The new OFX Australia Business Platform FAQs
From your login details to transaction history, find all the answers you need to navigate
the new business platform with confidence.
Legal information
A summary of key updates to our fees, new services and updated legal documents.
What updated legal documents will apply to my business account?
Please review our updated legal documents that will apply to your OFX business account from the date your account is upgraded to the new platform.
What changes should I expect to the fees and services on the new OFX Australia Business Platform?
We’ve also updated our Product Disclosure Statement (PDS), please read it carefully. It has details of the new services and the changes to fees that will apply when your business account is upgraded to the OFX Australia Business Platform. Key updates to the PDS include:
- No more $15 fee: We’ve removed the $15 transaction fee for FX payments below AU$10k (or a foreign currency equivalent).
- SWIFT payment fee: A $10 fee applies for payments via SWIFT. You can avoid this fee by using OFX-supported local payment rails, where available.*
- SWIFT receiving fee: A $5 fee applies to receive funds via SWIFT. You can avoid this fee by using OFX-supported local Account Credentials, where available.*
- Domestic transaction limit: You get 20 free domestic transactions per month on the Business Plan (200 included on Business Plus). A $1 fee applies per transaction thereafter.
- New services: Our new OFX Australia Business Platform now includes OFX Global Accounts and OFX Card services.
*See General T&Cs: 5.4 ‘OFX Global Account’
Account information
Questions about login details, open transfers, and accessing your account, including recipients and transaction history in the new business platform.
Do I need to do anything right now to prepare?
You’re all set for now. We’ll provide all the details you need to get set up smoothly closer to the date specified in our email to you. In the meantime, continue using your current OFX business account as usual.
Do I still log in the same way?
Once you have access to the new and improved business platform, you can continue to log in via our secure website. Please use your email address as your username after your first login on the new business platform. Your password and multi-factor authentication will stay the same to keep your account secure.
Do I have to do anything different to access my account?
No, you won’t need to do anything differently once you have access to the new and improved business platform. Continue logging in via our secure website. You’ll just need to use your email address as your username. Your password and multi-factor authentication will stay the same to ensure maximum security.
Tip: If you use a password manager, be sure to update it with your new login details once your business account is upgraded to keep everything up to date.
Is my transaction history still available?
Yes. The last 12 months worth of transaction history will be available in the new business platform. If you need older records, please contact us and we can help.
Will my FX payments still be secure?
Yes. You can continue to enjoy peace of mind with our security measures, and now ISO 27001:2022 certified in Australia.
Will my open Spot Transfers be impacted?
There will be no impact to any Spot Transfers booked and paid for prior to you having access to the new business platform.
Will my recipients be available on the new platform?
Yes. Recipients you’ve used in the last two years, and those you’ve added or updated in the last year will be available as ‘recipients’ in the new business platform.
Will I have access to the old platform after the upgrade?
Once we move you to our new and improved business platform, the old OFX business platform will no longer be accessible. However, you can still make international money transfers and payments as quickly and securely as you’ve always done with OFX. Your transaction history and recipients will also be available in the new business platform.
Our new business platform gives you more control, clearer oversight and smarter automation – making it easier for you and your team to manage your business financial operations.
if you have any questions or would like a walk-through of the new business platform and how to use your new business account, please contact us.
New features
Questions about the added functionality and enhancements available in the new business platform.
Can I still send my payments to OFX?
You can now fund your FX payments directly from your OFX Global Account, a multi-currency account that allows you to receive, hold and transfer funds. Simply pay into the relevant currency account using the unique Account Credentials we provide you. For the AUD account we’ll set up for you, you’ll receive a BSB and account number within the platform.
We’ll provide step-by-step instructions closer to the date, so you have everything you need to make payments with ease.
Tip: Once you have access to the new business platform, we recommend removing OFX as a payer or biller in your bank account and saving your new AUD currency account details.
Will I still receive payment status updates?
