OFX Money Transfers for Online Sellers
More info
OFX uses a large global bank network to help you save when sending or receiving international payments.
| 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 |
| Banking Partner | OFX |
| Customer Service | Phone, Email, Branch |
| Available Currencies | AUD, CAD, EUR, GBP, HKD, USD |
| Online Transfer Fee | $0 |
|---|
Pros
- Compatible with major online marketplaces including Amazon and Etsy
- Major currencies available through your own local account
- Competitive exchange rates and no fee
Cons
- Only major currencies are available at the time of writing in October 2017
- Not compatible with all online marketplaces yet
Exclusive offer
Finder customers will pay a $0 transfer fee!
How does the OFX service work for online sellers?
If you sell goods or services online to buyers around the globe, OFX, originally launched as Oz Forex, can help save you money via its dedicated online sellers international money transfer service. It does this by providing local bank accounts in international markets, allowing you to bring your money home when you’d like to, and when you can get a competitive exchange rate. The product enables ecommerce merchants to keep more of their profits and enjoy a fast, easy service.
When you open an online seller account with OFX you’ll receive your own local account, allowing you to receive money in USD, EUR, GBP, CAD, AUD and HKD. You then give your OFX local account number to the online marketplace you’re using to sell your goods and services. Compatible marketplaces include Amazon, eBay, Etsy, Shopify and more.
You can get the proceeds from international purchases paid directly into your local account, and decide when you’d like to convert the money over into your Australian account.
OFX online sellers exchange rates
OFX does charge a slight commission on the inter-bank exchange rate. This is in order to cover its own costs and make a profit. However, this commission is much lower than the fees charged by the big banks, making the OFX rates very competitive. Clients can request up-to-date quotes with current exchange rates by logging into the online portal.
OFX says that the percentage of the transaction value it takes is up to 75% less than what is taken by online marketplaces, eg Amazon.
How much does it cost online sellers to send and receive money?
There are no setup fees or monthly account-keeping fees. OFX also doesn’t charge a fee when sending the money from your receiving account to your home bank account. Instead, OFX charges a slight commission on the exchange rate offered when transferring between currencies, as outlined above. While OFX doesn’t charge any transfer fees, charges from your bank or another third party may be applied.
Available currencies
OFX currently offers receiving accounts for USD, GBP, EUR, CAD, AUD and HKD.
The registration and transfer process
- Create account. You can register for an account online by clicking the green “Go to Site” link, which securely redirects you to the application process. Fill out a few details and an OFX representative will contact you shortly after to complete the process.
- Account confirmed. When your account is confirmed you’ll receive your account details. You should then provide these details to your online marketplace.
- Initiate payment. Once you’re paid, send the foreign currency from your marketplace account to your new OFX receiving account.
- Book the transfer. Once you’ve initiated this payment, log into your OFX online account and book the transfer. When the funds land in your receiving account, they will automatically be sent to your Australian bank account (unless your request otherwise).
What other products does OFX offer?
- Consumer money transfers. OFX also offers a competitive international money transfer service for everyday Australians needing to send money abroad. Read about it here.
- Business transfers.OFX also work with businesses to give them a way to pay vendors or suppliers located overseas, and to receive money.
- Limit Orders. OFX will monitor the exchange rate for you and when your chosen rate is detected, the transfer will occur.
- Forward Exchange Contract. This feature allows you to lock in an exchange rate even if your funds need to transfer at a future date.
- Supplier payments. With the OFX service for online sellers, you can use OFX to pay your suppliers.
