Discover whether the OFX Business Account in Australia is right for your international payment needs and how it compares to the World Account from WorldFirst
Key takeaways
- OFX Business supports payments, holdings and conversions in 30+ currencies, with local bank account details available for five of those (AUD, USD, GBP, CAD and EUR)
- Monthly plans start at zero for up to three users and move to AU$75 per five users per month, with AU$10 per additional user beyond that
- The OFX Corporate Card supports payments in 30+ currencies with zero FX fees on transactions funded by available account balances
- The minimum transfer amount is AU$250, and transfers below AU$10,000 attract a AU$15 fee
- Exchange rate margins are not published upfront and only become visible after logging in or contacting OFX support
- The World Account is a multi-currency account that comes with zero setup fees. There are no transfer limits and all the fees are transparently shared on WorldFirst’s website.
OFX is an international money transfer provider offering business accounts for companies that send, receive or hold funds across multiple currencies.1 Its Global Business Account bundles multi-currency support, corporate cards, batch payments and FX risk management tools into a single platform.
For Australian businesses trading internationally, OFX is one of several options in a growing space of cross-border payment providers. This review covers what the OFX Business Account offers, how much it costs, and how it stacks up against the World Account from WorldFirst.
What is OFX Business?
OFX Business is designed for companies that regularly send, receive or manage money in multiple currencies. Its core product is the OFX Global Business Account, which offers multi-currency support, international payments, corporate cards and FX tools.1
OFX previously ran a separate Global Currency Account aimed primarily at e-commerce sellers. That product has been discontinued, and its features are now part of the main Global Business Account.
OFX was founded in 1998 as OZForex in Sydney and later rebranded to OFX. The company has always focused on online money transfer services.
Quick look: Pros and cons of OFX Business
| Pros | Cons |
|
|
OFX Business fees: the breakdown
OFX Business fees vary by country of registration. Here’s the breakdown of OFX Business account fees in Australia5:
| Fee | Amount |
| Monthly fee (up to 3 users) | Zero |
| Each additional user beyond a tier | AU$10 |
| Opening a multi-currency account | Zero |
| Holding funds in multiple currencies | Zero |
| Sending payments | Cross-border wire / SWIFT transactions: AU$10 per transaction Domestic payments in AUD: First 20 free, then AU$1 per transaction |
| Receiving payments | Receive international funds (wire, SWIFT): AU$5 Receive domestic funds (bank transfer, Direct Debit, BPAY): Zero |
| Minimum transfer amount2 | AU$250 |
| Exchange rate margin on payments | Not published upfront. Visible only after logging in or contacting the OFX support team. |
| Virtual card | Zero |
| Physical card (one-off fee) | AU$10 per card |
| FX fee on the OFX corporate card | Zero (when funded by available account balance); 1.5% otherwise |
Fees checked in September 2026
Features of OFX Business
Multi-currency account
The OFX Business Account allows you to pay, receive and hold funds in 30+ currencies.1 Local bank account details, which make it easier to receive payments as a local, are available for AUD, USD, GBP, CAD and EUR.1
Receiving local domestic payments is free. International funds received via wire or SWIFT attract a AU$5 fee.5
Funds can be added to the OFX account through:
- Direct debit from an existing bank account
- Electronic funds transfer (EFT)
- Domestic or international credit cards (with associated fees)
OFX Corporate Card
The OFX Corporate Card lets businesses issue physical and virtual cards linked to the Global Business Account.3 Cards can be used for payments in 30+ currencies, and there are no FX fees on card transactions funded by available account balances.3
Businesses can set individual spending limits, budgets and approval rules for each card.3 Virtual cards can be issued quickly and are suited to recurring expenses like software subscriptions and advertising spend. The cards support Apple Pay and Google Pay.3
Batch payments
OFX supports bulk payments both domestically and internationally. A batch file with recipient details can be uploaded, edited after upload, and scheduled for a future date. OFX doesn’t specify a maximum number of payments per batch but describes the feature as suitable for paying “thousands of vendors” at once.
Spend management and accounts payable
For accounts payable, OFX offers invoice automation features that reduce manual data entry through built-in OCR and AI. Invoice data can be captured and reconciled with accounting software such as Xero and QuickBooks. Spend management is available on paid tiers only.
FX risk management
OFX offers spot transfers for immediate conversions, limit orders that convert automatically when a target rate is reached, and forward contracts that lock in an exchange rate for up to 12 months.
Security
OFX applies layered security controls to protect user and account information. Security features include two-step verification for account access, transaction and login monitoring for suspicious activity, and fraud controls designed to detect phishing, malware and unauthorised applications.
Is OFX regulated in Australia?
Yes. OFX holds an Australian Financial Services Licence (AFSL) issued by the Australian Securities and Investments Commission (ASIC).
