OFX Global Currency Account – BER Review

OFX Global Currency Account – Independent BER Review

Exchange Rates 4
Customer Service 4
Ease of Use 3

OFX Global Currency Account: A Summary

OFX has a 30-year history and is one of the largest foreign exchange specialists in the world. It offers a “Global Currency Account” that allows online sellers to hold, send and receive funds in GBP, EUR, USD, AUD, CAD and HKD.

Multi-currency accounts enable sellers to invoice customers in their local currency, and with these accounts many of the costly, back-and-forth FX charges associated with cross-border trade can be avoided.

Though OFX clearly offers bank-beating FX costs, it is slightly more expensive than some other services in the market, particularly for more exotic currencies.



  • Well designed account dashboard
  • “Local” receiving accounts for 6 major currencies
  • Can create multiple accounts for each currency
  • Place transfer orders online or by phone.
  • No monthly account fees
  • Excellent 24/7 customer service
  • Longstanding company with vast FX experience
  • FX forwards, bulk and recurring payments with OFX
  • 80 percent of money transfers completed within 1 business day


  • Not for personal use; online sellers only
  • Exchange rates a little worse than other services
  • No debit card
  • Transfers to bank accounts only
  • FX fees less transparent (included in the FX rate)
  • Can take as long as 6 working days to receive account details
  • OFX limit orders only for large transfers (A$30,000, £20,000 etc.)


Who Is the Global Currency Account For?

The Global Currency Account is designed for those selling at approved online marketplaces like Amazon, eBay, PriceMinister.com, Newegg, Buy.com, Game, Wish.com, CDiscount.com, Rue du Commerce and Shop.com; it is for sellers with international exposure to GBP, EUR, USD, AUD, CAD and/or HKD but without bank accounts for one or all of those currencies.


USD to EUR International Money Transfers

 Compare  OFX logo

FX ProviderReceive EURExchange RateFee USDDeal Links
Save €326
HSBC logo
€279 less
U.S. Bank logo
U.S. Bank
€301 less
Wells Fargo Bank logo
Wells Fargo Bank
€341 less
Bank of America logo
Bank of America
€382 less
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
Bank Average
OFX: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:0.8434 (0.5% from mid-rate)
To Amount (EUR)8,434
Total Cost:0.5%
Rate Fetched: 9:24 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
: 4.8/5.0

HSBC: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:U$15.00 USD (.15%)
Exchange Rate:0.8167 (3.65% from mid-rate)
To Amount (EUR)8,154.75
Total Cost:3.79%
€279 EUR less than using OFX
Time:9:24 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
: /5.0

Compare HSBC Rates
U.S. Bank
U.S. Bank: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Exchange Rate:0.8133 (4.05% from mid-rate)
To Amount (EUR)8,133
Total Cost:4.05%
€301 EUR less than using OFX
Time:9:24 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
: /5.0

Compare U.S. Bank Rates
Wells Fargo Bank
Wells Fargo Bank: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:U$100.00 USD (1%)
Exchange Rate:0.8175 (3.55% from mid-rate)
To Amount (EUR)8,093.25
Total Cost:4.52%
€341 EUR less than using OFX
Time:9:24 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
: /5.0

Compare Wells Fargo Bank Rates
Bank of America
Bank of America: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:U$100.00 USD (1%)
Exchange Rate:0.8133 (4.05% from mid-rate)
To Amount (EUR)8,051.67
Total Cost:5.01%
€382 EUR less than using OFX
Time:9:24 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
: /5.0

Compare Bank of America Rates
Banks - Average Rate
Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Exchange Rate:0.8117 (4.24% from mid-rate)
To Amount (EUR)8,108
Total Cost:4.34%
€326 EUR less than using OFX
Transfer Speed:
Click bank icon to add to table

Snapshot 09/21/2020 - View live rates

Account Fees

There are no account opening or monthly fees.


Exchange Rates and Transaction Fees

All Global Currency Account transactions with a foreign exchange component will be subject to an OFX exchange rate that includes a mark-up, and this makes the service somewhat less transparent than some newer firms in the industry that disclose fees separately.

OFX is certainly not the cheapest FX provider but it is not an expensive service by any means.

Further to costs built into the exchange rate, with OFX you might be asked to pay a flat transfer fee when you send money — a fee that varies by currency. For AUD, fees are currently set to AUD15 for amounts less than AUD10,000, and the same is true for CAD transfers (CAD15 for sub-CAD10,000). For GBP and USD transfers, no transfer fees are charged.

