OFX Business Account: Your Full Review 2024
OFX - which used to be called Canadian Forex here in Canada - is a specialist in currency conversion, international payments and currency risk management products for individuals and businesses. If you’re an online seller, or run a business with an international footprint, having an OFX business account could help you send and receive overseas payments, and mitigate the risks of trading across currencies.
This guide covers all you need to know about the OFX business account options for small businesses, medium businesses, online sellers and companies looking for a B2B partnership.
Key Points
International payments - send payments in 50+ currencies to over 170 countries
Recurring payments - automate recurring payments for suppliers or staff
Bulk payments - pay up to 500 people at once
Multi-currency accounts - businesses and online sellers can open the OFX Global Account to hold, receive and send international payments
Currency risk management products - forward contracts and limit orders
- 24/7 personal service by phone - talk to someone any time of day
B2B partnership programs - partner through a referral program, as an ecommerce marketplace or through API integrations
OFX Business - Pros
No fee for international transfers of 10,000 CAD or more
Global Accounts to hold and receive payments in 9 currencies
Currency risk management options to mitigate the risks of exchange fluctuations
Personal service - handy if you want to talk through your options
OFX Business - Cons
15 CAD fee for transfers under 10,000 CAD in value
Global accounts don’t offer a linked card for spending and withdrawals
Exchange rates include a markup
Overall: OFX has several different products and account options to suit business owners and online sellers. As a currency specialist there’s a good range of more complex currency risk management services, as well as international payments and multi-currency accounts. OFX has no transfer fee for higher value payments, and although it adds a markup to its exchange rates, this is typically lower than the markup used by a bank.
Whether OFX works well for you may come down to the services you need. For high value payments and currency risk management services they may be a winner, particularly as you can talk through your options with an expert, 24/7.
What is OFX for business?
OFX - which used to be called Canadian Forex - has been in business for over 20 years, and serves 1 million+ customers. Over the years, OFX has helped facilitate in excess of 180 billion CAD in payments, to 170+ countries, in 50+ currencies. OFX offers international payments and currency risk management services for individuals and businesses, plus Global Accounts for online sellers and businesses working across borders.
OFX Global Account
If you’re an online seller or business owner you’ll be able to open an OFX Global Account to get local bank details for 9 currencies. This makes it easier to get paid from customers and online marketplaces from a range of countries. You can then see all your currency accounts in a single dashboard, and either use your foreign currencies to pay local suppliers and staff - or convert it back to CAD to withdraw to your normal business account.
OFX Business currency risk management services
The other primary set of services available from OFX Business offer ways to manage and mitigate currency risk. OFX currency risk management options include limit orders and forward contracts, which can be helpful in cutting the risks of fluctuating exchange rates. For example, if you know you’ve got a big bill coming up in a foreign currency, you could use a forward contract to lock in a particular exchange rate in advance, so there’s no chance that rate changes can mean you need to pay more than you expected when the bill is due.
Who is it for?
OFX splits its services into those that suit:
Small businesses which transfer and exchange under 1 million CAD annually
Medium and large businesses which transfer and exchange over 1 million CAD annually
Online sellers
Partner businesses looking to work with OFX on a B2B level
Where is it available?
OFX operates as a legal entity with licenses across 8 countries and regions, and is overseen by over 50 regulators globally. OFX offers services as a licensed entity in:
Canada
USA
European Union
UK
New Zealand
Hong Kong
Singapore
Australia
Depending on where you are in the world, OFX may still be able to help you if your business is registered in other locations - but it’s best to reach out to them directly to check. The scope of OFX services for business may also change over time - so you might find that your country is represented in future. The OFX app and website is available in English only.
OFX Business Account Main Features
OFX business customers can access a range of products and services, depending on their needs and company type. Here’s a rundown of the main features available from OFX Business.
Multi-currency Global Accounts
OFX business customers, including online sellers, can access OFX Global Accounts, which come with local account details for 9 currencies to get paid by customers and online marketplaces from abroad. You can get paid directly by third parties, or connect to payment gateways like Afterpay and marketplaces like Amazon, to receive your money in a range of currencies, and then hold, spend or convert it back to CAD.
International payments
When you register with OFX - and even if you don’t have a Global Account - you can send international business payments in 50+ currencies to 170+ countries. Make one off or recurring transfers, to pay suppliers or contractors in their own currencies more easily. There’s no upfront OFX fee for payments over 10,000 CAD in value, and a small 15 CAD fee for lower value transfers.
Mass payments
If you need to pay lots of people at once, OFX mass payments can help you send money to 500 people at a time, in the currencies you need. That can help if you’re running international payroll for example.
Forward contracts and limit orders
Forward contracts and limit orders fall under the OFX currency risk management products available to both businesses and individuals. Both can help to reduce the risks involved in exchange rate fluctuations. As OFX offers a 24/7 service by phone you’ll also be able to talk through your options with an expert before you commit, which can bring peace of mind if you’re making a high value transaction.
