Home Virtual Account Migration – FAQS

Virtual Account Migration – FAQS

OFX is optimizing the Global Currency Account product working with a new banking partner. Frequently asked questions are answered below. 

Why is OFX changing banks? 

From time to time we make operational improvements which can result in us consolidating or changing our banking partners. We often look at new currencies we can offer and new functionality to support our clients. 

What do I need to do when I receive my new virtual currency account?

When you receive your new account details you need to immediately update all the platforms you use to collect funds. For example marketplaces and Buy Now Pay Later providers you work with. You need to complete this by November, 30 2023.

How does it impact my business receiving funds from Amazon? 

As a participating Payment Service Provider of Amazon, OFX has provided Amazon with advance notice on your behalf to ensure a smooth transition and help minimise any disbursement delays. OFX has identified all known Amazon sellers to the best of our ability. When you receive your new account from OFX you will need to log in to Amazon Seller Central to update your bank account. 

How does it impact my business receiving funds from Afterpay?

Afterpay merchants should email the Afterpay Merchant team to update the bank account details:

US and CA merchants: na-afterpay-merchant-admin@squareup.com

ANZ merchants: anz-afterpay-merchant-admin@squareup.com 

UK merchants: uk-clearpay-merchant-admin@squareup.com

For EU (FR, IT & ES) merchants: eu-clearpay-merchant-admin@squareup.com

If your business has merchant access to the Afterpay Business Hub to manage you can self-serve and make the update via the Hub:

US and CA merchants:   https://hub.us.afterpay.com/

ANZ merchants: https://hub.afterpay.com/

UK merchants:   https://hub.clearpay.co.uk/gb

For EU (FR, IT & ES) merchants, log in to the Afterpay Merchant Portal here

How does it impact my business receiving funds from other marketplaces / platforms?

When you receive your new account details you need to immediately update all the platforms you use to collect funds. For example marketplaces and Buy Now Pay Later providers you work with. You need to complete this by November 30, 2023.

Do I need to transfer the balance of funds I hold from the old account to the new account? 

No, OFX will migrate all funds from your old account to your new account and any existing auto-convert instruction on your account will be carried across. 

Is the new account still a locally held account in the country I am receiving funds in?

Yes. Your new account is still a local receivable account allowing your business to get paid in local currency, hold funds and pay out in both local currency and 50+ currencies. 

When will OFX transfer my funds from the old account to the new account? 

On or before December 6, 2023

Can I change the name of the new account? 

Yes. You can log in at any point and update the name of your new account to something more personal to you. All you have to do is click “Add Nickname”. 

When OFX issues my new account will I still be able to see the old account in my Global Currency Account profile? 

Yes. When you log in to your Global Currency Account you will see both your old account and your NEW account. Your old account will be listed as “closed” and you can still access your statements. 

Can I still access statements for the old account?  

Yes.

What happens to any auto-convert transfer instructions I have on my account/profile?  

Any existing auto-convert instruction on your virtual account will be carried across to your new account by OFX. 

Is there any change to fees?

No. Your new account will operate just like your previous account with no changes to fees so you can continue to receive funds seamlessly. 

Can I download my account certificate for my new account?

Yes, click into your virtual account, navigate to statement and select “more options” where you can download your PDF Account Certificate document. 

What happens if a payment is made into my old account after it is closed? 

OFX will communicate to you when your old account is closed. On and after November 30, 2023 any payments made to your account will be rejected. Please take action to update all the places you use the account to collect funds by this date. 

Is the change in banking partner anything to do with Silicon Valley Bank or regional banks in the US? 

No. OFX uses a panel of global banks for FX and transaction services and has no affiliation or exposure to Silicon Valley Bank or any regional bank in the US. 

Is OFX regulated regarding protection of funds?  

OFX complies with obligations to safeguard funds where required in the applicable jurisdictions and is regulated by financial services regulators globally. 

Australia – ASIC and AUSTRAC

Singapore – MAS

Hong Kong – CED 

New Zealand – DIA 

United Kingdom – FCA and NCA 

Ireland – Central Bank of Ireland 

USA – FinCEN and state regulators

Canada – FinTRAC 

For more information regarding OFX’s affiliated entities visit here