OFX Global Currency Account Alternatives in Canada [2025]
OFX is a specialist in international transfers and currency risk management, serving personal and business customers in many countries and regions globally. It used to be possible to open an OFX Global Currency Account for business, which was a multi currency account for international businesses, supporting 7 currencies.
However, in the first quarter of 2025, OFX announced that their business accounts were not available for new customers. If you're looking for a way to take and send payments in foreign currencies for your business or for yourself as an individual, you need an alternative - this guide covers some top picks including Wise and Airwallex.
Quick summary of the alternatives
Provider | 💡 Great for |
|---|---|
Personal and business customers looking to hold 40+ currencies to send, spend and exchange, with mid-market exchange rates and low fees | |
Airwallex Account | Businesses taking customer card payments in a selection of foreign currencies and looking for ways to spend, send and manage foreign currencies |
Payoneer Account | Business customers receiving payments by card and looking to manage 10 currencies side by side |
RBC Online Foreign Currency Account | Business customers who need to send and receive currencies other than USD and CAD, operating online mainly |
TD Foreign Currency Account | Personal customers who want to send and receive wires or manage an international pension, investments, or other foreign currency savings |
About OFX Global Currency Account
The OFX Global Currency Account supported 7 currencies for holding and exchange, and offered international payments for ecommerce and business customers in many countries and regions globally.
This account came with local details for 7 major currencies like USD, GBP, EUR and CAD, to get paid by customers easily and for free. As of the first quarter of 2025, this account is no longer available for new customers.
Is OFX Global Currency Account available in Canada?
No. The OFX Global Currency Account is not available for new customers anymore (as of the first quarter of 2025).
However, if you already have an OFX Global Currency Account account you can continue using it - and OFX still supports international money transfers for both personal and business use.
Check out the range of OFX services which includes currency risk management solutions to see if they can still help you with managing your money across borders.
Alternatives to OFX Global Currency Account
If you had been looking to open an OFX Global Currency Account you need an alternative. There are a few good options depending on whether you need an account for personal or business use. We've rounded up a few good picks for you to compare - with a side by side look at features and fees, then more detail about each:
Providers | 🌎 Supported currencies | 💰 Account and card fees | 💡 Limits to know |
|---|---|---|---|
Wise Account(personal and business) | 40+ currencies including USD, GBP, EUR and CAD | No ongoing fees No fee to open a personal account, 55 CAD one time fee to open a Business account Conversion and payments from 0.48% | Transfer limits usually around 1 million GBP (about 1.85 million CAD) |
Airwallex Account (business) | 20+ currencies including USD, GBP, EUR and CAD | Account has no maintenance fees Fees apply to take customer card payments 0.5% - 1% currency conversion costs apply | Usually no limit on holding amount Variable transfer limits based on the currencies being sent |
Payoneer Account (business) | 10 currencies including USD, GBP, EUR and CAD | Account has no maintenance fees Fees apply to take customer card and PayPal payments 0.5% currency conversion costs apply within your account, up to 3% when sending a transfer | Various limits apply on withdrawals and payments - check in the Payoneer app |
RBC Online Foreign Currency Account (Business) | Many major currencies supported - check your preferred currency directly with RBC | 25 CAD/month fee Transaction fees may apply depending on account usage 10 CAD fee applies for account transfers, 15 CAD fee applies for incoming payments | Limits are not disclosed, check in the bank when you open your account |
TD Foreign Currency Account (Personal) | 7 currencies including GBP, EUR, AUD and NZD Other products available for USD | Monthly fees vary by currency - 1.75 EUR/month and 1.5 GBP for example Transaction fees apply depending on how you use your account | Limits are not disclosed, check in the bank when you open your account |
*Details correct at time of research - 11th June 2025
Wise Account
💡 Great for: Personal and business customers looking to hold 40+ currencies to send, spend and exchange, with mid-market exchange rates and low fees |
Wise has personal and business account options for Canadian customers which all support 40+ currencies and have easy ways to receive, hold, exchange and send foreign currency payments. This can make Wise a great option for anyone who travels often, or who needs to send regular transfers internationally.
Wise currency exchange uses the mid-market exchange rate with low, transparent fees so you can easily see and compare what you're paying.
You can also get the Wise card, to spend and make cash withdrawals conveniently in Canada, and wherever else in the world you happen to be.
Cards can be used to make purchases or withdrawals in 150+ countries and offer some withdrawals with no Wise fee monthly.
