OFX Business Review: Global Account, Cards and Fees

OFX Business Overview

OFX Business has developed from an international-payment service into a broader financial-operations platform. Eligible businesses can receive, hold, convert and pay in more than 30 currencies, issue corporate cards, make batch payments and connect transaction data with accounting software.

The platform is strongest for businesses that regularly collect or spend in foreign currencies and want payments, card expenses and currency management in one place. It may be less compelling for a company that only makes an occasional transfer or needs a full bank account with lending, cash deposits and deposit products.

This review concentrates on the current OFX Business Platform. Availability, plans, payment rails and prices differ by country. The detailed fee examples below are for Australia and were checked on 25 July 2026.

OFX Business at a glance

Who Is OFX Business Best For?

OFX Business is a good fit for:

• Importers and wholesalers paying suppliers in several currencies.
• Exporters, agencies and online businesses receiving overseas customer revenue.
• Finance teams that want to hold a foreign-currency balance rather than convert every receipt immediately.
• Businesses issuing cards for staff travel, online advertising, software subscriptions or recurring suppliers.
• Companies making bulk or recurring payments that need approval rules and accounting reconciliation.
• Businesses that value access to OFX currency specialists and forward contracts or limit orders where eligible.

It is less suitable for:

• Sole traders or companies seeking a replacement for every function of a domestic bank account.
• Businesses that need cash deposits, cash withdrawals, an overdraft or business lending within the same account.
• Very occasional international payers that would not use the account, card or automation features.
• Businesses in unsupported industries or markets, or those unable to complete company and beneficial-owner verification.
• Buyers who choose a provider only by the advertised transfer fee without comparing the customer exchange rate.

Pros and Cons

Pros

• Receive, hold and pay in more than 30 currencies from one platform.
• Local receiving details in selected currencies can reduce reliance on incoming international wires.
• Corporate cards draw directly from available Global Business Account balances.
• Employee and company cards can have individual limits and can be locked or cancelled online.
• Bulk payments, approval policies and accounting integrations can reduce manual finance work.
• Spot transfers, forward contracts and limit orders cover more currency-management needs than a card-only business account.
• OFX advertises 24/7 human support through phone, email and online chat.

Cons

• The OFX Customer Rate includes an exchange-rate margin; the conversion cost is not captured by a headline transfer fee.
• Features, card availability, local receiving details and prices vary by market.
• The free plan does not include all approval, spend-management and accounts-payable automation features.
• SWIFT, excess domestic payments, physical cards and card-funded transactions can attract separate fees.
• A card purchase can trigger a currency conversion and margin when the matching currency balance is insufficient.
• The Global Business Account is not a bank account and should not be assessed as if it carried the same products or protections.

Global Business Account

The Global Business Account lets an approved business open balances in more than 30 currencies. In Australia, OFX currently lists local receiving details for AUD, CAD, EUR, GBP and USD. The UK and North American versions differ, so a business should confirm the local details available to its OFX entity before moving customer collections.

Holding revenue in its original currency can be useful when the business also has costs in that currency. For example, a company receiving USD can keep some USD for suppliers or card spending instead of converting to AUD and later converting back. This reduces unnecessary conversions, although it does not remove the exchange-rate margin when a conversion is eventually made.

OFX describes the product as a virtual business account and non-cash payment facility, not a bank account. It is for commercial use by the registered business. Registration includes identity, ownership and business checks, and OFX may request company documents or information about authorised users.

International Payments and FX Tools

Businesses can make domestic and cross-border payments, transfer between their currency balances and upload payments in bulk. OFX also offers spot conversions and, where the business is eligible, forward contracts and limit orders.

A forward contract can help a business set an exchange rate for a future payment, but it also creates an obligation and may require a deposit or margin payment. A limit order only executes if the target rate is reached. Neither tool guarantees that the business will outperform the future market, so they should be used to manage a known exposure rather than to speculate.

The most useful way to assess an OFX quote is to compare the amount the recipient will receive with another provider at the same time. OFX's public market rate is a reference rate; the customer rate used for the conversion contains OFX's margin.

Compare OFX business exchange rates

Use the live comparison below to compare OFX with other available business services.

Corporate Cards and Spend Management

OFX Corporate Cards are Visa business debit cards linked to money in the Global Business Account. Employee cards can be physical or virtual. Company cards can be created for a subscription, supplier, campaign or other controlled expense, making it easier to set a separate limit and cancel one compromised or obsolete card.

