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- OFX offers personal and business payment accounts with FX solutions.
- Other features include corporate cards, automation, and API tools.
- We see OFX’s user count-based pricing, minimum payment amounts, and restrictions on crypto and finance companies as shortcomings.
- At Payset, we aim to compete by serving businesses of any size, and we take a crypto- and finance-friendly stance with few prohibited sectors.
OFX is an Australia-based fintech company that provides a variety of international payment tools aimed at businesses and individuals.
The company has a long history dating back to the dotcom era. Founder Matthew Gilmour launched the company as OzForex and ran it from home in 1998. By 2001, the company had launched its first online money transfer facility.
It gradually expanded globally throughout the 2000s, was publicly listed on the Australian Stock Exchange in 2013, and rebranded as OFX in 2015.
That makes OFX a long-running payment service — but is it right for you?
Why Choose OFX
OFX offers a suite of payment tools that includes a global business account, payments and transfers, FX solutions, and corporate payment cards.
Its global business account includes support for over 30 currencies and more than 180 countries, providing broad international coverage.
Other features include spending control, automation tools, accounting integration, and API features, allowing users to go beyond basic payments.
The platform also has strong adoption and usage rates. It reports over 1 million clients, more than $300 billion processed, and 80% of major currency transactions completed with same-day settlement, based on a 2024 factsheet.
Core Products and Offerings
OFX’s product list includes the following services. Note that this describes its UK offerings, and details for other regions may vary:
- Global business account: A single account allowing users to receive, hold, and spend funds in more than 30 currencies.
- Payments & transfers: Global payments to 180+ countries.
- Physical and virtual cards: Spend money from a global account, earn cashback, issue corporate cards, and set spending limits.
- FX solutions: Instant spot transfers, forwards, and limit orders.
- Management and control tools: Including but not limited to spend management, accounts payable automation, and APIs.
- Accounting integration: Including QuickBooks Online and Xero.
- Personal accounts: Focused on payments and money transfers, with some FX features. Separate from business accounts.
Pricing and Fees
OFX offers three main pricing tiers with user limits, though details vary by region. Tiers and rates for business users in the UK are as follows:
- Standard (£0/month; 2 authorised users + £15 per user/month): Includes a global Virksomhedskonto, corporate cards, FX, accounting integration, and more. Adding “view only” and “approver only” users is free.
- Full Suite (£75/month; 5 authorised users + £10 per user/month): Includes all above features plus a control hub, spend management, AP & billing automation, and a dedicated account manager.
- Custom plan: Includes all of the above plus an expanded control hub and dedicated onboarding support. Offered at a custom rate.
OFX also charges per-transfer fees, which apply to Standard and Full Suite plans but vary for custom accounts. Again, the following applies to UK business users.
- Domestic payment fee GBP (CHAPS): £5 per transfer.
- Cross-border SWIFT transfers: £5, converted to the payment currency.
- Domestic GBP payments via FPS: £0.20 after 50 transactions (Standard plan) or after 150 transactions (Full Suite).
- Receiving payments by some methods: Free.
- Foreign transaction fees on OFX Corporate Card purchases: Free.
- FX margins on international card payments: 1.5%.
- Funding a global business account with a credit card: 2.9% (domestic card) or 3.4% (international card).
Compliance and Safeguarding
OFX is licensed or registered in several regions, including Australia, Hong Kong, Singapore, New Zealand, Canada, Europe (Ireland), the UK, and the US.
In the UK, OFX is authorised by the Financial Conduct Authority as an electronic money institution (EMI) and accordingly follows safeguarding rules.
OFX states that it safeguards funds in separate bank accounts equal to the transfer amounts, meaning funds are protected until the payment is completed. If OFX shuts down, eligible safeguarded funds would be prioritised in user claims.
The company notes that safeguarding protects amounts sent to third parties, but not funds sent between a user’s own accounts.
Because OFX is not a bank, it doesn’t provide protection under the UK’s Financial Services Compensation Scheme (FSCS).
Use Cases and Target Audiences
Small and Medium-Sized Enterprises (SMEs)
OFX serves business users, including small and medium-sized enterprises, as well as CFOs, finance teams, accountants, advisors, and employees.
