Save when sending and receiving international payments.
OFX, originally launched as Oz Forex, can help save you money through its dedicated online sellers international money transfer service. It does this by providing local bank accounts in international markets, allowing you to choose when to bring your money home.
| 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.
What is an OFX Global Currency Account?
Global Currency Accounts by OFX are specially designed to help online merchants who work with registered marketplaces retain more of their profits. By having an account in the country you’re doing business, you don’t have to worry about exchange rate movement cutting into your profit.
Transfers from a market account to your receiving account can take as little as two business days, but may take longer. Transfers are automatically forwarded to your US account once they hit your receiving account, but you can change that at any time.
How does an OFX Global Currency Account work?
When you open a Global Currency Account with OFX, you’ll receive your own local account. This allows 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.
You can get the proceeds from marketplace sales 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, Newegg and Shopify.
How much will I pay with an OFX Global Currency Account?
OFX doesn’t charge setup or ongoing fees. Instead, it takes a percentage of each transaction to cover the cost, but claims it’s less than what’s typically charged by online marketplaces.
Transfers from the OFX receiving account to your US account aren’t charged a fee. While OFX doesn’t charge any transfer fees, charges from your bank or another third party may be applied.
Calculate your exchange rate
Pros and cons of using an OFX Global Currency Account
Pros
- Hold funds locally.
Transfer funds when exchange rates are favorable to avoid cutting into your profits. - No transfer fees to send funds home.
A transfer from your Global Currency Account to your US account comes with $0 in transfer fees. - Direct payments.
You can make payments to vendors and suppliers and pay taxes directly from your Global Currency Account in the local currency.
Cons
- Transaction fees.
Each transaction from a marketplace to your Global Currency Account comes with a fee equal to a percentage of the amount transferred. - Payment fees.
A fee equal to a percent of the payment made with your Global Currency Account will be charged each time it’s used for same-currency payments. - Limited currency availability.
Currently, local accounts can only be held in five currencies.
Compare OFX for Online Sellers to similar services
How do I sign up for an OFX Global Currency Account?
Click Go to Site.
You’ll be securely redirected to the application process.
Fill out a few details.
An OFX representative will contact you shortly after to complete the process. Required documentation will vary based on your business type.
Wait for account approval.
It typically takes four business days or less to receive a decision. You’ll receive your account details within two business days following approval.
Give your details to the marketplaces you sell with.
Once you’re paid, you can send the foreign currency from your marketplace account to your new OFX receiving account.
Where can I find my account number?
Your account number will be given to you by an OFX representative when setting up your account. You can also find it by logging in to your online account.
For a certificate verifying your account details, contact OFX customer support.
Is my money safe?
OFX has been around since 2003 and serves over 300,000 customers across the globe with a network of trusted financial institutions. Your account will remain secure and follow any and all regulations.
OFX received the NORA Solution Provider Excellence Award for Best Cross-Border Payments Solution 2018.
Bottom line
Online sellers risk exchange rates cutting into profits when working with foreign markets. OFX provides a solution with its Global Currency Account that allows you to hold funds in the local currency until you’re ready to transfer them home.
Before signing up, learn more about making international money transfers and compare services with our guide.
