your accounts, balances and transfers in the one place.
As well as accepting US dollars, you can open foreign accounts for the following currencies:
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 US 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
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:
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.
OFX doesn’t charge any:
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.
You can sign up for an OFX Global Currency Account by completing a few simple steps.
You may also need to provide some additional documentation to support your application. Accounts are typically approved within four business days.
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.