For currency routes that we looked at (routes involving AUD, INR, GBP, EUR and USD), the cost of an international payment with OFX averaged 1.4 percent of the transferred amount, which is exceptional when compared with the cost of sending money with a bank (bank charges might have averaged 4.0 percent for the same transactions), but is perhaps double what is charged by newer firms in the industry that offer transfers at interbank exchange rates with or without a small, separate fee.


“Local” Accounts (For Receiving Major Currencies)

With a Global Currency Account, you’ll be given a unique set of account details for receiving each of the following major currencies free of charge: GBP, EUR, USD, AUD, CAD and HKD.

With these “local” account numbers, businesses can save substantial sums by avoiding unnecessary back-and-forth FX charges. An Amazon seller in the UK could, for example, receive funds from French customers worth €5,000, keep those funds in euros, and then send euro payments to Spanish suppliers worth €3,500. If the seller then wanted to withdraw profits to the UK, the only FX costs to be paid would be those on the remaining €1,500 which must be converted into British pounds. Without OFX’s EUR account, this Amazon seller would pay for EUR-GBP conversion every time money was received from the continent, and would pay a GBP-EUR cost on all Spanish supplier payments.

OFX notes that new customers might need to wait 6 working days for their Global Currency Account numbers (4 working days for new-account approval and 2 for receiving account details).


Is Money Safe in a Global Currency Account?

The short answer is “yes,” or at least as safe as it can be.

OFX deploys top-notch security systems, is highly regulated and has an inherently low-risk business model, which in the FX space means that it offers a deliverable-only FX service and does not take positions in the markets, thereby eliminating market risk.

As for your money, this is held separately from OFX’s own funds in a major financial institution.

As part of its account-protecting technology, OFX deploys algorithms that monitor registrations, logins and transactions to identify suspicious activity, and other tech includes a multi-layered fraud prevention system that works against phishing, malware and apps that might target customer accounts.

Needless to say, SSL encryption is used to keep your information safe from prying digital eyes.

At the time of writing, OFX was regulated by financial authorities in the UK (FCA), Australia (ASIC), Canada (FINTRAC) and the US (FinCEN).

More generally, OFX’s long history and excellent reputation also bode well when considering the safety of your money.

All said, we cannot see any reason why funds would be at risk in an OFX Global Currency Account.


Advanced Features

OFX provides a number of risk and FX management features that businesses will appreciate.

Forward contracts are an effective way of managing foreign currency exposures for those who stand to lose significant amounts if exchange rates move against them in the coming days or months (up to 12 months). A forward contract allows for locking in an exchange rate today for a transfer that you will pay for in future. Once you have opened a Global Currency Account, give an OFX rep a call to discuss your unique hedging requirements.

Mass payments, such as those needed for payrolls, are easily done using Multipay, which is also set up by calling OFX. With Multipay, up to 500 payments can be sent at once.

Limit orders allow users to convert money at exchange rates better than today’s. Once a desired rate has been specified, OFX systems will monitor the FX markets 24/7 on a user’s behalf, triggering their money transfer once the market rate matches the desired rate. A downside of this feature is that the minimum transaction size for limit orders is large, at AUD 30,000 or GBP 20,000 (varies by currency).

Recurring transfers are available, such as those needed for overseas mortgages. With OFX, a payment plan can be set up at a fixed, agreed-upon exchange rate so that you know exactly what you’re spending each month.


Customer Service

Customer service at OFX is 24/7 and support options are excellent. These include 10 national phone lines reaching support staff in 7 countries, email support and an extensive FAQ section on the main site.

Though there are disappointed customers to be found online, as there are with any service, the bulk of OFX customers (we estimate 80 percent) report highly professional support when things go wrong, with adjectives like “thorough,” “understanding,” “prompt” and “knowledgeable” used repeatedly to describe OFX staff.

OFX outlines a complaints policy on its site but be aware that a final response to complaints might take as long as 45 days, which is much longer than we’d like.


What Do Users Think of OFX?

At the time of writing this review (May 2019), more than 3,000 of the 3,500 Trustpilot reviewers had rewarded OFX a 5-star rating, and that should speak volumes. As you’d expect from any top firm in the payments industry, common themes within reviews relate to: “great exchange rates,” “excellent service,” “substantially better than the banks,” “quick service” and “easy to get hold of,” among others.

We should say, however, that the months leading up to this independent BER review appear to have been a little tougher for OFX. Though negative feedback still represented a very low percentage of total feedback (we estimate 10 percent), we did detect a significant pick-up in problematic transfers that wasn’t detectable for OFX’s main competitors.

Open an OFX Global Currency Account and start optimising your international transactions today.


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Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

1 Review for “OFX Global Currency Account – BER Review”

  1. Avatar BER Team says:

    Very useful for online sellers


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