Is the OFX Global Business Account a bank account?

The OFX Global Business Account is not a bank account. It is a virtual business account that enables clients to hold funds in different currencies and make and receive payments.

How many currencies can I manage with the OFX Global Business Account?

You now have the ability to create and manage 30+ currency accounts in the OFX Global Business Account. Your customers can also pay into any of these currency accounts via international banking transfers (like the SWIFT network). In addition, four of these accounts (CAD, GBP, EUR and USD) allow you to hold local account details for your convenience. This is especially helpful, as your customers can pay you via a local electronic bank transfer. 

How can I add  funds into my OFX Global Business Account?

There are three ways to add funds into your account. 

How much does it cost to hold an OFX Global Business Account?

You have the flexibility to choose a plan that works best for you. Try our plans with a free 60-day trial and decide what works best for you:

Learn more about our pricing plans here.

What currencies can I make a transfer with the OFX Global Business Account?

With the OFX Global Business Account you can transfer 30+ currencies to 180+ countries. This includes all major global currencies and a range of exotic currencies. Here is a full list of our supported currencies.

What are the benefits of having a corporate card for your business?

With the OFX Corporate Card, earn 1% unlimited cashback rewards on everyday card spend.

What is the OFX Corporate Card?

It is a borderless card that allows you to transact locally and globally for your business. On top of CAD, you can use the card to make purchases in over 30+ international currencies by using funds held in these currency accounts.

How does the card work with the OFX Global Business Account?

Our Corporate Card is directly linked to the funds in your OFX Global Business Account. Save money by pre-converting your local currency to foreign currency when the exchange rates suit you. With our card, you get access to CAD and 30+ international currencies. 

When making a payment, our card automatically draws funds from the relevant currency account (i.e. CAD or USD), allowing you to spend like a local with no international transaction fees and no unnecessary currency conversions

If you do not hold funds in the currency you are spending in, or have insufficient foreign currency balances, we’ll automatically convert from your local currency (CAD) at competitive exchange rates.

Can I use the card with Apple Pay and Google Pay? 

Yes, it can. Our card can be used on your mobile device with Apple Pay and Google Pay.

How do I activate my physical card? 

Log in to your account via ofx.com or log in through the OFX Business mobile app. Once logged in, select your card and click Activate. When prompted, enter the last 4 digits on the front of your card and click “Activate” to get started.

How do I add my card to my wallet?

Open Apple Wallet on your iPhone, then tap the plus sign (+) to get started.

Load your card into Google Pay for Android devices.

How do I manage my pin? 

To view or change your PIN, navigate to “card PINˮ under your other cardʼs details on the OFX Business mobile app or online platform.

How can I apply for the card?

To receive and use our card, simply create a business account and try us for free for 60 days. 
Here’s how:

1. Open a business account

Access multiple currencies, enjoy competitive exchange rates, and issue cards to employees without visiting a bank. Create your account here.

2. Create a budget

This is the budget created in your account. Our Business Pro and Premium plans allow you to set spend limits and to set an overall budget with the cards linked to that 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.

4. Create your new card

You’re now all set to issue virtual cards for employees, or create unlimited virtual company cards for subscriptions and other recurring expenses. No waiting or going to the banks.

Note: You’ll need money in your OFX Global Business Account to spend on the card. Get started here.

What’s the difference between an employee card and a company card?

At OFX, you can choose to create employee and company cards. The employee card (physical or virtual) is allocated to individual users. Each user gains access to a mobile app where they can privately view and manage their own spending on the cards. You can set specific spending limits on your employee cards to control expenses and ensure compliance with company policies. 

The company card (physical or virtual) allows you to control spending limits to prevent overspending, such as setting a limit on Google Ads expenses. It’s ideal for specific subscriptions or recurring expenses, e.g. Google Ads or SaaS services. You can also create a company card for a specific event.

How many cards can I assign to my employees?

You can issue an unlimited number of cards. You can assign one employee card to a user, and unlimited company cards.The company card can be shared across different users. 

Do you offer a physical card?

Yes. You can choose a virtual or physical card when creating an employee card inside the platform.

Can I create company cards linked to my OFX Global Business Account?

Yes. You can set up a card for each subscription and manage your expenses per card, with built-in control limits. If your subscription ends, you can cancel the card anytime to ensure you’re not charged on that fee. If there is a security breach on a particular card, you only need to delete that card. This means easier reconciliation, oversight, and added security.

