Virtual Account Migration – FAQS
OFX is optimising the Global Currency Account product working with a new banking partner. Frequently asked questions are answered below.
Why is OFX changing banks?
From time to time we make operational improvements which can result in us consolidating or changing our banking partners. We often look at new currencies we can offer and new functionality to support our clients.
What do I need to do when I receive my new virtual currency account?
When you receive your new account details you need to immediately update all the platforms you use to collect funds. For example marketplaces and Buy Now Pay Later providers you work with.
How does it impact my business receiving funds from Afterpay?
Afterpay merchants should email the Afterpay Merchant team to update the bank account details:
US and CA merchants: na-afterpay-merchant-admin@squareup.com
ANZ merchants: anz-afterpay-merchant-admin@squareup.com
UK merchants: uk-clearpay-merchant-admin@squareup.com
For EU (FR, IT & ES) merchants: eu-clearpay-merchant-admin@squareup.com
If your business has merchant access to the Afterpay Business Hub to manage you can self-serve and make the update via the Hub:
US and CA merchants: https://hub.us.afterpay.com/
ANZ merchants: https://hub.afterpay.com/
UK merchants: https://hub.clearpay.co.uk/gb
For EU (FR, IT & ES) merchants, log in to the Afterpay Merchant Portal here
How does it impact my business receiving funds from other marketplaces / platforms?
When you receive your new account details you need to immediately update all the platforms you use to collect funds. For example marketplaces and Buy Now Pay Later providers you work with.
Do I need to transfer the balance of funds I hold from the old account to the new account?
No, OFX will migrate all funds from your old account to your new account and any existing auto-convert instruction on your account will be carried across.
Is the new account still a locally held account in the country I am receiving funds in?
Yes. Your new account is still a local receivable account allowing your business to get paid in local currency, hold funds and pay out in both local currency and 50+ currencies.
Can I change the name of the new account?
Yes. You can log in at any point and update the name of your new account to something more personal to you. All you have to do is click “Add Nickname”.
When OFX issues my new account will I still be able to see the old account in my Global Currency Account profile?
Yes. When you log in to your Global Currency Account you will see both your old account and your NEW account. Your old account will be listed as “closed” and you can still access your statements.
Can I still access statements for the old account?
Yes.
What happens to any auto-convert transfer instructions I have on my account/profile?
Any existing auto-convert instruction on your virtual account will be carried across to your new account by OFX.
Is there any change to fees?
No. Your new account will operate just like your previous account with no changes to fees so you can continue to receive funds seamlessly.
Can I download my account certificate for my new account?
Yes, click into your virtual account, navigate to statement and select “more options” where you can download your PDF Account Certificate document.
What happens if a payment is made into my old account after it is closed?
OFX will communicate to you when your old account is closed. Any payments made to your account will be rejected. Please take action to update all the places you use the account to collect funds by this date.
Is OFX regulated regarding protection of funds?
OFX complies with obligations to safeguard funds where required in the applicable jurisdictions and is regulated by financial services regulators globally.
Australia – ASIC and AUSTRAC
Singapore – MAS
Hong Kong – CED
New Zealand – DIA
United Kingdom – FCA and NCA
Ireland – Central Bank of Ireland
USA – FinCEN and state regulators
Canada – FinTRAC
For more information regarding OFX’s affiliated entities visit here