OFX Business Account: Features, Fees, Alternatives, & more [2025]

OFX is a financial platform that lets you make international payments. It promises to give you “more control” over your finances with multi-currency account features and tools to manage exchange rates and reduce fees.

In this blog, we’ll explore exactly how OFX works. There’s more on features and fees, a guide on creating an OFX business account, and other alternatives to an OFX Business account.

Table of contents
What is an OFX business account? Features Sending money Fees Transfer duration Opening an account Alternative solutions: A Wise Business comparison FAQs

What is an OFX business account?

An OFX business account is a multi-currency account designed for businesses that complete international transactions for multiple use cases. Customers can use OFX to receive, manage, convert, and pay suppliers or employees in 30+ currencies.

OFX was founded in Australia, back in 1998¹. The company’s headquarters remain in Sydney, but it now serves over 1 million clients globally. OFX also states that 37,000+ businesses use the platform to streamline their finances².

How does it work? Imagine you’re an Australian e-commerce business sourcing products from suppliers in China, selling to customers in New Zealand, and paying contractors in the Philippines. Traditional banks typically charge big fees for each currency conversion and transfer. OFX promises to do this cheaper and faster, making it easier to manage a global chain of transactions.

The main product is an “all-in-one” global business account to support these cross-border transactions, but there’s a full suite of other useful features.

OFX business account features³

Here’s an overview of some of the features available with an OFX business account.

• Multi-currency account - Pay people in 30+ currencies, including NZD, USD, and EUR, in 170+ countries
• Business debit cards - Get virtual or physical debit cards for your team and set custom limits and automate approval policies to control spending.
• Batch payments - Pay thousands of staff and clients in one go with batch payments.
• Accounting software integration - Connect your accounting software to reconcile expenses. Integration is limited to QuickBooks and Xero for now, but OFX says more options will be added “very soon.”⁴
• Currency risk management - Lock in exchange rates for future payments with forward contracts and complete spot transfers and limit orders.

Can I send money to a business via OFX?

You can send business payments to companies or individuals in 30+ currencies to 170+ countries using OFX. This includes all the key markets like New Zealand, the US, the UK, Europe, and Asia.

The cost and limits depend on the type of transaction.

The minimum transfer amount is $250 for international transactions and anything less than $10,000 will incur a $15 transfer fee⁵. There aren’t any maximum limits. OFX says you “send as much currency” as you like⁶. It does recommend checking with your banking partner of choice for any bank-related daily transfer limits.

There are account limitations for domestic transactions, though. The standard Business plan includes 20 transactions per month with a $1 charge per transaction thereafter. Business Plus ups the limit to 200 transactions per month with the same $1 charge outside the allotted allocation⁷.

OFX business account fees

Now, let’s look at the payment, transfer, and card fees with an OFX business account. All the fees listed are in AUD.⁸

OFX account opening fees

• Business - $0 per month for three users, then $15 for each additional user
• Business Plus - $15 per user per month

OFX sending payment fees

• Sending cross-border payments via Wire or SWIFT costs $10 per transaction
• Sending domestic payments in AUD costs $1 per transaction

OFX receiving payment fees

• Receiving international payments via Wire or SWIFT costs $5
• Receiving domestic funds is free ($0)

OFX corporate card fees

• $10 one-off fee to get a physical card
• $0 foreign transaction fee when making purchases on the OFX corporate card
• 1.50% FX margin fee on all international card payments
• 1.27% charge on the value of each transaction when transferring funds to the Global Business Account by Visa or Mastercard

How long does OFX transfer take to a bank account?

OFX says it takes 1 day to transfer money to a bank account in AUD. The same time frame is given for both funding an account and sending money to a recipient. The timescale can vary slightly for other currencies. For example, EUR and USD are both listed as 1 to 2 days⁹.

Opening an OFX business account

The sign-up process for OFX business accounts can be comprehensive where users are required to provide details about the business, with a final step of ‘ID verification’ to get the business account live and ready to send and receive payments.

Here’s a step-by-step guide for opening an OFX business account.

1. Navigate to the OFX Business page and select ‘Register’ in the top right-hand corner
2. Enter your email address
3. Select ‘Business’ from the options for ‘I’ll be using OFX for’
4. Select Australia from the drop-down box
5. Choose from the six product options listed: Global Business Account, FX Solutions, Corporate Cards, Spend Management, Global Payments, and Accounts Payable (AP) and Bill Automation
6. Complete your profile by adding your personal contact details
7. Enter basic business registration and operation related details
   1. Where your business is based
   2. Business name or number
   3. Australian Business Number (ABN) or Australian Company Number (ACN)
   4. Business structure/entity type
   5. Employee numbers
   6. Annual turnover
8. Enter more business details, including business address and classification, and complete the Know Your Business (KYB) check.
9. Provide more personal ‘user details’ to verify your identity
10. Complete the final ID verification to finish the application process

After everything is submitted, an OFX expert will review the application and approve your account within a couple of days.

Alternative business accounts: A Wise Business comparison

While OFX has its merits, it’s worth looking at other options to see how they compare and which solution might be the most suitable option for your international business transaction needs (cheaper fees, advanced features etc.)

