Managing Your Online Business

 

 

business bank account

How to Get an EIN from Outside the U.S.

If you’re doing business in the US but you aren’t a citizen, you can apply for an EIN to file taxes. Here’s how to get an EIN from outside the US.

online marketing

How Do I Market My Product Online

We're going to show you some of the best tips to market your products on some of the world's most popular online marketplaces, as well as some general best practices for marketing your product online.

online sales

Online Payment Systems for Small Business

Let’s take a look at some of the most popular online payment systems for small business, and why not all online payment methods for small business are created equal.

online payments

How to Accept Online Payments Without a Merchant Account

How can you accept online payments without a merchant account? OFX tells you what you need to know.

Online Seller FAQs

Creating an account can be done in 3 simple steps:

  1. Register: click ‘Register’ in the top right corner and fill in your details. There are no setup fees or monthly account fees.
  2. We’ll call you: After you have registered for an account, we will call you to complete the registration. We will ask you some basic questions including which currencies you want your receiving account to accept.
  3. Verification & Receiving Account Opening: To verify your account, we will request some documentation. During the call, we will tell you which documents we require and direct you to our Secure Site to send them directly to the relevant team. 

Please note, OFX accounts are normally approved within 4 business days. Following this, your receiving account details should be delivered within 2 business days.

Our receiving accounts accept payments from some of the world’s largest online marketplaces like Amazon, eBay, PriceMinister.com, Newegg, Buy.com, Game, Wish.com, CDiscount.com, Rue du Commerce and Shop.com. 

If your marketplace is not listed here, ask your OFX account representative or contact us at onlinesellers@ofx.com. We are always adding to our list of approved marketplaces. 

At OFX, we don’t charge setup fees or monthly account fees. When you make a transfer with us, we take a small percentage to cover our cost, but this is usually about 75% less than what an online marketplace would charge for cross-border payments.* With us, there are no outgoing fees in transferring the funds to your home bank account, whereas other providers may charge a fee. Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient bank account. This fee may vary and OFX receives no portion of it.

 

*Average savings based on a sample of published transaction fees for cross border payments provided by Amazon and PayPal dated 8.24.16.  Quoted savings are not indicative of future savings.


 

Once you have received your receiving account details by email, upload or send these details to the marketplace. Once you have done this, you can transfer:

  1. Initiate payment: From your marketplace account, send the money to your new OFX receiving account. Delivery times may differ by marketplace and the foreign currency you are sending. Amazon sellers will usually find it takes 2-4 business days for the funds to appear in the receiving account.
  2. Once you have initiated payment of the foreign currency from your marketplace account to your OFX receiving account, log into your OFX account online and book the transfer with us.
  3. As soon as the funds appear in your receiving account, you will be notified by email. They foreign currency will then be automatically forwarded to your designated home bank account.

If you want greater flexibility over when the foreign currency is sent from your receiving account to your domestic account, please let us known during the set up process or afterwards. You can contact us 24/7.

Yes, you can view your receiving account history at any time. Once you are logged in, select Deal & Orders, then select the Transfers tab, where you can find your account history.

Why choose OFX?

regulated

Trusted globally

We have offices in Australia, Canada, Hong Kong, New Zealand, the UK and the USA.

24/7 support team

24/7 support team

Our money transfer specialists are available on the phone 24 hours a day, 7 days a week!

Zero transfer fees*

Enjoy zero OFX fees when you make a transfer with our great rates.