OFX Review – Save Money in Your Business!
Table of Contents
What is OFX?
At its core, OFX is an international money transfer service. Since they are completely digital, they do not have the same overhead as the major banks, and can therefore give its users much better exchange rates. When purchasing inventory overseas or paying for business expenses in other currencies, this service could save you a lot of money.
In this OFX review, I will discuss the pros and cons of their Global Currency Account to help you determine if it’s a good fit for your business.
Disclosure: This post may contain affiliate links, meaning we get a commission if you decide to make a purchase through these links, at no additional cost to you.
How can I use OFX in my business?
Where OFX really shines for Amazon sellers is with their Global Currency Account. Let’s say you are selling on the US Amazon marketplace but you live outside of the United States. When Amazon pays you, you have two options:
1) Amazon can pay you to your local bank, but this will cost you a lot in exchange rate fees.
or
2) Amazon can pay you to a US-based bank account.
There are some US-based banks that allow people outside of the US to open a bank account, but it can sometimes be a hassle, you may not get all of the benefits since you are outside the US, and you will incur hefty exchange rate fees.
The OFX Global Currency Account acts as a US-based bank account for you without needing to open an account at a bank. When Amazon goes to pay you, they will pay you in US dollars directly to your OFX account. You can then exchange those funds to your local currency (or another currency) at a time of your choosing at better rates than the banks will offer you.
What currencies can I be paid in?
At the time of writing this, the OFX Global Currency Account allows you to accept the following currencies:
- British Pound
- Euro
- US Dollar
- Canadian Dollar
- Australian Dollar
- Hong Kong Dollar
- Singapore Dollar
The User Interface
When it comes to finances, some people immediately feel overwhelmed and find them confusing. That’s why it’s such a nice relief that OFX’s user interface is incredibly simple and straight-forward.
When looking at your Global Currency Account, it simply shows you a balance by currency. You can expand a particular currency to see each transaction and any exchange rate details associated with it. It is very clean and easy to read.
If you want to transfer funds to your bank, you just need to click the New Transfer button at the top right, and follow the prompts. You would first need to link your existing bank account to your OFX account, which can take a few days to verify, so give yourself some time before you need to make your first transfer.
Pros and Cons
Pros:
- Better exchange rates than traditional banks
- Simple user interface
- Can be accessed from anywhere
Cons:
- Cannot make purchases from the Global Currency Account like a checking account could
- Currently can only accept certain currencies.
Customer Support
Regardless of what service or software you’re using, almost everyone will need to reach out to customer support at some point in their business. I had questions when first setting up my OFX account and it was great to see the fantastic responses I got from their customer service team. Their answers were prompt, thorough, and they would even follow-up to ensure that everything was resolved.
When it comes to your money, it’s nice to know that the company you’re dealing with is helpful and shows that they really care.
OFX Review Conclusion
You might think this OFX review should be longer, but in this case it simply doesn’t need to. The OFX Global Currency Account is a simple and cost effective financial solutions for your Amazon FBA business. You can avoid higher exchange rate fees with OFX and if you sign up with the button below, OFX will waive Transfer Fees as well!
If you need a bank account in a country other than your own, I definitely recommend the OFX Global Currency Account.
