This service uses a large global bank network to help you save when sending or receiving international payments.
If you sell goods or services online to buyers around the globe, OFX, originally launched as Oz Forex, can help save you money via its dedicated online sellers international money transfer service. It does this by providing local bank accounts in international markets, allowing you to bring your money home when you’d like to, and when you can get a competitive exchange rate. The product enables e-commerce merchants to keep more of their profits and enjoy a fast, easy service.
| Product Name | OFX international money transfers for online sellers |
|---|---|
| Min. Transfer Amount | USD 1,000 |
| Max. Transfer Amount | No limit |
| Transfer Methods | |
| Transfer Options | |
| Transfer Speed Minimum transfer time | 1 day |
| Customer Service | |
| Available Currencies | AED, 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 Updates | Real 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.
How does the OFX service work for online sellers?
When you open an online seller account with OFX, you’ll receive your own local account, allowing you to receive money in USD, EUR, GBP, CAD, AUD and HKD. You then give your OFX local account number to the online marketplace you’re using to sell your goods and services. Compatible marketplaces include Amazon, eBay, Etsy, Shopify and more.
You can get the proceeds from international purchases paid directly into your local account and decide when you’d like to convert the money over into your US account. Compatible marketplaces include Amazon, eBay, Etsy, and Shopify.
OFX online sellers exchange rates
OFX does charge a commission on the mid-market (inter-bank) exchange rate. Clients can request up-to-date quotes with current exchange rates by logging into the online portal.
OFX says that the percentage of the transaction value it takes is up to 75% less than what is taken by online marketplaces, like Amazon.
How smart online sellers save on foreign exchange costs
How much does it cost online sellers to send and receive money?
There are no setup fees or monthly account-keeping fees. OFX also doesn’t charge a fee when sending the money from your receiving account to your home bank account. Instead, OFX charges a slight commission on the exchange rate offered when transferring between currencies, as outlined above. While OFX doesn’t charge any transfer fees, charges from your bank or another third party may be applied.
Available currencies
For Global Currency Accounts, OFX currently offers local bank accounts for USD, GBP, EUR, CAD, AUD and HKD.
The registration and transfer process
- Create account. You can register for an account online by clicking the green “Go to Site” link, which securely redirects you to the application process. Fill out a few details and an OFX representative will contact you shortly after to complete the process.
- Account confirmed. When your account is confirmed, you’ll receive your account details. You should then provide these details to your online marketplace.
- Initiate payment. Once you’re paid, send the foreign currency from your marketplace account to your new OFX receiving account.
- Book the transfer. Once you’ve initiated this payment, log into your OFX online account and book the transfer. When the funds land in your receiving account, they will automatically be sent to your US bank account (unless you request otherwise).
What other products does OFX offer?
- Consumer money transfers. OFX also offers a competitive international money transfer service for everyday Americans needing to send money abroad. Read about it here.
- Business transfers.OFX works with businesses to give them a way to pay vendors or suppliers located overseas, and to receive money.
- Limit orders. OFX will monitor the exchange rate for you and when your chosen rate is detected, the transfer will occur.
- Forward exchange contracts. This feature allows you to lock in an exchange rate for a transfer at a future date within 12 months.
- Supplier payments. With the OFX service for online sellers, you can use OFX to pay your suppliers.