Yes. It’s now even easier to track the full payment journey in the new business platform, whether it needs approval, is awaiting funds or scheduled.
We’ll provide detailed step-by-step instructions on how to download payment confirmations closer to the date, so you have everything you need to get started.
Can I still use the old mobile app?
Our new and improved business platform also comes with a new business mobile app. As such, the old mobile app will no longer be applicable after the upgrade. Download the new OFX Business AU mobile app from the Apple App store or Google Play store so you’re ready to go when you have access to the new business platform.
What’s different about the new mobile app?
Like the new business platform, we’re offering you a new and improved digital experience.
The OFX Business AU App gives you and your team the flexibility to track local and global business expenses, monitor spend, and organise your financial records anywhere in the world.
With real-time access to your business account through the app, you have more visibility and control of your spend management, empowering you to make more informed business decisions.
What can I look forward to in the new business platform?
You can look forward to a range of new features, including:
- Pay and receive funds like a local with USD, EUR, GBP, AUD and CAD bank details. You can also pay, hold and receive funds in 30+ currencies
- Pre-convert your local currency to foreign currency when the rate suits you
- Instantly issue virtual employee and company cards to your teams globally
- Earn loyalty points when you fund your business account with a rewards credit card
Does my new business account work like a bank account?
No, it is not a bank account. It is a virtual business transaction account, which gives you the ability to create and manage 30+ currency accounts to make payments.
What features does the OFX Global Account offer for managing multiple currencies in my business account?
Your OFX Global Account, a multi-currency account within the new business platform, allows you to receive, hold and transfer funds. You have the ability to create and manage 30+ currency accounts, with local bank details for AUD, USD, GBP, EUR and CAD. Simply pay into the relevant currency account using the unique Account Credentials we provide you. For the AUD account we’ll set up for you, you’ll receive a BSB and account number within the platform.
We’ll provide step-by-step instructions as we get closer to the date specified in our email to you, so you’ll have everything you need to get started with ease.
How can I use the currency accounts to manage my international payments?
Our currency accounts make managing international payments and collections more efficient.
When you first log in, your AUD currency account will already be set up as the default and ready to use. In total, you can create and manage 30+ currency accounts, with local bank details for AUD, USD, GBP, EUR and CAD, for faster and and more seamless global transactions.
Three things you can do:
Make payments: Need to pay your supplier in China? Use your multi-currency account to send payments directly in their local currency (e.g., CNY).
Receive payments: For example, you can receive USD directly from your supplier into your USD account.
Hold and manage: Keep funds in their original currencies to avoid conversion fees until you’re ready to use them, or wait for a favourable exchange rate before converting. For example, you might hold USD to pay a supplier next month or wait for favourable exchange rates before converting the USD to AUD.
How will moving to the ‘Business’ plan impact my current account?
The new business platform includes subscription plans. You’ll be moved to the ‘Business’ plan, which includes a $0 subscription fee for up to three users, and competitive FX rates that you’ve come to expect with OFX.
Once you’re set up and comfortable with the new platform, you can always choose to upgrade to our Business Plus plan to access additional features, such as payment approvals, whenever you need.
Support and resources
Questions about where to find our step-by-step guides, more information, and help from our OFXperts.
Will I still have access to the same human support?
- Yes, our dedicated OFXpert team is still here to help 24/7, providing the same service you know and trust. You can contact us via phone or email as you’ve always done.
- Once you have access to the new business platform, you’ll also be able to explore our Knowledge Hub from within your account for step-by-step instructions on how to navigate and use it.
If I have any questions, where can I go for help?
As always, our OFXperts are here to support you 24/7. You can contact us by phone or email as usual, or register for a live webinar lead by our OFXperts to ask questions about the new platform.
Plus, you’ll soon be able to explore our Knowledge Hub from within your account for step-by-step instructions on how to navigate and use the platform.
We’re here to help
You can contact us anytime or join our OFXperts for a live webinar to ask questions about the new business platform to help you navigate it with confidence.
