OFX Online Sellers Account Review
Learn about OFX for Online Sellers, what it is, the positives and negatives and how to set up an account if you like what you see.
What is the Online Sellers Account?
OFX launched the Online Sellers Account in 2016 – allowing 'e-tailers' (e-commerce sellers) to open local receiving accounts in the same profitable international markets they sell online products.
At present, OFX for Online Sellers works for merchants who sell to or from the US, Canada, UK, Europe, Hong Kong and Australia. It will soon add Singapore and China to the list.
- US Dollar
- British Pound
- Australian Dollars
- Euro Dollar
- Canadian Dollar
- Hong Kong Dollars
OFX for Online Sellers Lets You Hold Receiving Accounts in These 6 Currencies
Amazon, eBay, Rakuten, Etsy, Shopify, Walmart, Jet, PriceMinister.com, Newegg, Buy.com, Game, Wish.com, CDiscount.com, Rue du Commerce and Shop.com are some of the marketplaces compatible with OFX accounts, but they are constantly adding more marketplaces.
But why was it launched?
OFX wanted to address the pain for e-commerce merchants with skinny margins of paying exorbitant foreign exchange fees. With marketplaces like Amazon or eBay and banks charging 3-4% in exchange rate fees plus transfer costs for sellers to convert funds back to home currencies, OFX found a way to offer a significantly cheaper solution.
- Multiple local receiving accounts
- Secure & fast money transfers
- 24/7 Phone customer service
- Good exchange rates
- Free setup & no monthly charges
- Limited currencies and countries
- No debit card facility
- All your money is with one currency provider
The Currency Shop Says
What makes OFX stand out from the rest of the competition is it's 24/7 telephone support service – perfect for online merchants transacting all day and night.
OFX has some of the lowest exchange rates in the market, between 0.5-1.5%. This means online sellers can save up to 75% on exchange rates.
There are also no charges to open an online seller account and no account keeping fees. In addition, OFX does not charge any fees when transferring funds to your home bank account.
How does OFX Stack Up Against Competitors?
OFX's product and coverage is very similar to World First's Marketplace Sellers Account. The only difference is in the coverage with OFX enabling receiving accounts in Hong Kong and Australia instead of Japan and China.
Where OFX has an advantage is the faster speed in which online sellers can open accounts (one week, instead of two) and its around the clock phone service 24 hours a day, 7 days a week. Both companies are renowned for providing great customer experiences and speedy money transfers.
Like World First, OFX for Online Sellers offers additional services including payments to suppliers in up to 155 currencies (but you have to set up a separate business account), limit orders, as well as forward contracts to protect from currency fluctuations for up to 12 months.
If you want a quick, cheap and reliable way to receive profits from your international marketplace and to pay suppliers, OFX for Online Sellers Account could be the right option for you. If OFX for Online Sellers isn't the right account for you, you may want to check out our reviews for Borderless Account.
How OFX for Online Sellers Account Works
1. Open an account
leave your basic details and email on the OFX website
2. OFX calls you by phone
Representative walks through the registration process with you
Documentation will be required for account-verification purposes
3. Account Approval
OFX accounts are typically approved within 4 business days
Receiving account details usually delivered within 2 business days
4. Pay Suppliers - Create a new business account
Speak to your OFX representative about setting up a separate business account
Once this is set-up, you can gain access to a full suite of foreign exchange tools
5. Using OFX for Online Sellers Account
Think of the receiving account as a local holding account. The account allows you to accumulate received money from marketplace sales. Once you've accumulated enough, you can convert your funds to your native currency.
This means you can wait for favourable rates before making a money transfer.