How to open an OFX account
The steps to open an OFX Business Account in Australia are:
- Sign up for an OFX Business Account online
- Provide the required documentation (specific requirements vary by region and industry, and OFX will advise what’s needed)
- An OFX expert reviews the documents and approves the account
If you’re still weighing your options, explore more choices in our comparison of the best business bank accounts in Australia.
The OFX alternative: WorldFirst
WorldFirst helps businesses make fast, secure and reliable international transfers while protecting their margins. With the World Account, you can send payments in 100+ currencies across 200+ countries and regions, and receive payments in 20+ currencies from customers around the world.
The World Account is a multi-currency account with local bank account details in 15+ currencies, so international clients and marketplaces can pay you as if the account were domestic to their country. Funds can be held, converted and managed from a single dashboard without unnecessary conversion fees.
The World Card, a multi-currency card, simplifies business spending by supporting payments in 150+ currencies with zero FX fees on 15 supported currencies (with sufficient balance held in that currency). Cashback is available on eligible spending (Terms and Conditions Apply).
With one World Account, you can:
- Simplify global payments: Pay suppliers, tax authorities and business partners in their preferred currency
- Reach customers in new markets: Collect payments from 130+ marketplaces and payment gateways including Amazon, eBay, Etsy and Stripe
- Pay suppliers on time: Send same-day or next-day payments (cut-off times apply)
- Protect your margins: Lock in exchange rates for up to 24 months with forward contracts.
- Save time with bulk payments: Send up to 200 payments globally and locally in a single transaction
- Automate accounting: Integrate your World Account with Xero or NetSuite to simplify reconciliation and reduce errors
OFX vs WorldFirst fee comparison
| Fee | OFX Business Account5 | WorldFirst |
| Monthly fee | Zero for up to 3 users; AU$10 for each additional user beyond a tier | Zero |
| Opening a multi-currency account | Zero | Zero (15+ currencies) |
| Holding funds in multiple currencies | Zero | Zero |
| Receiving funds | Receive international funds (wire, SWIFT): AU$5. Receive domestic funds (bank transfer, Direct Debit, BPAY): Zero | Zero |
| Sending payments | Cross-border wire / SWIFT transactions: AU$10 per transaction. Domestic payments in AUD: First 20 free, then AU$1 per transaction | Local payments in AUD or NZD: Zero. Cross-border payments and local payments in currencies other than AUD or NZD: From 0.4%, capped at AU$15 |
| Sending payments to same-network users | Not specified | Zero cost and instant payments |
| Minimum transfer amount | AU$250 [2] | Not specified |
| Exchange rate margin | Not published upfront. Visible only after logging in or contacting the OFX support team | Major currencies: Up to 0.6%. Minor currencies: From 0.67%. Payments to 1688 suppliers: Up to 0.8% |
| Virtual card | Zero | Up to 20 virtual cards available at no additional cost |
| Physical card | AU$10 per card (one-off fee) | Not specified |
| FX fee on corporate/multi-currency card | Zero when funded by available account balance; 1.5% otherwise | Not specified in this comparison (World Card supports 15 currencies with zero FX fee when balance is available) |
| Forward contracts | Yes (up to 12 months) | Yes (up to 0.2% per month) |
| Integration with accounting tools | Yes (Xero, QuickBooks) | Yes (Xero, NetSuite) |
Fees checked in September 2026
FAQs
1. Is OFX safe?
OFX is regulated in Australia by ASIC and holds an Australian Financial Services Licence (AFSL).6 The platform applies security measures including two-step verification, transaction monitoring and fraud detection controls. Like any financial services provider, users should still take standard precautions around account security and phishing protection.
2. Does OFX charge for currency conversion?
Yes. OFX applies a margin over the interbank spot rate on every currency conversion. The specific margin is not published on the OFX website and can only be viewed after logging in to your OFX account or contacting the OFX support team.5 For card payments in international currencies, an FX margin of 1.50% applies.5
3. How do I close my OFX account?
The OFX account closure request can be submitted through the OFX app:
- Log in to the OFX app.
- Go to Settings.
- Select Account deletion to submit the closure request.
Users may need to contact OFX support to confirm the closure or if the app method isn’t available for their specific account type.
4. What is the minimum transfer amount for OFX?
The minimum transfer amount for OFX is AU$250 in major currencies, or the equivalent in the transfer currency.2 OFX applies a minimum transfer amount partly to reduce the risk of intermediary or receiving bank fees consuming a large portion of small transfers.
Sources
- https://www.ofx.com/en-au/business/business-account/
- https://www.ofx.com/en-au/faqs/what-is-the-minimum-transfer-amount/
- https://www.ofx.com/en-au/business/corporate-cards/
- https://www.ofx.com/en-au/business/global-currency-account/
- https://www.ofx.com/en-au/business/pricing/
- https://www.ofx.com/en-au/legal/regulation/
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
