OFX business bank account review UK (2025)

In this in-depth OFX business account review, we'll walk you through everything you need to know, from fees to major shortcomings.

We'll also introduce you to Wise Business and explain why it could be a better alternative to OFX for business accounts, depending on your business needs.

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OFX UK: overview

OFX UK is a global platform for money transfers and financial management, built to help UK businesses send and receive international payments seamlessly across multiple currencies.

Founded in 1998 in Sydney, Australia, the company initially operated under the name OZForex. In 2015, it rebranded to OFX¹. Over the past 25 years, OFX has grown from a small startup into a global business, with offices in nine countries², including London, Dublin, Auckland, Hong Kong, Singapore, Toronto, and San Francisco.

OFX offers a wide range of services to businesses in the UK. You can enjoy a fast and secure way to cross-border transfer in 30+ currencies across 180+ regions and countries³, making international transfers quicker and easier.
In addition to offering better exchange rates and lower transfer fees than most banks, OFX provides risk management tools, global currency accounts, and corporate cards to help businesses handle their expenses more effectively.

OFX key features

Here are some of the core services that OFX offers:

• Multi-currency account: with OFX, you can open a Global Business Account that lets you receive payments in over 30 currencies in one place, including major ones such as GBP, EUR, USD, and CAD⁸.

This account allows you to send and receive money in multiple currencies seamlessly. By using local bank details provided by OFX, you can receive payments as if you were a local business, which helps reduce FX fees. You can also pay to 180 countries in their local currency, making international transfers more cost-effective.

• International transfers and payments: it’s easy to make payments to suppliers, employees, and contractors worldwide. Usually, international transfers and payments are processed within 1-3 business days for major currencies⁹.
• Corporate card: You can easily create both physical and virtual cards for business expenses and pay suppliers. You also have complete control and visibility over your employees' spending. You can set spending limits, freeze or cancel cards, and manage each card online.
• Marketplace integration: For online sellers, OFX offers a Global Currency Account that allows them to collect payments from international marketplaces such as Amazon, eBay, and Wish.com.
• Integration with third-party apps: OFX business bank accounts integrate seamlessly with popular third-party software, including Xero and QuickBooks⁸. With this third-party software, you can easily automate your account reconciliation.
• Competitive exchange rates: This payment platform offers competitive foreign exchange rates compared to traditional banks. Additionally, OFX provides a wide range of FX tools to help you track live exchange rates.
• Batch payments: OFX also lets you upload a batch file with recipient details and schedule when you want it to be sent. This can be done for both domestic and international payments.

The OFX business account could be a great fit for small and mid-sized businesses, as well as online stores that handle a lot of international transactions.

OFX account limits

Below are some of the major shortcomings of using an OFX business account:

• No live chat: OFX doesn’t offer any support through live chat. However, you can contact their customer support agent via email or phone.
• Withdrawal limits: OFX doesn’t specify any limitations on withdrawals, but you cannot use your OFX corporate card for withdrawals at ATMs⁶.
• Sending limits: The minimum transfer amount is £100¹¹. This minimum is set to ensure that your recipient doesn’t incur extra fees from the bank or intermediary, which can occur with smaller transfers. There is no limit on maximum transfers from OFX, but daily bank transfer limits may apply.
• Delays with transfers and remittance: Some customers have reported delays when transferring funds. According to reviews, some customers need to contact support to have their transfers processed and their funds remitted to the recipient's account.

OFX fees

Here’s a breakdown of OFX business account fees:

Account Opening Fees⁴:

• Standard Plan: Free for the first 2 users, then £15 per month for each additional user
• Full Suite Plan: £125 per month for the first 5 users, then £20 per month for each additional user
• Custom Plan: Contact OFX sales for a custom quote

Receiving payments⁴:

• Receiving domestic funds into the Global Business Account via ACH, FPS, or SEPA is free
• Receiving international funds into the Global Business Account via SWIFT costs £5

Payment and Transfer Fees⁴:

• Sending domestic payments in GBP via CHAPS: £5 per transaction
• Cross-border SWIFT payments: £5 per transaction
• Domestic GBP payments via FPS (Faster Payments Service) are included up to:
  • 50 transactions per month on the Standard plan
  • 150 transactions per month on the Full Suite plan
  • Custom amount for the Custom plan
• If you exceed your plan’s included FPS transactions:
  • £0.20 per transaction for both Standard and Full Suite plans
  • Custom pricing for the Custom plan

Corporate Card Fees⁴:

• No foreign transaction fees on OFX Corporate Card purchases.
• 1.5% FX margin fee on international card payments
• Funding your Global Business Account by domestic credit card (Visa or Mastercard) costs 2.9% fee
• Funding by international credit card (Visa or Mastercard) costs 3.4% fee

OFX Customer Service:

You can contact OFX support through various channels: by phone, by email, or in person at their office¹².
Additionally, for those with hearing or speech impairment, Relay UK provides a convenient relay service that enables communication with hearing people over the phone. OFX doesn’t provide live chat support as of the time of writing.

OFX’s customer service gets mixed reviews. Many users praise the efficient and professional support available 24/7 via phone and email¹³. However, some customers report long phone wait times, slow email responses, delays during compliance checks, and frustration with onboarding, account verification, and the lack of live chat support.

Meet Wise Business: An Alternative to OFX

Wise Business is a leading payment platform account designed to help businesses in the UK pay, get paid, and manage money across borders with ease. With Wise Business, you can hold and convert over 40+ currencies , get local account details for major currencies such as GBP, EUR, USD, and AUD)¹⁵. You can also send payments to over 140+ countries at the real exchange rate with low, transparent fees¹⁶.

The platform also offers powerful features like batch payments, multi-user access, Xero integration, and expense cards for your team, making it a flexible and cost-effective solution for businesses of any size.

Unlike OFX, which adds a margin to the mid-market exchange rate, Wise Business always uses the real mid-market rate. This means your international transfers are often cheaper and more transparent with Wise Business.

There’s also no ongoing monthly subscription fees - with Wise Business, you pay an upfront fee one time only, making setup hassle-free.

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FAQs

Here are a few frequently asked questions about OFX business bank accounts:

How long do OFX transfers take?

OFX transfers, in most cases, take around 1-2 business days¹⁷ for the funds you transfer to reach your recipient. The duration of this process usually depends on the country you’re transferring to. In situations where transfers take longer than expected, this may be due to bank holidays, weekend delays, fraud prevention procedures, incorrect payment details, or time zone differences.

Is OFX safe?

Yes, OFX is considered safe for UK businesses. The company is regulated in the United Kingdom by the Financial Conduct Authority (FRN: 902028) for the provision of electronic money and payment services¹⁸ and adheres to strict security and compliance standards to protect your funds and data.

Who is eligible to open a business account with OFX?

OFX business accounts are available to sole traders, partnerships, trusts, not-for-profit organisations, private companies, and public companies. The registration process is completed online, and you may need to provide additional documents for identity verification.

Sources used:

Sources last checked: 29-07-25