It lists several case studies of businesses that successfully used the service. BikesOnline saved time and money and reduced FX risk through OFX, while software firm Goodstack improved payment efficiency through batch transfer features. PlasmaLeap, a zero-emission chemical reactor company, saved thousands on payments while integrating its SaaS with OFX.
Accounting Firms and Advisors
OFX lists features suited to accountants — such as automation and control features, accounts payable, corporate cards, and spend management.
One key feature is an “advisor console,” allowing accountants to manage all clients from a single dashboard. OFX also highlights discounts for consulting accountants ranging from 15% to 25%, depending on the number of clients.
Personal Transactions
For personal users, OFX emphasizes that the platform supports payments with friends and family, international relocations, overseas tax and bill payments, international purchases, and sales of international stocks and property.
What Are OFX’s Biggest Limitations?
We see certain shortcomings in OFX’s offerings, including the following.
- Minimum transfer size: OFX’s minimum transfer amount is £100 in major currencies, meaning it’s not ideal for smaller transfers.
- FX rates aren’t fully transparent: OFX adjusts user FX rates based on several factors but doesn’t appear to provide clear rate thresholds.
- Authorised user charges: OFX’s free Standard plan appears to include extra charges for more than two authorised users, while the Full Suite plan includes charges on top of the basic £75/month for more than five authorised users. Though flexible, this may increase costs for large teams.
- On-request pricing for custom tiers: OFX provides very little public pricing information for businesses using its custom tier.
- Strict toward crypto and financial services: OFX restricts or prohibits financial firms, investment and credit services, cash-intensive businesses, gambling businesses, and virtual currency and Bitcoin businesses.
- Unclear sign-up regions: Though licensed in multiple locations, OFX doesn’t seem to provide a full list of countries eligible for sign-up.
How Does OFX Compare to Payset?
| Payset | OFX |
| Web access and an upcoming mobile app | Website and mobile transfer app |
| Business accounts: No monthly fees as of April 2026 (*may be a limited-time offer) | Business accounts: Standard starting at £0/month; Full Suite starting at £75/month |
| Personal accounts: No monthly fees as of April 2026 (*may be a limited-time offer) | Personal accounts: Start for free |
| Free sign-up | No apparent sign-up fees |
| Transact in 180+ countries and operate from 70+ countries | Transact in 180+ countries |
| Hold, send, and receive 34+ currencies | Use 30+ currencies |
| Payment cards coming in 2026 | Payment cards available |
| Bulk payments (see details) | Batch payments |
| Team management (see details) | Management and control tools |
| No transfer limits once compliance requirements are met (see details) | Minimum transfer limit of £100, but no maximum limits |
| Regulated in the UK as an EMI, with licenses and/or services globally | Regulated in the UK as an EMI, with licenses and/or services globally |
| 1-3 business day onboarding | Approval usually within 4 business days |
| UK safeguarding policy | UK safeguarding policy |
| Friendly to crypto and many other sectors; mainly prohibits adult content and illegal activity | Restrictions on crypto, gambling, and many financial businesses |
The Bottom Line
OFX is a time-tested payments option that’s operated for decades, offering significant global transfer coverage for businesses and individuals alike.
However, we consider OFX’s restrictions on financial and crypto companies a barrier for some users. We also see its lack of support for small transfers and user count-based pricing as shortcomings.
At Payset, we aim to do better. We prohibit few company types and are friendly to crypto, finance brokers, licensed forex companies, and more.
Plus, we’re just right for companies of any size and scale: your business can add unlimited users at no cost. With no sign-up fee — and waived monthly fees while the offer lasts — Payset customers only pay for what they use.
Coverage is global. Sign up from over 70 countries, transact with 180+ countries, and use 34+ currencies in your Payset account.
Ready to get started? Try Payset i dag.
Disclaimer: Pricing, features, and details on this page are based on competing websites at the time of writing (May 2026). Details may change over time, vary by region, and do not cover all service options offered by competitors. Users should verify details with competitors. Payset does not endorse or represent any competitor, nor have competitors endorsed the above content. Payset and related parties disclaim liability for any errors or actions taken based on this content. Information is for general purposes only and offered at the user’s own risk.