Hold and exchange 40+ currencies with no ongoing fee to pay and mid-market exchange rates
Get card services for easy spending and withdrawals
Receive payments in 20+ currencies, send money to 140+ countries
Wise is great for: | Wise may not be for you if: |
|---|---|
✅ 40+ currencies supported ✅ Receive international payments in 20+ currencies with low or no fees ✅ Send, spend and exchange with the mid-market rate ✅ Personal and business accounts available | ❌ You want to be able to transact in branch ❌ You need checking services |
Wise fees and limits
Features | 💡 Wise pricing and limits to know: |
|---|---|
Account fees | No ongoing fees; No fee to open a personal account, 55 CAD one time fee to open a Business account |
Currency conversion | Mid-market exchange rate with no hidden fee |
Supported currencies | 40+ currencies including USD, GBP, EUR and CAD |
Sending international transfers | Conversion and payments from 0.48% |
Receiving international payments | Receive with account details in 20+ currencies - free to receive with local details (except USD wires), small fees apply if you receive a SWIFT payment |
Limits | Wise transfer limits usually around 1 million GBP (about 1.85 million CAD) Generally no maximum limits on how much you can hold in your Wise Account. |
Linked debit cards | Available for use in Canada and 150+ countries |
*Details correct at time of research - 11th June 2025
Airwallex Account
💡 Great for: Businesses taking customer card payments in a selection of foreign currencies and looking for ways to spend, send and manage foreign currencies |
If you have a Canadian business you can open an Airwallex Account with no account opening or maintenance fees, and get a range of features including ways to hold 23 currencies and receive payments in 20+ currencies from others. There are ways to take customer card payments which makes this a good choice for digital first business customers, and you can also issue your own debit cards for yourself or your team. Cards are digital only and can not be used in an ATM.
Airwallex currency conversion has a fee of 0.5% or 1% depending on the currencies in question, and many transfers from your account are free. There are charges for SWIFT transfers.
Great range of supported currencies for business customers
Take customer payments by card and bank transfer easily
Manage business finances with expense and debit cards for team members
Airwallex is great for: | Airwallex may not be for you if: |
|---|---|
✅ Digital businesses taking card payments ✅ Managaing business finances across multiple currencies conveniently ✅ Good value currency exchange and payments ✅ Excellent selection of currencies covered | ❌ You need an account for personal use ❌ You want to make ATM withdrawals |
Airwallex fees and limits
Features | 💡 Airwallex pricing and limits to know: |
|---|---|
Account fees | Account has no maintenance fees Fees apply to take customer card payments |
Currency conversion | 0.5% - 1% currency conversion costs apply |
Supported currencies | 20+ currencies including USD, GBP, EUR and CAD |
Sending international transfers | Send payments using local methods with no fee 20 - 35 CAD for SWIFT transfers |
Receiving international payments | Receive in 20+ currencies with local account details |
Limits | Usually no limit on holding amount Variable transfer limits based on the currencies being sent |
Linked debit cards | Available as digital cards only - ATM use not supported |
*Details correct at time of research - 11th June 2025
Payoneer Account
💡 Great for: Business customers receiving payments by card and looking to manage 10 currencies side by side |
You can open a Payoneer Account for your business to hold and manage 10 currencies, and take payments from customers by card. This makes Payoneer a solid choice for Canadian business owners who work digitally, and who need to connect with clients easily. You can get a Payoneer debit card for spending once you have a balance, and also access other features such as hiring tools as your business grows.
Payoneer has no ongoing account fees. Bear in mind that the costs of currency exchange and payments can vary quite a lot depending on the details of the transaction. Fees may depend on the currencies involved and your usual transactions in the account.
Hold and exchange 10 currencies
Get paid by cards from around the world
Card services available
Payoneer is great for: | Payoneer may not be for you if: |
|---|---|
✅ Getting paid by customers globally using popular payment methods ✅ 10 curenies to choose from ✅ Ways to send money to Payoneer and banks around the world ✅ Easy accounts with no ongoing fees | ❌ You need a personal account ❌ Your're sending international payments to non Payoneer recipients - fees can be up to 3% |
Payoneer fees and limits
Features | 💡 Payoneer pricing and limits to know: |
|---|---|
Account fees | Account has no maintenance fees Fees apply to take customer card payments |
Currency conversion | 0.5% currency conversion costs apply within your account |
Supported currencies | 10 currencies including USD, GBP, EUR and CAD |
Sending international transfers | Fees of up to 3% when sending a transfer - final fee depends on destination and currency |
Receiving international payments | Receive in 10 currencies with local details |
Limits | Various limits apply on withdrawals and payments - check in the Payoneer app |
Linked debit cards | Available |
*Details correct at time of research - 11th June 2025
RBC Online Foreign Currency Account
💡 Great for: Business customers who need to send and receive currencies other than USD and CAD, operating online mainly |
If you have a Canadian business you might be interested in getting a RBC Online Foreign Currency Account to manage your incoming and outgoing foreign currency payments more easily. This account is available in branches and supports a range of currencies. You'll pay a fee of 25 CAD a month, and there may also be other transaction fees depending on how you then use your account.
