OFX Business Review
Author: Keith Hodges
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A strong business transfer provider that has a few limits
OFX Business offers some great features and access to 7 local account details. Batch payments limited to 500 and lack of card support might put off businesses with more diverse needs.
OFX Business overview
Features | Insight |
|---|---|
Monthly Fee | $0 |
Exchange rate | From 1.3% |
Transfer fees | $0 |
Multi-currency account | 7 |
Batch payments | ✅ (500) |
Expense management | ❌ |
Pay invoices | ✅ |
Receive payments | ✅ |
Marketplace integration | ✅ |
API options | ✅ |
Manage Payroll | ✅ |
ATM Access | ❌ |
Forward Contracts | ✅ |
Scoring OFX Business
Our key measures when testing OFX Business for international business transfers were the strength of the product offering, cost of service and transfers, speed, safety and customer satisfaction.
- Access to bank details in 7 currencies
- 24/7 phone support that includes setting up contracts
- No payment limits associated with the account
- Xero is the only supported accounting software
- Fewer currencies (50) supported than some other companies operating in the market (70+)
- No ATM or card support
Online review software is unreliable because it averages out scoring across a company, for decades at a time. To give a clear view of how OFX Business is actually performing now, we analysed online review scores from a number of different sources, specifically for the business offering. This chart shows an average score out of 3.99 5, per month for business services, since the start of 2023.
OFX Business multi-currency accounts
The OFX Business account is a multi-currency account option that offers access to 7 currencies in total, allows a business to send and receive in over 50, hooks up to Xero and provides risk management services. All-in-all it’s a flexible account offering options for growing businesses and enterprises.
Provider
Supported local accounts and holding currencies
The amount of currencies offered by OFX Business is at the higher end of the market with 7. For comparison, Wise Business offers 10 and Airwallex offers 12. Sokin, a relatively new player in the market, offers 4 and Payoneer offers 9.
All of these accounts offer USD, EUR, and GBP.
Currency | Account Details |
|---|---|
AUD | Account number and BSB |
CAD | Account number, institution number, transit number |
EUR | IBAN, SWIFT/BIC |
GBP | Account number, Sort code |
HKD | Account number, bank code, branch code |
USD | Account number, Routing number (ABA), SWIFT/BIC |
SGD | Account number, SWIFT/BIC |
Sending currencies
The currencies that can be sent via OFX Business are:
Europe
EUR, GBP, CHF, DKK, HUF, NOK, PLN, SEK, AZN, BGN, CZK
North America
USD, CAD, MXN
South America
PEN
Asia
AED, ILS, JPY, SGD, THB, TRY, BHD, BND, CNY, IDR, INR, KRW, KWD, LKR, MYR, OMR, PHP, PKR, SAR, TWD, VND
Australia and Oceania
AUD, NZD, FJD, PGK, SBD, TOP, VUV, WST
Africa
ZAR, EGP, MAD, MGA, SCR, TZN, XOF, XPF
Whilst a wide range of currencies are included here, this isn’t at the same level as Wise Business (over 70 currencies) or Sokin (75 currencies).
South America in particular is under-represented by OFX Business, but access to key North American, Asian and European markets still allows for versatility.
Account limits and sending limits
Account limits on OFX Business are open and as such there are no restrictions.
This is a perk in favour of OFX Business when dealing in particularly large amounts. Wise Business has limits of $50 million, Sokin of $15 million.
Timeframe | Limit |
|---|---|
Daily | No limit |
Weekly | No limit |
Monthly | No limit |
Outside of this, these limits through OFX Business might need additional clearance or be subjected to limits based on government regulations.
Generally speaking USD, GBP and EUR can be moved freely with the correct documentation. KRW and CNY (amongst others) are subject to more government regulations.
Forex risk management
OFX Business offers a range of forex management options, including forward contracts and strategy. Something that is worth noting here, Moneycorp business account probably offers one of the best risk management services in the market - and Moneycorp transfers are powered by OFX.
Expense management
Expense management through OFX Business is in the form of mass payments and paying overseas staff through invoices.
The account does not have any type of virtual or physical card. Companies like Airwallex offer this service as part of their multi-currency option. So a euro card can be hooked up to a EUR account for example, and multiple cards can be used to track different expenses.
For OFX Business, this does sound like a next natural step - but it currently is not available.
Sending and receiving payments
Sending and receiving business transfers through the OFX Business account is easy and comes with a few options.
Sending money in OFX Business
Exchange rate | From 1.3% |
|---|
OFX Business has a decent platform for sending money.
Transactions can be tagged as necessary.
The exchange rate (from 1.3%) isn’t overly competitive against Wise Business (at the mid-market rate) or Airwallex (0.5% on weekdays).
There are however no fees associated, although banks may charge a receiving fee.
Sending mass or batch payments
Batch payment limit | 500 |
|---|
Batch payments can be uploaded and set, with rates and fees agreed on these. Working with customer service at OFX Business have a forward contract put in place ahead of any batch transfers.
