OFX Subscription Agreement (Business)

These terms and conditions apply from 1 June 2024. 

This Subscription Agreement (Business) governs your subscription associated with your Business Account offered by OzForex Limited trading as OFX (ABN 65 092 375 703) (OFX) (the Subscription Agreement).

In this Subscription Agreement, “you” and ““your” refers to you, and “we,” “us” and “our” refer to OFX. By opting into a Subscription Plan, you agree and accept all the terms and conditions within this Subscription Agreement.

This Subscription Agreement, is in addition to and must be read in conjunction with the OFX General Terms Conditions (Business) and any other agreement which you have entered into with OFX and which may apply to your use of the Services, including any Additional Terms. If any inconsistency exists between this Subscription Agreement and the OFX General Terms and Conditions, the OFX General Terms and Conditions (Business) shall prevail. “OFX General Terms and Conditions (Business)” refers to the OFX General Terms and Conditions (Business) available within the legal section at ofx.com.

Capitalised terms not defined in this Subscription Agreement have the meaning set forth in the OFX General Terms and Conditions (Business).

These documents contain legal obligations for you and for us so you should read them carefully to make sure you understand them. If you have any questions, please contact us on 1300 300 524 (Local), +61 2 8667 8091 (International) or via email at business@ofx.com.

You can get a copy of any OFX legal agreement, including this Subscription Agreement, at any time by emailing us at business@ofx.com.

1. Subscription

1.1. Subscription Plans. OFX provides a number of subscription plans. These include a free ‘OFX Business’ plan, a paid ‘OFX Business Plus’ plan and an ‘OFX Configure’ plan, which is configurable for larger customers or those with complex needs. Details about each plan and the features included can be found in Schedule 1. The types, options and details within each Subscription Plan may be updated from time to time. We will give you prior notice via your Business Account or via email of any changes. Changes to any Subscription Plan will become effective from your next Billing Cycle.

1.2. Registration. You will need to set up a Business Account to access the Services, in accordance with the OFX General Terms and Conditions (Business). You will be subscribed to the free ‘OFX Business Plan’ to enable your access to the Services unless you choose to upgrade.

1.3. Cancellation. You may cancel your Subscription Plan at any time by providing 24-hour written notice to business@ofx.com. If you cancel your Subscription Plan before the end of the Billing Cycle, you will continue to have access to the Services until the end of that Billing Cycle, after which you will automatically be transitioned to the free ‘OFX Business Plan’. By cancelling your free ‘OFX Business Plan’, you are terminating your access to the Services and effectively closing your Business Account.

2. Use of Services

2.1. Use of Services. OFX grants you the right to use the Business Account and Services in accordance with your Subscription Plan. Use of the Business Account and Services must be in accordance with the OFX General Terms and Conditions (Business).

3. Billing

3.1. Billing Cycle. The subscription fee for the Subscription Plan, and any other charges you may incur in connection with your use of the service, such as taxes, will be charged to your chosen Payment Method at the start of each Billing Cycle. The length of each Billing Cycle is 30 calendar days and will begin the day you set up your Business Account, the first day after the end of your Trial Period or the day you opt into a paid Subscription Plan, whichever is earlier. The Subscription Fee will depend on the Subscription Plan that you choose in accordance with Schedule 1.

3.2. Payment Methods. When setting up your Business Account, you must provide one or more Payment Methods. Payment Methods may be updated within the Secure Website. There are four Payment Methods available to pay your Subscription Fee:

3.3. Overdue Fees. If a Subscription Fee is not successfully paid due to expiration of the primary Payment Method, insufficient funds, or otherwise, you remain responsible for the unpaid Subscription Fee. OFX will charge the Subscription Fee using any other valid Payment Methods if provided. If there are no valid Payment Methods provided, OFX reserves the right to downgrade your Subscription Plan to a free Subscription Plan if available, or suspend your access to the Services until we have received the full Subscription Fee. OFX will continue to attempt to receive payment via the primary Payment Method until the Subscription Fee is paid. If the Subscription Fee continues to remain unpaid, OFX reserves the right to close your Business Account or terminate the Agreement under the OFX General Terms at our sole discretion.

3.4. Changes to Prices. We may vary the Subscription Fee from time to time, by providing you prior notice. The new Subscription Fee will come into effect from the following Billing Cycle, and you may cancel your Subscription Plan before then, in accordance with clause 1.3.

3.5. Refunds. OFX does not offer pro-rata refunds or refunds of unused services. If you no longer want to pay the Subscription Fee, you must cancel your subscription before the end of the Billing Cycle in accordance with clause 1.3 or terminate this Subscription Agreement in accordance with clause 4.2.

4. Termination

4.1. Term. Your OFX subscription will begin on the day you register for your Business Account and opt for a Subscription Plan and will continue as long as it is not terminated or cancelled by you or by OFX.

4.2. Termination by You. You may close your Business Account at any time by providing at least 24-hour prior written notice to business@ofx.com. Termination will take effect 24 hours after the receipt of the written notice, and consequences of the termination will be governed by the OFX General Terms and Conditions (Business).

4.3. Termination by OFX. OFX may, without prior notice, immediately suspend or cancel your access to the Business Account in accordance with the OFX General Terms and Conditions.

5. Liability

5.1. Liability. You are liable to pay the Subscription Fees as and when they become due and payable.

5.2. Limitations on Liability. To the extent permitted by law, OFX’s liability to you for all claims arising out of or in connection with this Subscription Agreement shall not exceed the total value of any Subscription Fees collected by OFX in the month prior to the incident giving rise to the liability, regardless of whether the liability arises under breach of contract, tort (including negligence), statute, equity, contact or any other cause of action.

