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OFX Global Currency Account for online sellers

Save when sending and receiving international payments.

  • Good for receiving payments in six currencies and paying suppliers in their local currency.
  • Watch out for the slow approval process.

USD 1,000

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameOFX International Money Transfers (Online Sellers)
Min. Transfer AmountUSD 1,000
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Bank Account to Bank Account
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
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.

How does the OFX Global Currency Account work?

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:

  • AUD Australian dollar
  • CAD Canadian dollar
  • EUR Euro
  • GBP British pound
  • HKD Hong Kong dollar

You can then use your Global Currency Account to accept payments from a wide range of online marketplaces, including:

  • Amazon
  • eBay
  • PriceMinister.com
  • Newegg
  • Buy.com
  • Game
  • Wish.com
  • CDiscount.com
  • Rue du Commerce
  • Shop.com

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

Why use this 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.

What are the OFX Global Currency Account’s fees?

OFX doesn’t charge any:

  • Account setup fees
  • Ongoing account fees

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 0.897 EUR 4,483 Global Currency Accounts for online sellers: Manage supplier payments and receive USD, EUR, GBP, CAD, AUD and HKD into a local bank account to manage global cash flow. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How do I set up an OFX Global Currency Account for my e-commerce store?

You can sign up for an OFX Global Currency Account by completing a few simple steps.

In a nutshell

Pros

  • Receive payments in multiple currencies. The Global Currency Account lets you receive payment in six currencies, helping you avoid poor exchange rates and high transaction fees.
  • No setup or ongoing fees. There are no fees attached to opening an account and no ongoing account-keeping fees to worry about.
  • 24/7 customer support. You can contact OFX’s customer support team 24 hours a day, 7 days a week.
  • OFX Online Seller Resource Hub. OFX also operates an online hub to provide tips and advice to help you grow your e-commerce business.

Cons

  • 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.
  • 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. Some multi-currency accounts from other services support a greater range of foreign currencies.

How does the OFX Global Currency Account compare to other online seller services?

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 0.897 EUR 4,483 Global Currency Accounts for online sellers: Manage supplier payments and receive USD, EUR, GBP, CAD, AUD and HKD into a local bank account to manage global cash flow. Go to site Show details
USD 1 3 - 5 days USD 75.00 0.905 EUR 4,456 Get your payments from Amazon for less when using a Canadian, EU or UK account. Go to site Show details
USD 1 3 - 5 days USD 40.00 0.906 EUR 4,492 Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
GBP 5,000 Same day USD 0.00 0.897 EUR 4,483 Increase business efficiency with zero transaction fees and same-day transfers. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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