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OFX Global Currency Account for online sellers review
Receive payments in 6 currencies and get competitive exchange rates on your international payments.
- Good for receiving payments in six currencies and paying suppliers in their local currency.
- Watch out for the slow approval process.
See our full list of pros and cons below.
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AUD 250
Min. Transfer Amount
No limit
Max. Transfer Amount
1 day
Transfer Speed
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Details
| Product Name | OFX Money Transfers for Online Sellers |
|---|---|
| Min. Transfer Amount | AUD 250 |
| Max. Transfer Amount | No limit |
| Transfer Methods | Online, Phone, Agent |
| Transfer Options | One off payments, Forward contracts |
| Transfer Speed Minimum transfer time | 1 day |
| Customer Service | Phone, Email, Branch |
| Available Currencies | AUD, CAD, EUR, GBP, HKD, SGD, USD |
| Online Transfer Fee | $0 |
|---|
What's in this guide?
How does the OFX Global Currency Account work?
The OFX Global Currency Account is designed to make managing your global e-commerce business easier and more cost-effective. It allows you to open local currency accounts in six international markets – Australia, the USA, Europe, the UK, Hong Kong and Canada – and manage all your accounts, balances and transfers in the one place.
As well as accepting Australian dollars, you can open foreign accounts for the following currencies:
- USD US dollar
- CAD Canadian dollar
- GBP British pound
- EUR Euro
- HKD Hong Kong dollar
- SGD Singapore dollar
You can then use your Global Currency Account to accept payments from a wide range of online marketplaces, including:
- Amazon
- eBay
- PriceMinister.com
- Newegg
- Buy.com
- Game
- Wish.com
- CDiscount.com
- Rue du Commerce
- Shop.com
This means you'll enjoy faster access to your sales revenue and be able to take advantage of OFX's competitive exchange rates when you want to repatriate your funds to Australian dollars. You can also hold funds in a foreign currency while you wait for a better exchange rate to become available, or use those funds to pay overseas suppliers in their local currency.
Read our review of OFX for international money transfers
Why use this instead of PayPal?
PayPal is widely seen as a convenient option for marketplace sellers looking to receive and send international payments. However, using PayPal does have a few disadvantages:
- Payment fees. PayPal charges a fee when you receive payment from a sale. In the case of PayPal Wallet transactions, this fee is 2.6% + $0.30 for payments from within Australia and 3.6% + a fixed fee for international payments.
- Currency conversion fees. When you receive payment in a foreign currency, you'll need to convert that money into Australian dollars to transfer it to your bank account. When you do this, PayPal adds a margin of 2.5%.
- Low exchange rates. If you send an international payment via PayPal, you'll typically be able to find a superior exchange rate from a specialist transfer company.
In comparison, there are no set-up or ongoing fees attached to the OFX Global Currency Account. And while OFX does charge a percentage fee when you make a transfer, it's worth comparing this fee with the total cost of managing your international payments with PayPal to work out which provider offers better value for money.
What are the OFX Global Currency Account's fees?
OFX doesn't charge any:
- Account set-up fees
- Ongoing account fees
However, when you make a transfer from your account, OFX does add a margin on top of the mid-market exchange rate to cover its costs. The size of this percentage varies depending on the currency being sent.
To find out how much international transfers with OFX will cost you, enter the details of your transaction in the table below.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How do I set up an OFX Global Currency Account for my e-commerce store?
You can sign up for an OFX Global Currency Account by completing a few simple steps.
In a nutshell
Pros
- Receive payments in multiple currencies. The Global Currency Account lets you receive payment in six currencies, helping you avoid poor exchange rates and high transaction fees.
- No set-up or ongoing fees. There are no fees attached to opening an account and no ongoing account-keeping fees to worry about.
- 24/7 customer support. You can contact OFX's customer support team 24 hours a day, 7 days a week.
- OFX Online Seller Resource Hub. OFX also operates an online hub to provide tips and advice to help you grow your e-commerce business, including offering services through Xero.
- Transfer options. Setup automated transfers, rate alerts, forward orders and limit orders to get better rates without wasting time watching the market.
Cons
- Slow approval process. Once you've submitted an application to open an OFX Global Currency Account, you'll need to wait four business days for approval. It can then take up to two additional business days for your account details to be delivered to you.
- Exchange rate margins aren't quoted upfront. While OFX charges a percentage when you make a transfer from your account, this margin isn't quoted upfront before you sign up for an account.
- Limited currencies. Some multi-currency accounts from other services support a greater range of foreign currencies.
How does the OFX Global Currency Account compare to other online seller services?
Check out the table below to see how the features of the OFX Global Currency Account stack up against those of online seller accounts from other services.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