5.3. Consequential Losses. Neither you nor OFX are liable to the other for any consequential or indirect loss including, but not limited to, loss of profit, lost opportunity cost or loss of enjoyment.

6. Trial (only applicable when a Trial is available)

6.1. Description of trial. If you request one of the paid Subscription Plans, you may have the option of a 30-calendar day free trial from the date your Business Account is approved or the date you opt into the paid Subscription Plan, whichever is earlier. To be eligible for a Trial Period, you must be a new subscriber to any of the paid Subscription Plans and you must provide a valid Payment Method.

6.2. Trial duration and cancellation. You may cancel your free trial at any time before the end of the Trial Period by notifying us in writing. If you cancel your trial during the Trial Period, you will lose access to the paid subscription and your account will automatically switch to the free Subscription Plan at the end of the Trial Period. Unless cancelled before the end of the Trial Period, you will automatically become a subscriber to the applicable paid plan that you have opted into and the Payment Method you provided will automatically be charged on the first day following the end of the Trial Period. You will be notified of the upcoming end to your Trial Period.

6.3. Payment post-Trial Period. You are required to pay the Subscription Fee for the Subscription Plan that you are on following the Trial Period in accordance with section 4. Non-payment will be dealt with in accordance with section 4.3.

7. Miscellaneous

7.1. Amendment to this Agreement. We may modify, update or otherwise alter this Subscription Agreement from time to time. Any changes implemented will not affect your rights to cancel your Subscription Plan. If we make a materially adverse change to this Subscription Agreement or to the Services, we will provide you with prior notice. Your continued use of the Services after such change constitutes your acceptance of the change. If you do not agree to any changes, you must cancel your Subscription Plan in accordance with clause 1.3 or terminate your Business Account in accordance with clause 4.2.

7.2. Severability. If any term under this Subscription Agreement, whether full or in part, is found to be illegal, invalid or unenforceable, under any law or enactment, it will no longer form part of this Subscription Agreement. That will not affect the legality, validity or enforceability of the rest of this Subscription Agreement which will otherwise remain in full force and effect.

7.3. Assignment. The rights and obligations under this Subscription Agreement may not be assigned by you to any another party. We may assign this Subscription Agreement to any of our Related Body Corporates without prior notification.

7.4. Governing Law. This Agreement shall be interpreted in accordance with the laws of New South Wales, Australia and you agree to submit to the jurisdiction of the courts of New South Wales, Australia.

7.5. Survival. Upon termination of this Agreement, the following sections of this Agreement shall remain in effect: clause 3 (Billing), clause 4 (Termination), clause 5 (Liability), clause 7.4 (Governing Law) and clause 7.5 (Survival).

Glossary:

Billing Cycle means the 30-calendar day period for which you are charged your Subscription Fees.

Payment Method means a current, valid, accepted method of payment, as may be updated from time to time.

Related Body Corporate has the meaning in section 50 of the Corporations Act 2001 (Cth).

Subscription Fee means the total amount payable by you to us in accordance with your chosen Subscription Plan as per Schedule 1.

Subscription Plan means the nominated plan you select to access the Services. Each Subscription Plan has defined products, features, limits and capabilities as per Schedule 1.

Trial Period means a 30-calendar day period from the date your Business Account is approved or the date you opt into the paid Subscription Plan, whichever is earlier, in which you can access the Subscription Plan for free instead of being liable to pay the associated Subscription Fee.

Schedule 1

Features, Products and Services	Business Plan	Business Plus
Monthly Platform Fee	$0 per user per month	$15 per user per month
Platform Fee	–	–
Max Users	3	50
Users	3	-1+
Accountants, viewers & guests	unlimited	unlimited

PAY
Send global transfers to vendors & employees in multiple currencies	✓	✓
Company cards that can be shared for online software subscriptions & expenses	✓	✓
Employee Cards with Apple Pay & Google Pay	1 per user	1 included per user
Physical Cards	once off fee of $10 / card	once off fee of $10 / card
Customised Physical Cards	–	–
Send transfers to multiple vendors with batch-pay functionality	✓	✓

RECEIVE
Multi-currency business account	✓	✓
Local In-country bank details in USD, EUR, GBP, AUD, CAD	✓	✓

MANAGE
Hold & instantly convert between 37+ currencies	✓	✓
Approvals for payments & cardspend	–	✓
Expense Management	–	✓
Budgets (to manage spend for teams & departments)	✓	✓
Bill Automation – Invoice data extraction (OCR) & AP Automation	–	✓
Accounting Integrations	Xero Bank Feeds	Xero Push & Pull Reconciliation
Integration into Payroll Software : Keypay & Employment Hero	–	✓

EMBEDDED FINANCE
API Access	–	–

ADDITIONAL FEATURES
Online & Phone support	✓	✓
Dedicated Account Manager	–	✓
Single sign on with saml	–	–

FEES
Competitive Wholesale FX Rates	✓	✓
Cross Border Transactions	✓	✓
Cross Border Local Transaction Fees	–	–
Cross Border Wire / SWIFT Fees	$10 / transaction	$10 / transaction
Payments on OFX Corporate Cards	–	✓
Domestic Transactions	20 transactions included, thereafter $1 / transaction	50 transactions included, thereafter $1 / transaction
Payroll Payments		✓
Receive
Receive Domestic Transfers	–	–
Receive Wire / SWIFT Payment	$5	$5
Fund your wallet or transfers with a credit card and earn rewards	1.4% VISA/MC, 1.95% AMEX	1.4% VISA/MC, 1.95% AMEX
FX rates on international card purchases	1.50%	1.50%

Card Details
Card Type	Prepaid	Prepaid
Card Scheme	Mastercard	Mastercard
Card Issuer	OFX via PTRN	OFX via PTRN