When the account holds enough of the transaction currency, the card draws from that balance. OFX lists no foreign transaction fee in this situation. If the matching balance is missing or insufficient, OFX can automatically convert from the home-currency balance; the Australian pricing page lists a 1.5% margin for an international card payment that requires conversion.

The broader spend tools include receipt capture, expense coding, budgets and approval rules. Full Suite adds more of these controls, including accounts-payable and bill automation. Xero and QuickBooks connections can reduce reconciliation work, but a business should test the exact data flow and approval design during the trial rather than assume every existing process will map automatically.

Cash withdrawals are not part of the Australian corporate-card proposition. Businesses that need regular ATM access or employee cash advances will need another arrangement.

OFX Business Plans and Australian Fees

OFX currently offers Standard, Full Suite and Custom plans in Australia. New clients joining from 1 April 2026 are shown the following prices. Existing or migrated customers should check the schedule attached to their own account notice.

The subscription price is only one part of the cost:

Every currency conversion also uses an OFX Customer Rate containing a margin. A plan described as free can therefore still produce material costs through FX conversion, wires, card funding and third-party bank deductions.

Safety and Regulation

Australian customers deal with OzForex Limited, which states that it holds Australian Financial Services Licence 226 484 and is regulated by ASIC and AUSTRAC. Other countries use different OFX legal entities and regulatory arrangements.

Regulation does not make a payment reversible or eliminate invoice fraud. Businesses should use separate approval roles, protect authorised-user access and independently verify new or changed supplier bank details. This matters especially for a large international payment, which can be difficult to recover after processing.

The fact that funds can be held in the Global Business Account should not be confused with a bank deposit. Businesses should read the terms for their OFX entity and consider how much operating cash they are comfortable holding in a non-bank payment account.

OFX Business vs a Traditional OFX Transfer

A traditional OFX transfer is mainly a conversion and payment from one bank account to another. The Business Platform is designed for repeated finance workflows: collect foreign revenue, retain balances, convert funds, issue cards, approve expenses, pay bills and synchronise records.

The platform is more likely to justify its setup and process changes when a business uses several of those functions. A company needing only one large payment may prefer to compare a standard OFX business quote without adopting the full account-and-card workflow.

For OFX's personal transfers, broader currency coverage and regulation, see our main OFX review. Businesses comparing platform-led alternatives can also read Airwallex vs OFX.

Verdict

OFX Business is a credible option for internationally active SMEs that want currency accounts and payments backed by human FX support, with cards and finance controls available in the same platform. Its combination of 30+ currency balances, bulk payments, corporate cards and eligible hedging tools is broader than the older transfer-only view of OFX.

The strongest value is for a business that can match foreign income with foreign costs, centralise card spending or automate recurring payment work. The main cautions are the exchange-rate margin, market-specific feature set, separate transaction charges and the fact that the account is not a bank account.

Before choosing a plan, compare a real OFX customer quote, confirm the local account details and payment rails available in the business's country, and calculate the likely monthly cost from conversions, wires, cards and domestic payment volumes.

If the platform suits your business, visit OFX to check eligibility and request a quote.

Frequently Asked Questions

Is OFX Business a bank account?

No. OFX describes the Global Business Account as a virtual business account and non-cash payment facility, not a bank account. It can hold currency balances and make or receive payments, but it does not replace every product or protection of a business bank.

How many currencies can an OFX business account hold?

OFX says the platform can receive, hold and pay in more than 30 currencies. Local receiving details are available only for selected currencies and vary by market.

Is the OFX Business Standard plan free?

In Australia, OFX currently lists Standard at A$0 per authorised user per month for new clients under the April 2026 pricing. Currency conversions, wires, excess domestic payments, physical cards and card funding can still cost extra. Pricing differs in other countries.

Does OFX Business include corporate cards?

Eligible businesses can issue Visa employee and company debit cards linked to their Global Business Account balances. Availability and fees vary by country and plan.

Does OFX charge an exchange-rate margin?

Yes. The OFX Customer Rate is different from the wholesale or reference market rate and includes a margin. The margin can vary with the currency pair, amount, market and customer arrangement.

Can OFX Business connect to Xero or QuickBooks?

Yes. OFX lists Xero and QuickBooks bank feeds and integrations. Advanced two-way synchronisation and automation features depend on the plan and market.

Sources

• OFX Australia: business plans and pricing
• OFX Australia: Global Business Account
• OFX Australia: business platform FAQs
• OFX Australia: Corporate Cards
• OFX Australia: General Terms and Conditions for Business

Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.