Silicon Valley Bank (SVB)

You may be aware that in the US, the Federal Deposit Insurance Corporation (FDIC) has announced that Silicon Valley Bank (SVB) is in receivership.

We want to confirm that OFX has no direct exposure to Silicon Valley Bank. We use a panel of 13 Tier One banks around the world that provide foreign exchange (FX) liquidity and transaction services.

SVB is not on our panel of banks and OFX does not use SVB for any of our FX services.

We are working with a limited number of clients and vendors that bank with SVB to make arrangements to update their banking details. We are taking the precaution of blocking any payments to SVB. There is no impact on clients who do not make their transfers using SVB.

Last updated: March 13, 2023