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OFX Global Currency Account for online sellers
Last updated:
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.
See our full list of pros and cons below.
$1,000
Min. Transfer Amount
No limit
Max. Transfer Amount
1 day
Transfer Speed
Details
| 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 |
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.
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.
- Visit the OFX website, click Register and select a business account.
- Choose the country where your business is registered or incorporated in and specify the type of entity it is.
- Enter your business’s name and information and the amount you expect to transfer each year.
- Provide your name, date of birth, address, job title and primary contact number.
- Enter your driver’s license details to confirm your identity.
- Create a username and password and set up an account security question.
- Read and agree to the terms and conditions.
- Receive a call from an OFX representative and verify the currencies you’d like to accept and your payment needs.
You may also need to provide some additional documentation to support your application. Accounts are typically approved within four business days.
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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.