OFX payment services
OFX offers a variety of options to transfer money internationally. Whether you are making a personal or business transfer, OFX has a solution to match your needs. Payment services for OFX international money transfers are unique in that OFX allows you to transfer funds between 55 different currencies.
OFX has two major types of money transfer solutions, rapid transfers, and risk management. There are two types of rapid transfer solutions and two types of Risk management solutions. Let’s break them down further:
- Rapid Transfers are OFX’s most popular way to transfer money.
- Single Transfers: This OFX money transfer option is the most popular amongst customers wishing to send money quickly and securely. Single Transfers, also known as spot deals, let you lock in the current OFX exchange rate and send your money to the recipient of your choosing within 24 hours. There is a minimum transfer amount of 100 British pounds to complete this type of transaction.
- Recurring Transfers: This OFX transfer service allows customers to make sure they are on time with any recurring payment they might have. Whether it’s your monthly rent, tuition for school, or the monthly phone bill, simply set up a transfer schedule and allow the OFX system to do the rest. There is a minimum transfer amount of 100 British Pounds, with a minimum of 4 scheduled transfers required to complete this type of transaction.
- Risk Management Transfers help you manage the risk of personal and business-related international transfers
- Buy Now, Transfer Later: This transfer service allows customers to lock in the current currency exchange rate, even if you aren’t ready to make the transfer right away. You can easily schedule transfers from 2 days up to 12 months in the future. This service protects you from major fluctuations in currency rates. There is a minimum requirement of 20,000 British pounds to complete this type of transfer.
- Limit Orders: This transfer service allows you to set a target exchange rate 24 hours a day and 5 days a week. This ensures you can complete your transaction at your ideal exchange rate.
OFX for eCommerce Sellers
OFX provides a variety of currency exchange solutions for online sellers and plenty of benefits to make operating an international eCommerce business easier. OFX is compatible with all the big name marketplaces including, Amazon, eBay, Walmart, Rakuten and many more.
OFX online sellers are provided with a Global Currency Account that provides various currency accounts for eCommerce purposes, enabling eCommerce businesses to seamlessly manage their cash flow and cross-border payments. The Global Currency Account allows sellers to manage the cash flow for their international online businesses in up to 55 different currencies. The Global Currency Account is free with zero monthly account fees and has competitive exchange rates that allow you to increase your bottom line. The Global Currency Account lets you manage all of your currency accounts for all of your international online stores, in one easy-to-manage dashboard. The Global Currency Account also allows you to easily pay taxes, your suppliers and vendors, directly from the OFX platform.
OFX and Algopix Product Market Research Tool
When conducting business online, it is important to understand every expense associated with selling your products. Estimating expenses and margins can be a long, tedious process for eCommerce sellers, with a lot of room for error. That’s why sellers from across the world utilize Algopix, an automated product market research tool that calculates expenses and profit margins for you, in a matter of moments. Algopix’s market research platform will analyze expenses including shipping costs, marketplace fees, and taxes. Using this information, combined with OFX exchange rates, you can price your product more competitively.