Your updated OFX Business Account FAQs
From your login details to transaction history, find all the answers you need to navigate the new business platform and your upgraded business account with confidence.
What will I see when I first log in?
After reviewing and accepting the Terms & Conditions, you’ll land on the homepage dashboard, where you’ll see a refreshed interface. The dashboard provides easy access to essential features, like getting an FX quote and viewing your AUD account balance.
The dashboard is customisable and will become more populated as you add more global business accounts and start transacting. To help you navigate the new platform, you have the option to ‘take a tour’, which will introduce you to some of the tools available.
Do I have to do anything different to access my account?
To access your account, continue to log in through our secure site. For your first login to the new platform, use your existing login details. On subsequent logins, you’ll need to use your email address as your username. The platform will prompt you to do this.
As the Account Owner of a multi-user account, will I need to do anything before others can log in and use the account?
Yes, once you’ve moved to the new platform you’ll need to log in first and accept the updated new Terms & Conditions. Other users on your account won’t be able to access the account until you’ve done this.
Is there any impact on my open Spot Transfers?
There’s no impact to any Spot Transfers booked and paid for prior to you moving to the new business platform.
Is there any impact on my existing recipients?
Recipients you’ve used in the last two years, and those you’ve added or updated in the last year will be available under ‘Recipients’ in the new business platform.
Is my transaction history available in my account?
Yes, your transaction history will be securely moved to the new platform, so you’ll continue to have full access.
Do I have to do anything different with the mobile app to ensure I can still access my account?
Your upgraded account also comes with a new business mobile app. This mirrors the desktop version, replacing the old mobile app, and allows you to perform all your account actions from the comfort of your phone. You can download the new OFX Business AU mobile app from the Apple App store or Google Play store.
Will I have access to the old platform after the upgrade?
Once we move you to our new and improved business platform, you’ll no longer have access to the old OFX business platform. However, you can still make FX transfers as quickly and securely as you’ve always done with OFX. Your transaction history and recipients will also be available on the new platform.
If you have any questions or would like a walk-through of the platform and how to use your upgraded business account, please contact us.
Are there any changes to my fees and services?
Yes, our new OFX Australia Business Platform has new services and some changes to our fees. We’ve updated our Product Disclosure Statement (PDS), which has details of the new services and the changes to fees that will apply. Key updates to the PDS include:
- There is no longer an AU$15 transaction fee when you make an FX payment below A$10k (or a foreign currency equivalent).
- A $10 fee applies for payments via SWIFT. You can avoid this fee by using OFX-supported local payment rails, where available.*
- A $5 fee applies to receive funds via SWIFT. You can avoid this fee by using OFX-supported local Account Credentials, where available.*
- 20 free domestic transactions per month on the Standard Plan (200 included on the Full Suite Plan). A$1 fee applies per transaction thereafter.
- Your upgraded business account includes the OFX Global Account, OFX Card and OFX Pay By Card services.
*See General T&Cs: 5.4 ‘OFX Global Account’
Where can I find my new legal and disclosure documents?
Please review the updated legal documents below, which will apply to your OFX Business Account from the date of your upgrade:
What will happen to the permissions my existing users already have?
When you move to the new platform, all your existing users will automatically be assigned a ‘payer’ role. This will let them make payments similar to what they do today. As the Account Owner, you’ll have full access and can update permissions for other users as needed.
Are there any changes to how I make an FX payment or transfer with OFX?
Previously, you’d book a deal and send the funds to OFX’s AUD account to facilitate the transfer to your recipient. Now, you’ll have access to an AUD account in your company name, with a BSB and unique account number. This means you can make international payments directly from your account and enjoy more oversight of the payment status to your supplier or vendor.
Note: Please ensure you update the saved details in your online banking for OFX as soon as you transition to the new platform to avoid any payment issues or delays.
Do I need to update my OFX AUD account details in my online banking?
Yes. We’ve created an AUD account in your company’s name with a BSB and unique account number. This is the account you’ll pay into to make your FX payments.
Note: Please ensure you update the saved details in your online banking for OFX as soon as you transition to the new platform to avoid any payment issues or delays.
What happens to my deal confirmation email?
You’ll no longer receive a ‘Deal booked’ or ‘Payment Created’ email. Instead you can customise the notifications you receive from us and the frequency. You have the option to receive notifications every time a payment is made, on a daily basis, or not at all. Additionally, you’ll receive an email once the payment has landed in your recipient’s account.
Do I need to include a reference # (deal ID or BPAY) for my payments?
No, you’ll no longer need to include a client reference number or deal ID. We’ve created an AUD account in your company’s name with a BSB and unique account number. Think of it like a transactional account. You can directly pay into this account to facilitate your FX payments to your suppliers or vendors.
I don’t have my username, how can I obtain it?
Contact our team via email at business@ofx.com or call 1300 300 524. We’re happy to help!
How will this new platform help my business?
This new platform aims to give you more control over your FX payments and financial operations, with features like cards, global business accounts in 30+ currencies and the ability to pre-convert funds and hold them in your account to take advantage of favourable market conditions.
What do I now have access to that I didn’t before?
- Access to global accounts. You’ll receive an AUD account to start with; your home base for managing all your FX payments
- Local currency details are also available in USD, EUR, GBP and CAD
- Create and track payments directly in the platform, with oversight of payment status, recent payments and deposits into your AUD account
- Option to create up to 2 OFX Visa debit employee cards and unlimited subscription cards to process online transactions, vendor payments or travel expenses
Will I still have access to the same human support?
- Yes, our dedicated OFXpert team is still here to help 24/7, providing the same service you know and trust. You can contact us via phone or email as you’ve always done.
- Once you have access to the new business platform, you’ll also be able to explore our Knowledge Base from within your account for step-by-step instructions on how to navigate and use it.
We are here to help
You can contact us anytime and one of our specialists will be able to answer your questions about the new business platform and help you navigate it with confidence.
