OFX Business Account review [2025]
Last updated: 7 April 2025
Discover if the OFX Business Account is right for your growing business needs and how it compares to the World Account from WorldFirst.
Key takeaways
- OFX Business allows you to hold, convert and pay in 30+ currencies
- You can get local bank account details for five currencies
- Marketplace collections are available through the OFX Global Currency Account, a separate account
- The OFX Business Account integrates with Xero, simplifying account reconciliation
- There’s a minimum transfer limit of USD 150
OFX is an international money transfer provider that supports payments. It offers separate accounts for personal and business use. For businesses, OFX offers foreign currency accounts, multi-currency cards and Xero integration. But is it the right business account for you?
In this review, we take an in-depth look at OFX Business and its various products. We also compare OFX Business with WorldFirst so you can choose the right business account for you.
Table of Contents
What is OFX Business?
OFX Business is designed for businesses that frequently make international transfers in multiple currencies. Customers can hold, convert and pay in 30+ currencies across 180 regions [1].
OFX was founded in 1998 as OZForex in Sydney and later rebranded to OFX. The company has always been focused on providing online money transfer services.
Quick look: Pros and cons of OFX Business
| Pros | Cons |
|---|---|
| - Supports over 30 currencies [1] - No monthly fees for up to 3 users - Integration with Xero for streamlined accounting and reconciliation |
- There’s AUD 5 fee for receiving international payments [1] - The minimum transfer amount is USD 150 [7] - Local bank account details are available for 5 currencies (CAD, AUD, GBP, EUR and USD) [1] |
OFX Business fees: The breakdown
The fees for the OFX Business Account can vary according to the country of registration. Take a look at the fees for using OFX Business in Australia:
| OFX Business Account fees [2] | |
|---|---|
| Monthly fee | - Zero for up to 3 users - AUD 15 per user per month if you have more than 3 users |
| Opening a multi-currency account | Zero (30+ currencies) |
| Receiving funds | - Zero for domestic payments - AUD 5 when you receive international payments through SWIFT or bank wire transfer |
| Holding funds in multiple currencies | Zero |
| Sending payments | - AUD 10 for cross-border wire / SWIFT transactions - Zero for standard cross-border transactions (non-wire/ SWIFT) - Zero for the first 20 domestic transactions, after which the fee is AUD 1 per transaction |
| Sending payments to OFX accounts | Same rates apply as above |
| Funding the OFX account | - Zero using direct debit, bank transfer, or EFT from a bank account - 1.4% with loyalty points enabled Visa or Mastercard - 3.4% for all other international cards |
| Margin over currency exchange rates | Can only be accessed after logging in or contacting the support team |
| Getting a card | - Zero for virtual credit cards (one card per user limit) - AUD 10 one-time fee for every physical card |
*Fees checked in January 2025
Note: OFX charges a markup over the interbank spot rate for every cross-currency transaction. You can only check the markup rate after logging in or contacting the support team.
Features of OFX Business
Multi-currency account
With an OFX Business Account, you can pay, receive and hold funds in 30+ currencies. Local bank account details – which make it easier to get paid like a local – are available for AUD, USD, GBP, CAD and EUR [1].
Receiving local payments is free, except for wire and SWIFT transfers which are charged at AUD 5 per transfer. The fees for sending payments vary [2].
There are three main ways to add funds to your OFX account [1]:
- Sending a direct debit from your existing bank account
- Initiating an electronic fund transfer (EFT) from your bank account
- Loading funds from your credit card
Business debit card
Your OFX Business Account allows you to generate virtual debit cards, providing more visibility into your company expenses. There are 30+ currencies available through the multi-currency card [3].
Payments can be made in any available currency in your OFX account. If a currency balance is insufficient, OFX automatically converts the funds from another currency to cover the payment.
Batch payments
OFX lets businesses send bulk payments both domestically or internationally. Upload a batch file with recipient details and schedule payments together. It’s also possible to edit any information in the batch file once it has been uploaded. You can schedule payments or split payments to manage your cash flow.
