OFX Business Account Review: Multi-Currency, Exchange and Transfer Rates

Managing international transactions is a reality for many modern businesses, and finding the right platform can make all the difference. The OFX Business Account is designed to help companies with cross-border payments, while also providing a more cost-effective and flexible alternative to traditional banks.

OFX has features that allow businesses to pay suppliers, receive international revenues, and manage multiple currencies, while also being a trusted partner for organizations operating in today’s global economy.

So with that being said, let’s take a look at the benefits and features of an OFX Business Account so you can make the right decision as a business owner.

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Table of contents
OFX Business Account overview Why use OFX Business Account for International Payments? How to Sign Up for OFX Business and Get Started Understanding OFX Transfer Rates and Fees Managing Multi-Currency Payments with an OFX Business Account Benefits and Considerations for an OFX Business Account Final Thoughts Frequently Asked Questions (FAQs)

OFX Business Account overview

Key features	Fast sign-up, Mobile app, Free transfers
Main fees	$0 monthly, $5 - $10 Transaction Fee
Great for	Beginners / casual users
Trustpilot rating	4.4/ 5 stars

Why use OFX Business Account for International Payments?

For businesses that operate globally, managing payments efficiently is extremely important. An OFX Business Account provides a solution so you can make international payments to over 170 countries in more than 30 currencies.¹

OFX is upfront about its rates and margins, so you’re not caught off guard by hidden fees or inflated exchange rates. Payments to suppliers, contractors, or overseas teams are fast, secure, and regulated.

Everything is also managed through one platform, so it may be easier to handle multi-currency payments, track finances, and cut down on admin work.

How to Sign Up for OFX Business and Get Started

Step 1: Create your account online

Head to OFX and start your application. It’s a quick digital sign-up designed for businesses. You’ll register basic company details and create your login, with prompts that guide you through each screen.

Step 2: Verify your business & identity

Next, complete compliance checks. Expect to upload ID, proof of address, and standard business documents; an OFX team member may follow up to finalize onboarding. This step helps keep transfers secure and regulated, and in some regions, approvals can take a few business days.³

Step 3: Access your dashboard & enable international payments

Once approved, you’ll land in a dashboard where you can send and receive international payments, hold and convert more than 30 currencies and manage beneficiaries. WorldFirst’s review also notes local receiving details are available for five major currencies (AUD, USD, EUR, GBP, and CAD).¹

Step 4: Link your bank account(s)

Connect your domestic bank account to fund transfers and receive payouts. Linking accounts helps with cash flow so incoming funds can settle to your chosen bank quickly, while reducing manual steps and reconciliation time.³

Step 5: Add recipients & set payment preferences

Create payees, then choose spot transfers, schedule future dates, or set up recurring payments. OFX supports batch/payroll runs and tools like rate alerts to help time conversions, so routine cross-border payouts are far simpler.¹

Step 6: Configure currencies & any local receiving details

Add the currencies you use most, and (where available) enable local bank details to get paid “like a local.” Availability can vary by market, and other users highlight five core currencies with local details, while some regions have different feature sets.²

Step 7: Review pricing & users

On pricing, OFX lists a free Business plan for up to three users, with paid tiers for additional controls. Check the fees page in your region for specifics (e.g., domestic vs. SWIFT wires) so your finance team knows what to expect.¹

Step 8: Make your first transfer & monitor FX

Add the amount, pick currencies, review the offered rate, and confirm. Use tools like forward contracts or rate alerts (where available) to manage exposure.²

Understanding OFX Transfer Rates and Fees

One of the features of an OFX Business Account is its OFX transfer rates. Traditional banks regularly mark up exchange rates, which can significantly increase costs for businesses sending money internationally.³However, OFX operates with transparent margins over the mid-market rate, so businesses can see exactly what they are paying and reduce hidden fees.

The platform also provides access to forward contracts and limit orders, so businesses can lock in rates and manage foreign exchange risk.³ This level of control is particularly valuable for companies that make frequent multi-currency payments or receive international revenue.

The OFX Business Account places emphasis on reducing foreign exchange fees and providing transparency throughout the transfer process. It also gives companies access to dedicated currency specialists, so informed decisions are made, especially when managing overseas transactions.