Reconciliation
If you have an OFX Global Account you’ll be able to integrate it with Xero cloud based accounting software to make it easier to track and reconcile payments across currencies.
How does OFX work?
OFX has offices in 8 countries around the world, to offer a 24/7 customer service. Once you’ve registered as an OFX business customer you’ll be able to send international payments by phone, online or in the OFX app, and also arrange currency risk management services by phone. OFX doesn’t charge a fee for high value payments, but instead uses a small exchange rate markup, which can still be better than the rate you’ll get from your normal bank.
Is OFX regulated and safe to use?
Yes. OFX is FINTRAC registered and regulated in Canada, and also comes under the supervision of 50+ other global bodies for the services it offers internationally.
OFX Business Account fees and exchange rates
Before you decide if the OFX business accounts and services available are right for you, you’ll want to know a bit about the fees involved. Here’s a walk through the most important considerations.
Account Fees
There’s no fee to register with OFX and no fee to open or maintain an OFX Global Account.
Transfer Fees
OFX has a 15 CAD fee for transfers under 10,000 CAD in value, but charges are waived above this amount.
OFX Exchange Rates
OFX exchange rates include a markup. However, the markup used by OFX is smaller than the markup you’ll typically find with a traditional bank - which can mean you get a better rate with OFX.
Large payments for business
There’s no cap on the amount of money you can send with OFX in most situations. OFX has no transfer fee for payments over 10,000 CAD in value.
Supported Currencies
OFX supports business payments in 50+ currencies, to 170+ countries.
How to open a OFX business account online
You’ll be able to start to register an account with OFX online, and then talk through your requirements and options with a member of the OFX team to complete the process. Here’s how to set up an OFX Global Account:
Open the OFX desktop site or download the app
Click Register and add your personal details
OFX will call you to talk through the registration and verification process
Provide the documentation needed for verification
Documents needed to open a business account
The documents needed to open an OFX business account will depend on your specific circumstances, and the type of legal entity you run. However, OFX will talk through the paperwork and information that applies in your situation, so you can collect all that’s needed at your convenience.
Verification Process
OFX will support you over the phone to get your account verified. Once you’ve gathered the required documents you can upload them securely and send them to the OFX team. Your account will be verified within 4 days, with full account details arriving around 2 days after that
How to Use OFX for Business?
Here are a few of the things you can do with OFX for business:
Send money overseas
Make a transfer online, in the OFX app, or over the phone:
Gather your recipient’s personal and account details
Get a payment quote, covering fees and rate, online or by phone
Confirm the transfer and send your funds to OFX
Receive money from overseas
If you have an OFX Global Account you can use your local bank details to get paid by third parties, through payment gateways and from marketplace sites, in 9 different currencies.
Run international payroll
Make a mass payment with OFX to send money to up to 500 people at once.
Mitigate the risks of currency exchange fluctuations
Get forward contracts and limit orders for your business, to reduce the risks involved in trading across several different currencies.
OFX Business Account Limits
There’s no upper limit to the amount of money you can send with OFX for most business transactions. If you’re sending a big payment you can call a member of the team 24/7 to talk through your requirements and options.
How long does it take to make a transfer?
Most OFX transfers arrive within 24 hours. For more unusual currencies payments may take a little longer. If you’re unsure about how long it’ll take for your money to arrive, get in touch with an expert from the OFX team any time of day or night.
Alternatives to OFX Business
Not sure if OFX Business is right for you? Here are another few options to consider:
Wise Business
With Wise you can hold and exchange 50+ currencies with the mid-market exchange rate and send payments to 80+ countries. Get linked debit cards for you and your team members, and grant access and user permissions to your team so everyone has the tools they need to get their job done.
Payoneer
Open an account online for free, to get local bank details for 8 currencies. Get paid through payment gateways, marketplaces, and from customers, and use your funds to pay contractors or for withdrawals via an ATM.
Loop
Loop business banking is designed for ecommerce sellers - particularly those based in Canada and transacting in the US. Get a payment card for 4 currencies, send and receive global payments, and access CAD or USD credit facilities if you need them.
Conclusion
OFX is an established and trusted provider which operates across lots of countries and regions globally.
If you’re an online seller or business you could benefit from a Global Account to hold, send and receive international payments in a range of currencies. You may also want to use OFX for international payments with bank beating exchange rates, or currency risk management services like forward contracts and limit orders.
One of the great things about OFX is that you can talk to someone on the phone 24/7 - to get help understanding your options any time of day.
FAQ
OFX offers a Global Account to business customers and online sellers, which isn’t available to personal customers. Aside from that, most services, such as international payments and currency risk management services are available to both business and personal customers.
OFX has a Global Account for businesses and online sellers. Whether it suits you will depend on your company type and personal preferences - but there are no fees to set up your account, and no monthly charge to worry about.
There’s no fee to open an OFX account or Global Account.
If you hold a balance in your Global Account you can use it to pay suppliers or staff in a range of currencies, or convert it back to CAD to send to your local Canadian business bank account.