A multi-currency account that lets you pay and get paid in the foreign currencies you do business in. Open local currency accounts and collect funds from payment gateways, marketplaces or directly from your customers just like you’re a local.
What are the benefits?
Local currency accounts
Open local currency accounts in USD, EUR, GBP, CAD, AUD, SGD, HKD and JPY, and view all accounts and transactions in a single dashboard.
Get paid like a local
Get paid directly into your local currency account from third parties, or connect to payment gateways like Afterpay, or marketplaces like Amazon to collect funds locally.
Use your local currency accounts to pay taxes and suppliers in foreign currency and avoid unnecessary conversion fees.
Keep foreign currency in your account for as long as you need to. And when you decide to move your money, use OFX to get great rates on your transfer.
Save time by setting up automated payments when you need to send funds to suppliers, staff, or subscription services.
Integrate with Xero to invoice foreign currencies directly and sync all of your transactions. Keep your usual workflow flowing.
Need to talk to an OFXpert?
With offices around the world, our business day follows the sun.
Our local currency accounts accept payments from some of the world’s largest online marketplaces like Amazon, eBay, PriceMinister.com, Newegg, Buy.com, Game, Wish.com, CDiscount.com, Rue du Commerce and Shop.com.
Once you have received your receiving account details by email, upload or send these details to the marketplace. Once you have done this, you can transfer:
Initiate payment: From your marketplace account, send the money to your new OFX receiving account. Delivery times may differ by marketplace and the foreign currency you are sending. Amazon sellers will usually find it takes 2-4 business days for the funds to appear in the receiving account.
Once you have initiated payment of the foreign currency from your marketplace account to your OFX receiving account, log into your OFX account online and book the transfer with us.
As soon as the funds appear in your receiving account, you will be notified by email. They foreign currency will then be automatically forwarded to your designated home bank account.
If you want greater flexibility over when the foreign currency is sent from your receiving account to your domestic account, please let us known during the set up process or afterwards. You can contact us 24/7.
Creating an account can be done in 3 simple steps:
Register: click ‘Register’ in the top right corner and fill in your details. There are no setup fees or monthly account fees.
We’ll call you: After you have registered for an account, we will call you to complete the registration. We will ask you some basic questions including which currencies you want to receive funds from.
Verification & Global Currency Account Opening: To verify your account, we will request some documentation. During the call, we will tell you which documents we require and direct you to our Secure Site to send them directly to the relevant team.
Please note, OFX accounts are normally approved within 4 business days. Following this, your local currency account details should be delivered within 2 business days.
After logging into your OFX Account, click on “Recipients” and select “Add New Recipients”. From here you can add the details for your domestic bank account. The account that the funds are delivered to must be in your name. Watch our short OFXpert guide for more.
The type of verification documents we require will depend on where your business is registered. When we call you, we will let you know which documents are required. Documents must be in English and can either be uploaded to our Secure Site or emailed directly to us.
Yes. You can use your local currency accounts with multiple marketplaces that have been authorised by us. Each marketplace must deliver the currency that your local currency account was initially set up to receive.
Yes! You can pay your vendors, suppliers, or taxes in multiple currencies at your preferred rate before bringing your profits home. Watch our short OFXpert guide for instruction on how to make local and international payments.
At OFX, we don’t charge setup fees or monthly account fees. When you make a transfer with us, we take a small percentage to cover our cost, but this is usually less than what an online marketplace would charge for cross-border payments. With us, there are no outgoing fees in transferring the funds to your home bank account, whereas other providers may charge a fee. Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient bank account. This fee may vary and OFX receives no portion of it.