Unlike the employee card (1 card per user), there are no limits to creating company cards in our platform. You can set up multiple company cards all linked to your OFX Global Business Account.

How much can I spend per day on my card?

Your cards can be allocated a budget. You can use the card controls and set a spend limit for each card. When it’s time to make payments, your currency accounts will need to be sufficiently funded. You’ll be notified if there are insufficient funds in your account.

Can I withdraw cash from an ATM with the card?

No you cannot withdraw cash from an ATM with our card.

What are the benefits of using spend management software?

By using our spend management software, you can efficiently manage your spending processes. It seamlessly integrates components such as cross-border payments, employee expenses, bills, vendor payments – all in a single dashboard.

This improved visibility of all your expenses can help you optimise your budget and identify any cost-cutting opportunities.

Does the OFX spend management solution include expense management tools?

Yes. Our spend management solution includes expense management tools to help track all your approvals and your domestic and international business spend in a central place, so you don’t have to switch across different systems. 

With a Business Pro and Premium plan, you can access our spend management solutions allowing you to set up and track budgets, enable mobile receipt capture and categorization and reimburse employees for out-of-pocket expenses. In the Control Hub you can set expense management workflows.  

This streamlines the process of managing employees’ expenses, ensuring timely approvals and accurate record-keeping.

Can I reimburse my employees for out-of-pocket expenses?

Yes. You can do this as long as they are a user on the OFX Full Suite plan. Using the same approval workflow, you can upload the receipts, code the expense, and reimburse your employee without leaving the platform.

Can I still use the expense management tools in OFX with an external corporate card?

Yes. Even if you don’t have our Corporate Card, you can still upload all your receipts into our system and export them into your accounting platform. 

However, to enjoy the full benefits and a more seamless process, using our card allows you to manage your spending, expenses and approvals all in one place, giving you more visibility on your spending.

How much does it cost?

At CAD$15 per user each month, our Standard plan allows you to get started with the basics of spend management tools such as cards, payments, FX, batch payments, card funding and bank feed. 

At CAD$25 per user each month, our Business Pro plan allows you to enjoy more benefits such as managing approvals, expenses, setting budgets, bills and a 2-way sync with Xero. Learn more about our plans.

What are the benefits of using AP Automation for me and my business?

By using our software, you and your team can transform finance operations from a chore into a strategic asset. Our integrated platform not only automates your accounts payable, bill captures, bill payments, approvals, multi-currency transactions, it also syncs with your accounting platform. 

This means not only does every invoice get captured and every payment processed with precision, but you also gain visibility into your financial workflows. It helps you make informed decisions faster, leveraging real-time insights that could potentially save your business money. 

Instead of wrestling with tedious data entry or juggling multiple tools for different tasks, we help you with a single, smart solution that helps safeguard against errors and fraud.

Can AP & Bill Automation capture invoices and checks automatically?

Yes, it can. The built-in Artificial Intelligence (AI) , coupled with our leading OCR in our AP automation software enables you to digitally capture your invoices. It also automatically routes invoices for approval without paper forms, helping you to gain visibility over the approval process and promptly address any bottlenecks.

Can it also analyse receipts?

Yes, it can. Expense receipts can either be uploaded to support a card transaction or as a reimbursable expense claim.

Can I have an approver for the invoice and bill, and have a separate approver for my payment?

Yes, you can set up separate approval policies for bills, expenses and payments. We also know that there can be different layers of approvals. That’s why we built a multi-tiered conditional approvals system, where you can set up rules and edit them within the platform.

How can I get access to the OFX AP & Bill Automation solution?

The OFX Full Suite plan gives you access to our AP automation and approvals workflow solutions, plus more. The cost per user is CA$25 per month after your 60-day free trial. This includes the full benefit of the platform. See our pricing plan here.

How can I make international payments or receive foreign currencies for my business?

With the OFX Global Business Account, you have the ability to create and manage multiple currency accounts, where your customers can pay into any of these currency accounts. 

Four of the currency accounts (CAD, USD, GBP and EUR) allow you to hold local account details, so you can pay and get paid like a local.

What are the benefits of using batch payments for my business?

It’s easy to do batch payments with OFX. Simply upload a CSV to your OFX Global Business Account. Instead of having to jump and toggle between multiple software or apps, the approval workflow is exactly the same for international and domestic batch payments.

How do I access OFX batch payment solutions?

The OFX Global Business Standard, Full Suite and Custom plans gives you access to our batch payment features, and more. For more info, see our pricing plans.

What is the OFX Business App?

