OFX
6.6/10OFX is an international payments platform for businesses, with multi-currency accounts, FX hedging, corporate cards, and AP automation that syncs with Xero and QuickBooks.
Data last updated November 2026 · Our methodology
Overview
OFX began in Sydney in 1998 as OzForex and now runs an online business payments platform. The core product is the Global Business Account. It holds balances in more than 30 currencies, gives local receiving details in USD, GBP, EUR, CAD and AUD, and can pay suppliers in over 180 countries. Batch CSV payments, scheduled recurring payments, and approval workflows are included. On the FX side, OFX offers spot transfers, forward contracts and limit orders, and independent reviewers say its hedging tools go further than many fintech rivals. It suits importers, exporters and other small and mid-sized businesses that move meaningful volumes across borders. It also fits companies that want a phone-based FX specialist available 24/7. The Australian pricing below applies to new clients from April 2026. The Standard plan has no subscription fee and includes accounts, FX, corporate cards, and Xero and QuickBooks Online bank feeds. Full Suite costs AUD 75 a month for five users plus AUD 10 per extra user, with a 30-day free trial. It adds the Control Hub for approval policies, budgets and spend limits, plus bill capture with OCR, bill approvals, two-way Xero sync and a KeyPay/Employment Hero connection. A Custom tier adds multi-entity control and volume-based FX pricing. Transaction fees apply on top: AUD 10 per SWIFT payment and AUD 1 per domestic payment over the plan allowance. The main limitation is cost transparency. OFX earns mostly through an exchange-rate margin that is not shown plainly upfront. Monito estimates it averages around 3 percent and is wider on small transfers, so OFX costs more for low-value payments. OFX is not a full accounting system, so ledgers and reporting stay in Xero or QuickBooks.
Our Rating
Who OFX is best for
Best software for Small BusinessGood fit
The Standard plan has no subscription fee and gives a small business multi-currency accounts and card access.
Local receiving details in five currencies and supplier payments to 180+ countries suit cross-border sellers.
Forward contracts, limit orders, batch payments and accounting sync support treasury work.
Full Suite approvals and spend controls, plus Custom multi-entity support, suit growing finance teams.
Pros & Cons
Pros
- The Standard plan has no subscription fee yet includes multi-currency accounts, corporate cards, and Xero and QuickBooks bank feeds.
- FX hedging covers forward contracts and limit orders, which reviewers rate above Wise.
- Human support is available 24/7 by phone, email, and chat.
- OFX has been operating since 1998 and is regulated by ASIC, the FCA, FinCEN, and FINTRAC.
- Full Suite adds OCR bill capture and approval policies, so it doubles as AP software.
Cons
- The exchange-rate margin is not plainly disclosed. Monito estimates it averages about 3 percent.
- It is costly for small transfers, and Monito cites a minimum of about USD 150.
- Per-transaction fees apply, such as AUD 10 per SWIFT payment.
- It has no general ledger or payroll, so an accounting package is still needed.
- Features and fees vary by country of registration.
Key Features
Not included
- Payroll
- General Ledger
OFX Pricing
Standard
- Corporate cards
- 20 domestic AUD payments included
- 24/7 phone, email, and chat support
- Xero and QuickBooks Online bank feeds
- Spot transfers, forwards, limit orders
- Multi-currency accounts in 30+ currencies
- Local receiving details in USD, GBP, EUR, CAD, AUD
Full Suite
- Spend management
- 30-day free trial
- Price includes GST
- Account management support
- 200 domestic AUD payments included
- 5 users included, AUD 10 per extra user
- Xero two-way sync, QuickBooks, KeyPay/Employment Hero
- AP automation with OCR bill capture, coding, and approvals
- Control Hub with approval policies, budgets, and spend limits
Custom
- Volume-based FX pricing
- Dedicated account manager
- For 50+ users or high volumes
- Multi-entity Control Hub with single login
Frequently Asked Questions
Yes. Full Suite comes with a 30-day free trial, and the Standard plan has no subscription fee.
All plans include Xero and QuickBooks Online bank feeds. Full Suite adds two-way Xero sync and a KeyPay/Employment Hero integration.
Mainly through a margin built into the exchange rate. Fixed fees also apply, such as AUD 10 per SWIFT payment in Australia.
Yes. It is regulated by ASIC in Australia and the FCA in the UK. In the US it is registered with FinCEN and holds money transmitter licences, and in Canada it is registered with FINTRAC. It also states ISO 27001 certification.
Yes. Corporate cards draw on your currency balances, with spending limits per employee, and charge no foreign transaction fees. Physical cards cost a one-off AUD 10.
Yes, but only on the Custom plan, where the Control Hub supports multiple entities under a single login.
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Ranked near OFX in Finance Software
See OFX in the listOFX is #58 in Finance Software by our score.