As an alternative business account solution, Wise Business gives business access to multi-currency accounts where cross-currency transfers occur at low transparent fees while also offering a suite of tools to manage your finances and global payroll.

Here’s a side-by-side comparison of the key features and fees between the two business account providers:

Feature	OFX Business (AUD) 4,5,7	Wise Business (AUD)
Account opening	Free	Free
Monthly fee	$0 or $15 per user	$0
Minimum international transfer	$250	$1
Transfer fees	No explicit fees	From 0.63%
Currencies support	30+	40+
Local account details	4 currencies	8+ currencies
Debit cards	Yes	Yes
Invoice and payment tools	Yes	Yes
Accounting integration	Xero and QuickBooks	Xero and Quickbooks, plus 4 others.

How does the money transfer work with a Wise Business account?

Wise Business lets you send, receive, and hold money in over 40+ currencies with one account. Select the currency and amount, enter recipient details, choose a payment method, then review and confirm the transfer. Monitor progress through your Wise Business account dashboard with complete visibility over all international payments.

Wise Business solves common cross-border money challenges like:

• Hidden fees - Unlike other cross-currency transaction services, Wise Business is always upfront and honest about the fees. We use the mid-market exchange rate with no hidden markups on currency conversions. Wise Business’ approach of low and transparent fees allows businesses to plan finances with peace of mind, every time.
• Speed of transfer:* Wise Business helps cross currency transfers land almost instantly without having to wait 1 or 2 days for money to be moved across borders. However, while transfers through most currency routes are almost instant, some of the other routes might take longer which will be clearly stated before transaction is made.
• Admin overload - Integration with tools like QuickBooks also automates bookkeeping tasks and eliminates manual reconciliation that is error-prone and can take hours out of your day.

**Transaction speed claimed depends on individual circumstances and may not be available for all transactions.*

Sign up for the Wise Business account! 🚀

Sending Money with Wise Business

Send money to recipients worldwide with no minimum transfer limits and competitive exchange rates. The platform supports major currencies including New Zealand dollar (NZD), US dollar (USD), Euro (EUR), British pound (GBP), Canadian dollar (CAD), Singapore dollar (SGD), Japanese yen (JPY), and Hong Kong dollar (HKD). Pay suppliers, contractors, and business partners using bank transfers, debit cards, or your existing Wise balance.

Local Account Details for receiving money

Wise Business provides local account details in 8+ currencies, allowing clients to pay you using domestic bank transfers in their local currency. This eliminates international wire fees and reduces processing times. These business account details include account numbers, routing codes, and banking identifiers specific to each country, functioning similar to traditional local business bank accounts.

British Pound (GBP)	Euro (EUR)	US Dollar (USD)
Australian Dollar (AUD)	New Zealand Dollar (NZD)	Singapore Dollar (SGD)
Romanian Leu (RON)	Canadian Dollar (CAD)	Hungarian Forint (HUF)
Turkish Lira (TRY)

👆For a complete coverage of currencies and countries, check our page here!

Fees involved with a Wise Business account

It’s free to register for a Wise Business account. After you’ve signed up, you can count on competitive prices — we never inflate rates or charges.

Here are some of the common fees to be aware of:

• No monthly account maintenance fees
• From 0.63% to send money overseas (varies by currency)
• From 0.63% to convert money in your account (varies by currency)
• Free to withdraw up to 350 AUD per month
• One-off 65 AUD fee to get local account details in 8+ currencies
• $6.11 USD fixed payment to receive USD wire and Swift payments

Wise Business - One account for all your cross-border needs

Wise Business is built for global business finances. No transaction is too complex. In fact, you even get a discount when larger transactions exceed $40,000 AUD. Similarly, you can also use for Wise Business for all of your smaller, day to day cross-border transactions to currencies that matter most for your business. While these aren’t as big amounts, but are often just as important.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

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OFX business account FAQs

1. Does OFX send money directly to a bank account?
Yes, OFX sends money directly to a recipient’s bank account. After submitting the transfer using the recipient’s bank detail, you can track everything online until it’s safely settled. There might be a currency conversion charge.

2. How do you close or deactivate an OFX account?
You can request your account to be deleted by logging into the OFX app and selecting ‘Account deletion’ from the ‘Settings’ menu. OFX will then process your request and close the account¹⁰.

3. Does OFX charge fees when transferring money?
Yes, there are fees depending on the type of transaction. OFX charges a $10 AUD fee for payments made via SWIFT. Other transactions that require a currency conversion are typically ‘free’. However, transferring money to a recipient not using the OFX Australian Business Platform costs $15 AUD for all transactions under $10,000 AUD or the foreign currency equivalent.

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Sources:

1. OFX - Celebrating 25 years of OFX
2. OFX - About us
3. OFX - Business account
4. OFX - Home page FAQs
5. OFX - Making a transfer
6. OFX - What is the maximum amount
7. OFX - Fee schedule
8. OFX fees
9. OFX - How long does a bank transfer take
10. OFX - How to request deletion