The RBC Online Foreign Currency Account allows you to hold a balance in the currency of your choice, which can then allow you to get a better exchange rate when you convert back to CAD. Higher value conversions attract better rates, allowing for more effective management of foreign currency payments.
Many major global currencies supported
Receive, hold and send payments in foreign currencies to minimise conversion costs
Get better exchange rates when you exchange a higher amount
RBC Online Foreign Currency Account is great for: | RBC Online Foreign Currency Account may not be for you if: |
|---|---|
✅ Good selection of supported foreign currencies ✅ No minimum balance ✅Recurring transfers available ✅ Preferential rates on high value conversions | ❌ You need a personal account ❌You want a debit card for your businness |
RBC Online Foreign Currency Account fees and limits
Features | 💡 RBC pricing and limits to know: |
|---|---|
Account fees | 25 CAD/month fee, transaction fees may apply depending on account usage |
Currency conversion | RBC exchange rate which may include a fee |
Supported currencies | Major currencies supported - check with the bank to see if your preferred currency is available |
Sending international transfers | 10 CAD fee applies for account transfers |
Receiving international payments | 15 CAD fee applies for incoming payments |
Limits | Not disclosed |
Linked debit cards | Not available |
*Details correct at time of research - 11th June 2025
TD Foreign Currency Account
💡 Great for: Personal customers who want to send and receive wires or manage an international pension, investments, or other foreign currency savings |
If you already use TD Bank and need a way to hold, send and receive payments in EUR, GBP, AUD, JPY, CHF, NZD, or HKD, a TD Foreign Currency Account can help. TD does also offer separate products for USD management including saving and cross border products, but if you want a currency other than CAD and USD, this is the product you are likely to be recommended.
This account does not have a debit card and can only hold the one currency you select. It's aimed at people who send and receive payments in one currency regularly, rather than travellers and people who might want to transact in a range of currencies including for card purchases.
Manage your money in a foreign currency with the same bank you use for CAD accounts and services
7 currencies offered covering many major currencies like EUR, GBP, AUD and NZD
Receive payments to your account in foreign currency with no need to convert back to CAD instantly
TD Bank is great for: | TD Bank may not be for you if: |
|---|---|
✅ In branch service when you need it ✅ Customers who need to manage one of 7 major currencies ✅Sending and receiving payments conveniently ✅ Foreign currency service alongside your main CAD account | ❌ You want a multi-currency account that holds more than 1 currency ❌You're looking to exchange with the mid-market rate |
TD Bank fees and limits
Features | 💡 TD Bank pricing and limits to know: |
|---|---|
Account fees | Monthly fees which vary by currency - minimum balances also apply for some currencies |
Currency conversion | TD Bank exchange rate which may include a fee |
Supported currencies | EUR, GBP, AUD, JPY, CHF, NZD, HKD Separate products available for USD management |
Sending international transfers | Send wires globally, with variable fees depending on the currency, value and the way you process the transfer |
Receiving international payments | Receive in any of the 7 supported currencies |
Limits | Check directly with the bank when you open your account in your local branch |
Linked debit cards | Not available |
*Details correct at time of research - 11th June 2025
https://exiap.ca/guides/best-multi-currency-business-account
Are these OFX Global Currency Account alternatives safe?
Yes. All of the OFX Global Currency Account alternatives we have examined in this guide are safe to use with normal precautions.
Here's a quick look at some of the features which make them a good choice:
Wise Account - Broad range of manual and automatic anti fraud tools running 24/7, with secure long ins and verification
Airwallex Account - View your account information and transactions at any time with your phone, and rely on high level security from a reliable provider
Payoneer Account - Easy in app chat tools if you have a problem, with lots of safety features available in the app, online and when using the card
RBC Online Foreign Currency Account - Secure account with branch support as well as phone and online options if you ever have issues
TD Foreign Currency Account - high level security built in on all accounts with great support available as needed
OFX Global Currency Account alternatives in the US: Conclusion
Unfortunately the OFX Global Currency Account is no longer available to new customers. However there are some good OFX Global Currency Account alternatives out there depending on whether you need an account for personal or business use, and the types of transactions you'll want to make often.
This guide rounds up a few top picks like Wise which has 40+ currencies for both personal and business customers, and Airwallex which is a great option for businesses operating online and taking customer card payments in a range of currencies.
FAQs
What is the best alternative to OFX Global Currency Account in the US?
There's no single OFX Global Currency Account alternative in Canada - the right one for you depends on the type of transactions you want to make.
You might want to consider the Wise Account for personal and business customers looking to send, spend and exchange, with mid-market exchange rates and low fees, or the Airwallex Account and Payoneer Account for business.