OFX doesn’t specify the maximum number of batch payments you can make, but it claims that you can pay ‘thousands of vendors’ in minutes [4].
Support for marketplaces to collect payments
OFX offers a Global Currency Account, separate from the OFX Business Account, designed for online sellers who need to collect payments from international marketplaces. This account lets sellers open up to seven foreign currency accounts to collect marketplace payments [5] and pay suppliers or convert them into other currencies.
Marketplaces you can collect from include Amazon, eBay, Newegg, Game, PriceMinister and Wish.com.
The OFX Global Currency Account has no setup, account management or receiving fees. However, you’ll need to apply for it separately to the OFX Business Account and exchange rates may differ.
Integration with third-party apps
The OFX Business Account integrates with Xero, making account reconciliation easier and faster.
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Is OFX regulated in Australia?
Yes, OFX is regulated in Australia. It has an AFSL (Australian Financial Services Licence) issued by ASIC (Australian Securities and Investments Commission) [6].
How to open an OFX account
Here are the steps to open an OFX business account in Australia:
- Sign up for an OFX Business Account online
- Provide the necessary documentation (varies by region and industry; OFX will inform you)
- An OFX expert will review your documents and approve your account
If you’re still wondering about whether OFX is right for you, explore more options in our comparison of the best business bank accounts in Australia.
The OFX alternative: WorldFirst
WorldFirst helps businesses make fast, secure and reliable international transfers, all the while protecting their profit margins. With the World Account, you can send payments 100+ currencies across 200+ countries and regions and receive payments in 20+ currencies from customers around the world.
A multi-currency account, it comes with local bank account details in 20+ currencies to get paid like a local. Hold, convert and manage funds without unnecessary conversion fees.
The World Card, a multi-currency debit card, further simplifies business spending by letting you make payments in 150+ currencies with zero foreign exchange fees on 15 supported currencies. The card is aimed at helping businesses cut costs on everything from supplier payments to travel expenses.
With one World Account, you can:
Simplify global payments: Pay suppliers, tax authorities and business partners in their preferred currency
Reach customers in new markets: Collect payments from 130+ marketplaces and payment gateways including Amazon, eBay, Etsy and Stripe
Pay suppliers on time: Send same-day or next-day payments (cut-off times apply)
Protect your profits: Lock in exchange rates for up to 24 months with forward contracts
Save time with bulk payments: Send up to 200 payments globally and locally in a single transaction
Automate accounting: Integrate your World Account with Xero or NetSuite to simplify account reconciliation and reduce errors
OFX vs WorldFirst fee comparison
| OFX Business account fees [2] | WorldFirst fees | |
|---|---|---|
| Monthly fee | - Free for up to 3 users - $15 per user per month for more than 3 users |
Free |
| Opening a multi-currency account | Free (30+ currencies;local bank account details for 5) |
Free (20+ currencies) |
| Receiving funds | - Zero for domestic payments - AUD 5 when you receive international payments through SWIFT or bank wire transfer |
Free |
| Holding funds in multiple currencies | Free | Free |
| Sending payments | - AUD 10 for cross-border wire / SWIFT transactions - Zero for standard cross-border transactions (non-wire/ SWIFT) - Zero for the first 20 domestic transactions, after which the fee is AUD 1 per transaction |
- Local payments in AUD or NZD: Free - Cross-border payments and local payments in currencies other than AUD or NZD: From 0.4%, capped at AUD15 |
| Sending payments to users in the same network | Same rates apply | Free |
| Margin over currency exchange rates | Can only be accessed after logging in or contacting the support team | - For major currencies: Up to 0.6% - For minor currencies: From 0.67% |
| Getting a debit card | - Zero for virtual credit cards (one card per user limit) - AUD 10 one-time fee for every physical card |
Free for up to 20 virtual cards |
*Fees checked in January 2025
Save time and money on global payments. Sign up for a World Account today for international transfers at competitive rates.
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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