The big downside of OFX Business batch payments is the limit at 500, against 1,000 widely supported elsewhere and 5,000 supported by Sokin.
For regular batches against others, this results in a time cost. If (in the most extreme scenario) a business needs to make 5,000 payments, that’s 10 x the amount of uploads through OFX than with Sokin.
Paired with no native expense tracking, this potentially is a deal breaker.
Sending through an integration
It is possible to send through an integration although only Xero is supported.
This works well and as you might expect hooks up in real time to the account.
Receiving money
OFX Business Receiving Fees | $0 |
|---|
There are a couple of ways to receive payments into an OFX Business account.
Into an account
This is the traditional way to receive money and using one of the OFX Business accounts that can be setup will reduce the receipt. Receiving business payments into a multi-currency account greatly reduces overall cost.
Finances can also be held in account ahead of converting to improve exchange rates.
Via a marketplace account
The other option offered by OFX Business is for ecommerce companies. This allows payments to be made from a marketplace account on Amazon.
Perks you would get on transfers into a multi-currency account are apparent here as well. So, income streams from Amazon can be transferred into USD at the most opportune time.
Other accounts available are eBay and Wish.com.
Interest on balances
Earning interest on balances can make a huge difference to risk management. OFX Business does not offer interest within its multi-currency accounts.
Currency | OFX Business interest rate |
|---|---|
USD | Not offered |
EUR | Not offered |
GBP | Not offered |
If earning interest is an important factor then Wise Business offers the best interest rates on multi-currency business accounts.
Integrations and APIs
Whilst Xero is one of the biggest account softwares on the market, it is not the only one. As such, OFX Business integration only working with Xero at this time puts it at a weaker level than competitors.
Accounting Integrations | Xero |
|---|
As an example, Wise Business is accessible to users of:
Xero
QuickBooks
FreeAgent
RECASH
QuickFIle
Ember
FreshBooks
Oracle NetSuite
For companies looking for integrated multi-currency support, it does leave the door open to opt for a different provider.
APIs
Whilst it may feel that OFX Business integration is lacking in options, the API offering is one of the best on the market.
This API is actually used by Moneycorp Business for transactions, so essentially it is the same network. Outside of this the API is used to fuel international payments from banks.
Support for developers and sandbox environments are available.
Compare Business Multi-Currency Business Accounts
Selecting a multi-currency account for business can feel a little tricky with different options, local accounts and features. We've broken down the top accounts across the industry at the moment.
Fees and rates when using OFX Business
OFX Business has no fees attached to transfers and exchange rates are within the range of what you would expect to find within business accounts.
Provider
Currency conversion costs are higher on weekends (like Revolut Business which adds 1%), but other than that the cost from OFX Business is competitive.
Where the company’s fees fall short is the exchange rate, with many companies in the business transfer space offering rates below 1% as standard.
Service | OFX |
|---|---|
International Transfers | $0 |
Currency Conversion Fee | From 1.3% (extra at weekends) |
Receiving Fee | $0 |
Holding currencies | $0 |
Card Payments | Not available |
Monthly Fee | $0 |
Setup Fee | $0 |
Payment Tracking | $0 |
Mass Payout | $0 |
Accounting Integrations | $0 |
Additional Fees | Not applicable |
As a comparison, Airwallex offers an exchange rate of 0.5% with 1.3% offered here.
So for every $10,000 sent to EUR at a mid-market rate of 0.9351 EUR + each exchange rate:
Company | Exchange rate | EUR received |
|---|---|---|
Airwallex | 0.5% | €9304.245 |
OFX Business | 1.3% | €9229.437 |
Rates on batch payments
Over the course of batch payments, this cost adds up.
When sending batch payments I would recommend using the 24-hour customer service option with OFX Business to determine if a better rate than is advertised is available, or if there’s a possibility to lock in a rate on a forward contract.
Against the lives of Wise Business, who are offering the mid-market rate plus a 0.33% fee, this would make 500 transactions approximately 1% more expensive.
This 1% across $1,000,000 is $10,000. If payments are regularly made (say monthly), this could result in spending an additional $120,000 a year just in exchange rates.
Speed of transfers with OFX Business
Transfer speeds with OFX are usually same day, or within a day. Bigger transfers, like with most providers, will take a little longer. The customer service offered by OFX Business means it is possible to discuss any larger transfers in advance for a little more clarity where needed.
Provider
Transfer speed with OFX Business can be instant, but will generally be within 1 or 2 maximum.
Countries where there are restrictions and regulations imposed by governments can see transfers take a little longer.
OFX Business service and account management
OFX Business offers 24/7 phone support for account queries and sending payments.
For comparison, Moneycorp offers office hours support in the USA.
Working with a direct contact will also allow for tailored options for businesses to be put in place. This account manager level access, particularly within risk management, can result in huge savings for businesses.
