FAQs: Enhanced OFX Business Account

After reviewing and accepting the Terms & Conditions, you’ll land on the homepage dashboard, where you’ll see a refreshed interface. The dashboard provides easy access to essential features, like getting an FX quote, viewing your USD account balance and making global payments.

The dashboard is customizable and will become more populated as you add more Global Business Accounts and start transacting. To help you navigate the platform, you can ‘take a tour’, which will introduce you to the tools available.

To access your account, continue to log in through our secure site. For your first login to the enhanced platform, use your existing login details. On subsequent logins, you’ll need to use your email address as your username. The platform will prompt you to do this. 

Yes, once you’re on the enhanced platform you’ll need to log in first and accept the Terms & Conditions. Other users on your account won’t be able to access the account until you’ve done this.

All your existing users will automatically be assigned a ‘payer’ role. This will let them make payments similar to what they do today. As the Account Owner, you’ll have full access and can update permissions for other users as needed.

Direct Debit accounts you’ve set up with OFX will be available under ‘Fund your Account’. Please accept the updated Direct Debit Agreement in order to fund a payment with OFX. The platform will prompt you to do this.

There’s no impact to any Spot Transfers booked and paid for prior to you moving to the enhanced business platform.

Recipients you’ve used in the last two years, and those you’ve added or updated in the last year will be available under ‘Recipients’.

Yes, your transaction history will be available. If you need older records, please email us at business@ofx.com and we can help.

Yes, there is a new OFX Business mobile app. You can download the new OFX Business mobile app from the Apple App store or Google Play store. Please note the old OFX mobile app will no longer work with your OFX business account.

Yes. Your enhanced  account will be in your company’s name with unique local (direct) and international (SWIFT) bank account details, you’ll need to update the saved details in your online banking for OFX to avoid any issues.

A $5.00 transaction applies to receive funds via FedWIRE or SWIFT. You can avoid this fee by using Direct Debit, or domestic payment options like EFT, ACH or SEPA.

You also now have the option to use your credit card to fund your account. 

There are no changes to Direct Debit. If you’d like to add a new bank account for OFX to withdraw funds from, you can easily do so at any time.

Occasionally, third-party banks and credit card companies may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it.

Once your account is ready on the refreshed OFX Business platform, you will no longer have access to the classic view OFX business website or app. You will continue to be able to make FX transfers and global payments quickly and securely as you’ve always done with OFX. 

This video tour walks through the simple steps to make a payment. Your transaction history and recipients will also be available on the refreshed platform.

If you have any questions or would like a live demo of the refreshed platform please email us. We are here to support you 24/7.

Our enhanced OFX Business Platform has new services and some changes to our fees. We’ve updated our Terms and Conditions, which has details of the new services and the changes to fees that will apply. Key updates to include:

We’ve changed the fees on domestic payments.

Each month, your first 20 domestic payments are free, and $0.50 per domestic transaction thereafter. 

Pay nothing for transfers into your Global Business Accounts when using ACH Direct Debit

A $5.00 transaction applies to receive funds via FedWIRE or SWIFT. You can avoid this fee by using Direct Debit, or domestic payment options like EFT, ACH or SEPA.

New services: Our OFX Business Platform now includes Global Business Accounts, where you can receive, hold and spend in 30+ currencies.

Fund your OFX Global Business Accounts with a domestic or foreign credit card (Visa, Mastercard, or any other credit card we may allow). A 2.90% transaction fee for domestic credit cards and a 3.40% transaction fee for foreign credit cards applies. 

Occasionally, third-party banks and credit card companies may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it.

Where can I find my updated legal and disclosure documents? 

Please review the updated legal documents below, which will apply to your OFX Business Account from the date of your upgrade: 

OFX General Terms & Conditions (Business)

OFX Subscription Plan – Business Basic

Yes. We’ve simplified the way you make FX payments, now you can  make and track payments (previously called ‘booking a transfer or deal’) right from your USD account. Previously, you’d book a deal and make payment to OFX’s account to facilitate the transfer to your recipient. Now, you have access to an account in your company name, with a unique account number. This means you can make international and domestic payments directly from your account and enjoy more oversight of the payment status to your supplier or vendor. 

Check out our quick step-by-step video or guide, and our tips below to get started.

If you’re making wire transfers, your account has an unique routing and account number, and SWIFT account details with its own IBAN number.

Tip: To ensure seamless FX and global payments, we recommend updating your online banking with these new account details as soon as you transition to the refreshed platform. 

Yes. We’ve created a USD account in your company’s name with unique transit, institution and account numbers. This is the account you’ll pay into to make your FX and global payments. If you typically settle payments via Direct Debit, you will still be able to do this.

Tip: To ensure seamless FX payments, we recommend updating your online banking with these new USD account details as soon as you transition to the refreshed platform.

You’ll no longer receive automated emails for ‘Deal booked’ or ‘Payment Created’. Instead you can customize the notifications you receive from us and the frequency. You have the option to receive notifications every time a payment is made, on a daily basis, or not at all. Additionally, you’ll receive an email once the payment has landed in your recipient’s account.

No, you’ll no longer need to include a client reference number or deal ID. We’ve created a USD account in your company’s name with a unique account number. Think of it like a transactional account. You can directly pay into this account to facilitate your FX payments to your suppliers or vendors.

This  refreshed platform aims to give you more control over your funds, FX payments and financial operations, with benefits, like a Global Business Accounts in 30+ currencies and the ability to pre-convert funds and hold them in your account to take advantage of favorable market conditions.

Access to Global Business Accounts. You’ll receive a USD account to start with; your home base for managing all your FX payments 

Ability to create Global Business Accounts in 30+ currencies including EUR, GBP, AUD, and CAD.

Create and track payments directly in the platform, with oversight of payment status, recent payments and deposits into your account.

Contact our team via email at business@ofx.com or call 1-888-966-6888. We’re happy to help!

Yes, our dedicated specialists are still here to help 24/7, providing the same service you know and trust. You can contact us via phone or email as you’ve always done.

You can also explore our Knowledge Base from within your account for step-by-step instructions on how to navigate and use it.