Virtual cards
Control and track your business spend with virtual corporate cards. Issue a virtual card in real-time to an employee with a pre-set budget, or create unique cards to pay recurring business expenses.
What are virtual cards?
Similar to traditional bank cards, virtual cards also have a 16-digit card number, CVV security code and expiry date. Unlike physical cards, there are no cash withdrawals with virtual cards.
What is the OFX virtual card?
Our virtual card is a Visa Business Debit Card linked to your OFX Business Account. Monitor and manage all your card spend in one place, without having to exit and log into another platform. Lock or cancel the card anytime from your phone.
Different types of virtual cards for your business
Employee cards
Virtual cards for employees
Give your team and employees the autonomy to spend as they need to without going over budget.
- Issue virtual cards to employees globally with individual spend limits
- Enjoy better spend controls with real-time visibility of your business expenses
- Create budgets and automated approval policies linked to the card to reduce any unnecessary spending
Company cards
Virtual cards for company use
Gain more control and oversight of your recurring business expenses.
- Create unique virtual cards to track each recurring expense such as Google ads and other bills or subscriptions
- There’s no limit to how many virtual company cards you can create
- Lock or cancel the card anytime from your phone or if you want to end a subscription to prevent unwanted charges
- Save time and energy spent on tracking, cancelling and reissuing cards. When employees leave, simply cancel the company cards they have access to.
Using virtual corporate cards effectively
Different ways of managing your business expenses
Seamless local and global payments wherever you go
- Pay like a local
On top of AUD, tap your virtual card and spend like a local in USD, EUR, GBP and CAD. Simply fund your account in the currencies you need.
- Competitive exchange rates
When you or your team travel overseas, use the virtual card to make purchases in over 30 currencies with competitive exchange rates.
- Simple and hassle-free payments
Link your virtual cards to Apple Pay or Google Pay for easy, contactless on-the-go payments.
Or use the card in the OFX Business Platform and the OFX Business App to pay your suppliers or make online purchases.
Integrating virtual cards with built-in expense management
- Prevent overspending
Set rules and controls or auto-categorise expenses to authorise the type of purchases that can be made.
- Recategorise transactions
Approvers can recategorise transactions after the purchase is made, to meet the set criteria.
- Submit expenses on the go
No more paper receipts. Attach expense receipts with a quick photo via the OFX Business App.
Security and control
- Extra security
Store the virtual employee card in your Apple Wallet or Google Wallet for quick and secure contactless payments. Digital wallets use tools like encryption and biometrics to help keep details safe.
- 2-step verification
We keep your account secure with 2-step verification to ensure only you have access to your card and funds.
- Lock or cancel your card immediately
If you think your card has been compromised, lock it temporarily or cancel it permanently anytime via the app or platform. Our card fraud monitoring also gives you an additional layer of control.
Create and issue virtual cards with an OFX Business Account for free.
How to get started: Creating your virtual card
1. Open a business account
Access multiple currencies, enjoy competitive exchange rates, and issue cards to employees without visiting a bank. Create your free business account here.
2. Create a budget
This is the budget created in your account. You can set single-use and/or recurring budgets and give specific team members access to this budget.
Pro-tip: You can also set individual spend limits and controls within each budget for different users and teams.
3. Invite or add a new user to your team
A card must be attached to a user. Invite a new user to your team and assign them a role and permissions.
Note: If you’re on our Business plan, you have free access to one employee card per user (for up to 3 users). To enjoy more cards or users, consider the OFX Business Plus plan.
4. Create your new card
You’re now all set to issue virtual cards for employees, or create unlimited virtual company cards for your business subscriptions and other recurring expenses. No waiting or going to the banks.
Note: You’ll need money in your OFX Business Account to spend on the card. You can add funds to your account through a rewards credit card, direct debit, bank transfer or BPAY.
What others are saying about our virtual cards
Real uplift in productivity
Nick Bishop, PlasmaLeap CFO
Real uplift in productivity
Nick Bishop, PlasmaLeap CFO
Virtual cards FAQs
What are the benefits of using virtual cards for business spend?
Using virtual corporate cards offers a range of benefits. With OFX virtual cards, you can streamline business expenses while offering control, security and global spending convenience.
- Enhanced oversight on employee expenses: Issue virtual corporate cards to employees in seconds, making it easy to track and manage spending.
- Stronger spend controls: Set automated approval policies and spending limits to prevent overspending and ensure approval of spend.
- Global flexibility: Pay in over 30 currencies using funds held in your OFX Global Accounts, with local bank details in AUD, USD, GBP, EUR and CAD.
- Convenience: Store virtual cards in your Apple Wallet or Google Wallet for quick, on-the-go payments.
How can I get virtual cards for my business?
With an OFX Business Account, you can create and issue virtual corporate cards in seconds, once your account has been approved. You and your team can access the cards securely via the online Business Platform or the OFX Business app.
Is the OFX virtual card a debit virtual card or prepaid virtual card?
Our virtual card is a Visa Business Debit Card. To spend on the card, you just need to ensure there are sufficient funds in your OFX Business Account to fully cover the transaction.
Are OFX virtual cards free?
Yes. Create and issue virtual employee cards for free by signing up for an OFX Business Account. There are no extra or hidden fees to create virtual cards. Our free Business plan allows you to have up to three users, where you can assign one virtual employee card and/or one physical employee card to one user. However, the company card (which is a virtual card), can be shared across multiple users.
If you wish to add more users to your account, you can upgrade to the Business Plus plan which allows you to have unlimited users at $15 per user each month. See all the features included in our Business and Business Plus plans on our pricing plans page.
Can I use the OFX virtual cards in another country?
Yes. You can use your virtual card internationally, in countries that accept online or contactless payments with Visa. Exchange, pay and hold 30+ currencies with the virtual card, by using funds held in these accounts. Plus, you can tap and pay like a local in AUD, USD, GBP, EUR and CAD.
Achieve more control with virtual cards
Gain more control and time with streamlined processes – all from a single platform. Get started for free with a Business plan. Or enjoy more features in our paid Business Plus plan with a 30-day free trial.
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