Most banks and credit card processors charge as much as 4% over the current exchange rate to convert and transfer funds to your account.* That's a massive margin, and untenable for many would-be online sellers. Fortunately, there's a better way.
OFX offers online seller accounts
that save you money on foreign currency conversions and transfers. OFX online seller accounts let you establish a local receiving account in seven different global currencies (USD, CAD, EUR, AUD, GBP and HKD) so you can receive payment in your customers' local currencies.
When you're ready to transfer your money to your personal home bank account, OFX charges 1.5% or less to convert and transfer the currency. That's a savings of 2.5% over most competitors, per transfer!
OFX also gives you more control over your foreign exchange costs with tools like Forward Contracts and Limit Orders
, so you're never at the mercy of unnecessary risks. Forward Contracts let you lock-in the current market exchange rate for up to twelve months, giving you security, predictability, and clarity in the long-term planning of your business finances despite the normal (and not-so-normal, like Brexit) fluctuations and undulations of the global market, so you can wait to execute the transfer until you're absolutely ready to. Limit Orders allow you to set a pre-determined market exchange rate with which you are comfortable, and when that rate is triggered, you will be automatically alerted and have the opportunity to initiate a transfer, protecting you from punitive rates and cash flow concerns.