OFX

OFX.com is a tool for transferring funds at very competitive rates for online sellers in the international marketplace. It makes all markets accessible regardless of the currency used. If you are an e-commerce merchant, markets all over the world will be available to you in the most efficient and cost-effective way

What can you do with OFX Money Transfers? Four very important things for an internationally oriented business

  • You will always get paid in local currency depending on the region where the sale takes place. That means USD for the US, GBP in the UK, Euro for the EU and the Canadian Dollar for Canada.
  • You will keep the balances in various regions, also in the local currency of each region.
  • It only has a 1% fee which is cheaper than the 3 or 4% that other channels like regular banks, Amazon or PayPal charge.
  • Make payments in local currency. Both payments such as local taxes and payments made to suppliers and vendors.

So, basically, OFX global money transfers is an online and ofline transfer service with good exchange rates

OFX Global Currency Account US

OFX financial services features

OFX Money Transfers, as we have said, allows you to make money transactions with most countries in the world. Using this tool will save you time and money which can always be interesting

is OFX for you? The truth is that it surely is, whether you have a small or a medium-sized business. It is designed for any size of business

Pay suppliers directly

Use existing balances to pay workers, suppliers, taxes and duties directly from your account

Fast delivery

Opening an account is simple. Users can start transferring after being approved by the OFX Money Transfers validation team. Funds will be available very quickly, taking only a day or two before they can be used

ofx services

Superior exchange rates

With OFX the rate is among the best and lowest possible. You can be assured of a competitive service

Same payments in the same currency

Make payments using the same currency (e.g. GBP to GBP) for a small percentage of the transfer

Dashboard views for multiple accounts

View and manage all your local currency accounts in a single portal, regardless of where your product is sold

Global Currency Account

OFX offers a Global Currency Account. The so-called Global Currency will allow us to

  • sell products on our website in international and domestic markets.
  • sell using multiple currencies and receive payments in local currency (the money is automatically converted into the seller's local currency and transferred)
  • pay amounts due locally in the currency of each country.

The account holder can view all the details of his account from a dash board with the details broken down according to the amount and currency in which each transaction has been made. In each currency area in which the account holder sells, the amounts are held in local currency in the account itself

This money can be used for payments and taxes or can wait until the account holder requests it

24/7 Support

OFX Money Transfers ‘ customer support team is available 24 hours a day, 7 days a week

OFX for personal accounts

For personal accounts you can:

  • Send money
  • Pay friends and family overseas
  • Relocating overseas
  • Pay taxes and bills overseas
  • Purchase goods from overseas
  • Selling international shares

ofx dashboard

OFX for Business accounts

For business accounts, features and services include:

  • Send money
  • OFX Global Currency Account
  • Mass payments
  • Regular payments
  • Send and receive global payments
  • Manage currency risk
  • Receive marketplace payments
  • Paying overseas staff
  • International business payments
  • Paying overseas suppliers
  • Xero integrations

Integrations

OFX can be integrated with

  • Amazon
  • eBay
  • PriceMinister
  • Newegg
  • Buy.com
  • Play
  • Wish.com
  • CDiscount
  • Rue du Commerce
  • Shop.com
  • Xero
  • Moneygram
  • And more

Pricing

OFX fees are actually very simple

  • $0 to open a merchant account
  • $0 to expand into new markets with additional accounts
  • $0 for 24/7 monthly maintenance
  • 1.5% or less above the daily market exchange rate to transfer currencies to your domestic bank account (depending on the amount you move)

OFX Reviews

I have used other similar services like Transferwise, Currencyfair or QFX and by far OFX is one of the fastest on average

OK, it may not have the best exchange rates (in that sense Transferwise is cheaper) but timing is everything when you need liquidity so, for me, speed is key and a must, and OFX is faster so I can sacrifice some money if needed

The security of OFX

Most users agree that OFX Money Transfer is as secure as any bank. Probably even more so since behind this tool is one of the most regulated financial companies in the world. So much so that it has a network of international offices with a presence in the US, UK, Canada, Australia and New Zealand

It is subject to the regulations of each and every one of these countries and of each of the different states of the U.S.A. In the end, security is the key value in financial matters and OFX takes it veryseriously

The costs of OFX Money Transfers

When it comes to costs, OFX is competitive. Due to its strong international network, OFX offers cost-effective services to international clients (especially when sending large money transfers). It usually offers a better exchange rate than the standard or interbank rate

They usually tend to waive fees for larger amounts, depending on the country. Although it is important to note that in the case of some transfer receiving banks, there may be additional charges. In those cases OFX will not receive any such fees

OFX Speed

Speed is one of the vital features of money transfer companies. OFX tends to advise the user to wait two days as a protocol although, in reality, the truth is that 80% of transfers through this company are completed within 24 hours

This means that sometimes transfers may take longer than this two-day period, but these are exceptional cases

The cons of OFX

what's not to like? Mainly that it's not available in your area. That and the fact that it's not the cheapest option

Our score

  • Number of features
    (5)
  • Pricing
    (5)
  • Learning curve
    (4)
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    (4)
4.5
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About the author

Avatar of Jordi Ordonez
Jordi Ordonez
Amazon and ecommerce Consultant at JordiobDotCom | Website

I work as an independent eCommerce and Amazon consultant.

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