If you’re using OFX, the official website makes it clear that sending international payments comes with no transfer fees. Instead of charging flat rates per transaction, OFX earns revenue through a small margin on the exchange rate. OFX also mentions that it doesn’t add costs for U.S. transfers, but third-party or intermediary banks may deduct their own charges before funds reach the recipient. Unlike some providers, OFX USA does not publish monthly account fees, card fees, or domestic per-transaction charges, so if you need more information about specific fee costs, you will have to contact OFX customer service.⁵

Overall, using OFX transfer rates strategically can help companies reduce costs, manage risk, and operate more efficiently across borders.³However, businesses may pay more due to exchange rate markups or intermediary bank fees, especially on smaller or less frequent transfers.

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Wise Business Could Help Your Company Save on Global Payments

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Managing Multi-Currency Payments with an OFX Business Account

The ability to handle multi-currency payments is a critical feature of the OFX Business Account.³Companies can hold, convert and transfer funds in more than 30 currencies without needing multiple foreign accounts, so cross-border operations are easy and efficient.³ This functionality is especially useful for businesses with international suppliers or clients, as it allows them to receive payments as if they had local bank accounts in some of the most important markets.

OFX also provides tools for batch payments, recurring transfers, and integration with accounting software, which reduces administrative burdens while also improving financial processes.² However, businesses may face higher costs on smaller or infrequent transfers due to exchange rate markups or intermediary bank fees. The OFX Business Account is therefore a practical choice for companies that want to simplify global finance while also maintaining transparency and efficiency, as long as transfer volumes are planned strategically.

Benefits and Considerations for an OFX Business Account

The OFX Business Account provides several features for managing international payments. The table below highlights potential advantages and factors to consider when determining if OFX Business is right for you:

Benefits	Considerations
Supports multiple currencies and provides local bank account details in key currencies (USD, EUR, GBP, AUD, CAD)¹²	Exchange rate markups can make small or infrequent transfers more expensive³
No monthly fee for the standard plan; additional users incur a fee¹²	Intermediary bank fees may apply on some international transfers⁴
Integration with accounting software like Xero and QuickBooks²³	Some advanced features have additional costs (e.g., extra users, physical cards)²
Tools for batch payments and recurring transfers⁴	Benefits may be limited for businesses with very low transfer volumes³
24/7 customer support available³⁴	Foreign exchange margin applies on currency conversions³

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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Final Thoughts

Choosing the right platform for managing international finances can make a significant difference for businesses of any size. An OFX Business Account provides companies with the tools they need to advance in global operations, such as handling multi-currency payments or accessing competitive OFX transfer rates.

OFX Business reduces hidden fees, while also offering transparent margins on OFX currency exchange and supporting international payments. OFX empowers businesses to save time and money while staying in control of their cash flow as well. The ability to consolidate accounts, link local banking partners, and receive expert guidance further enhances its appeal for business owners.

So with that being said, if you’re a company whos looking to compete on a global scale, OFX is considered to be a practical and easy-to-use financial partner.

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Frequently Asked Questions (FAQs)

Is the OFX Business Account secure for international transactions?

Yes. OFX is regulated by more than 50 global regulators, including ASIC in Australia and the FCA in the U.K., so they’re good with compliance standards.² The platform uses bank-level encryption, secure logins, and two-factor authentication to keep accounts safe.² OFX also segregates client funds from its own operating accounts, which provides additional protection.²

What kind of customer support does OFX provide?

OFX provides 24/7 customer support via phone and email, which is a major advantage compared to many fintech platforms.² OFX also provides access to currency specialists who can guide businesses on timing transfers for quicker processing.²

Are there transfer limits with an OFX Business Account?

Yes, OFX imposes minimum and maximum transfer amounts depending on the country and currency. For example, some transfers may require a minimum of $100 USD equivalent, but larger transfers can often exceed millions without issue.²

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Sources:

1. Global Payment Solutions OFX
2. OFX Business Account Review | WorldFirst
3. OFX Business Account Review | Statrys
4. OFX Business | MoneyTransfers
5. Small Business International Payments