Customer service options
Phone support
The perks of having 25]4/7 phone support should not be understated. For enterprise level businesses, operating in multiple timezones, this is a unique offering on the market.
Availability | 24/7 |
|---|---|
Response time | Minutes |
Languages | English (Tbc others) |
Availability | 24/7 |
|---|---|
Response time | Within an hour |
Languages | English (Tbc others) |
Help center
The OFX Business help center is ok.
It lacks some of the deeper insights you would expect, like seeing a fee schedule, that others offer. Often, the answer will be ‘in your OFX account’. As such, it can feel unhelpful. This being said, with the hands on approach of account management and 24 hour phone support - most queries can be answered quickly.
Availability | 24/7 |
|---|---|
Languages | English (Tbc others) |
Using OFX Business
Overall, the OFX Business platform is intuitive and easy to use. It comes highly recommended as it takes some of the features from the personal platform and enhances them for different business needs.
Provider
We testing the following for ease of use
Invoicing
Integrations
Adding multi-user access for employees, roles and permissions
Paying-in and withdrawing funds
For each option the process was simple and easy to follow, Wise is very much a platform where you can see within one or two actions, how to achieve what you need to achieve.
Eligibility and sign up
Eligibility on an account is limited to registered businesses or those operating in different marketplaces (like Amazon or eBay).
The process will require a couple of steps.
First off, register to sign up on the site.
There’s no surprises here, this will be some basic details about the business. Those signing up will need contact details.
Confirm the local accounts you want
Once signed up, OFX Business will confirm with you the local accounts you need access to.
It is possible to set accounts up at a later point with OFX Business. So, starting with one account is possible.
Provide documentation
Documentation for verification will need to be provided.
This will change depending on the type of business, length of time action and registered location.
Wait for verification
Throughout this process there may be requests for additional documents or clarification.
Completed verification is usually within a week at most.
Safety and regulation
OFX Business is heavily regulated and provides businesses with the a number of security features like 2FA and regular auditing.
Provider
OFX Business is regulated in US states by FinCEN. This is standard across the US for money transfer operators.
It also holds an Australian Financial Services Licence (AFSL) issued by the Australian Securities and Investments Commission (ASIC). This licensing grants OFX the authority to deal in and offer financial product advice concerning derivatives and foreign exchange contracts.
In addition to Australia, OFX is registered and regulated in the United States, Hong Kong, the United Kingdom, New Zealand, and Canada.
These regulations mandate that OFX maintain client funds in segregated accounts, separate from its business accounts. This practice ensures the safety of customer funds even in the event of financial instability within the company.
Furthermore, OFX is legally required to adhere to a minimum capital threshold.
Not keen on OFX Business?
If you are unsure of whether OFX Business is for you, here's some alternatives - many of these also offer local account options.
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Equals Money
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WorldFirst
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IFX Payments Review
Their flagship product, ibanq, provides multi-currency virtual IBAN accounts, enabling businesses to receive, hold, and send funds across borders, giving companies greater control over their global cash flow. Their mass payment functionality simplifies payroll and supplier payments, even across multiple currencies, ensuring businesses can process international payments in bulk without opening local currency accounts.
Wise Business Review
Our key measures when testing Wise Business for international business transfers were the product offering, cost, speed, safety and customer satisfaction. We've covered the key points in the table below and each element in more detail throughout the review.
Moneycorp Business
Historically, Moneycorp is considered one of the biggest money transfer providers in the world. The company has over 45 years of history and launch in the USA in 2018. The company is headquartered in the UK but with offices in USA, Ireland, France, Romania, UAE, Hong Kong, Australia and Brazil.
Revolut Business
Like their personal offering, the Revolut Business offering is tiered - giving more access to features, the more you pay.
Xe Business
Xe Business offers strong all-round support for international business transfers. As part of our scoring process we have looked at product offering, cost, speed of transfers, safety and customer satisfaction.
Sokin
Multipass
Multipass offers a strong selection of multi-currency option. A setup fee and higher monthly fees than elsewhere are a little offputting when you consider exchange rates are higher than Airwallex, Wise Buiness and Revolut Business.
Payoneer
Globally Payoneer serves around 190 countries, gives access to local accounts in 9 and supports 70 currencies. Features within the account allow you to take advantage of payments, invoicing and bulk options in each location. Where Payoneer is stronger than the likes of Revolut Business or Wise Business, is that it is built for international companies - as opposed to being an offshoot of a personal offering. This sets them apart from other providers, alongside the likes of Airwallex, by offering a full international business solution.
Airwallex
When scoring Airwallex as an international business provider we factored in the product offering, speed of sending money, cost, safety measures in place and customer satisfaction.
Other review scores
OFX Business has scored an average of 3.99 out of 5 across online review sites since the start of 2023. This average, specifically for its business services, has dropped from just over 4.25 since June 2023.
OFX user feedback
Would you recommend OFX?
Anonymous
yes i have company to use.
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