The OFX Business App is an all-in-one financial operations app designed to streamline your business cash flow management. It allows you to manage bills, approvals, and payments anywhere, anytime. 

With the app, you can easily pay bills, upload receipts, submit for approval, and keep track of team or project costs, subscriptions, and individual expenses.

Is the OFX Business App free?

Yes, it is a free money and spend management app for businesses.

How can I get the OFX Business App?

Visit the Apple App store to download the OFX Business App on compatible iOS devices, or visit the Google Play store to download on Android devices.

How does the OFX Business App benefit me and my business?

The OFX Business App gives you and your team the flexibility to track local and global business expenses, monitor spend, and organise your financial records anywhere in the world. 

With real-time access to your Global Business Account through the app, you have more visibility and control of your spend management, empowering you to make more informed business decisions

Which platform is the OFX Business App supported on?

Our app is supported on compatible iOS and Android smart devices, for both smartphones and tablets.

Can I connect my QuickBooks Online account to my OFX Global Business Account?

Yes. You can easily connect QuickBooks Online to your account with the following steps:

Can I link my card payments to my QuickBooks Online account?

Yes, you can. Reduce reconciliation bottlenecks by syncing your card expenses with your QuickBooks Online account. Our in-app receipt capture also allows you to document receipts in real-time to help you track employees’ and other business spend.

What other OFX features are compatible with QuickBooks Online?

On top of cards, you can also connect OFX’s Spend Management, Accounts Payable (AP) Automation and Batch Payments with QuickBooks Online. 

Simply follow the steps below:

Can I instruct my accountant to reconcile my payments?

Yes. Select ‘Let my accountant do it’ when creating a payment which will directly send through a bank feed to QuickBooks. Your accountant will then be able to reconcile the bill in QuickBooks Online and match it to the corresponding bank feed.

Why are my QuickBooks Online tax codes different in OFX to QuickBooks?

We use standard QuickBooks Online accounting and tax codes synced through the API. These codes are specific to your QuickBooks account and region. If you have customized your accounting and tax codes, please contact our support team at business@ofx.com or contact your dedicated account manager.

My transaction isn’t syncing to QuickBooks Online?

This link will take you directly to the corresponding QuickBooks Online invoice. If still not working, please contact our support team at business@ofx.com.

I still can’t see my QuickBooks Online payments. What can I do?

If your Business account is showing that QuickBooks Online is connected but you can’t see payments, disconnect QuickBooks Online in the OFX online platform or Business App.

If you are still unable to see QuickBooks Online payments, please contact business@ofx.com.

Note: If you’re connecting QuickBooks Online to OFX for the first time, we don’t currently pull Bills that are already in Awaiting Payment status.

Can I connect my OFX Global Business Account to other accounting or Enterprise Resource Planning (ERP) platforms?

Yes. You can export data from your account as a CSV file and import it into your accounting platform. We’re working on integrating additional accounting packages with our platform, which will be available soon.

Can I connect my Xero account to my Global Business Account?

Yes. You can easily connect Xero to your account with the following steps: 

Can I link my card payments to my Xero account?

Yes, you can. Reduce reconciliation bottlenecks by syncing your card expenses with your Xero account. Our in-app receipt capture also allows you to document receipts in real-time to help you track employees’ and other business spend. 

What other OFX features are compatible with Xero? 

On top of cards, you can also connect OFX’s spend management, AP automation solutions and batch payments with Xero. 

Simply follow the steps below:

Can I instruct my accountant to reconcile my payments?

Yes. Select ‘let my accountant do it’ when creating a payment which will directly send through a bank feed to Xero. Your accountant will then be able to reconcile the bill in Xero and match it to the corresponding bank feed.

Why are my Xero tax codes different in OFX to Xero?

We use standard Xero accounting and tax codes synced through the API. These codes are specific to your Xero account and region. If you have customised your accounting and tax codes, please contact our support team at business@ofx.com or contact your dedicated account manager. 

My transaction isn’t syncing to Xero?

This link will take you directly to the corresponding Xero invoice. If still not working, please contact our support team at business@ofx.com.

I still can’t see my Xero payments. What can I do?

Note: If you’re connecting Xero to OFX for the first time, please note, we don’t currently pull Bills that are already in Awaiting Payment status.

Can I connect my Global Business Account to other accounting or Enterprise Resource Planning (ERP) platforms?

Yes. You can export data from your account as a CSV file and import it into your accounting platform. We’re working on integrating additional accounting packages with our platform, which will be available soon.