OFX

OFX is a currency exchange and international payments provider. Its business platform lets companies hold, send and convert money in many currencies from one account.

OFX provides multi-currency accounts with local account details in several currencies. Businesses can pay suppliers and receive funds internationally, convert currency when rates are favorable, and lock in rates with forward contracts. The platform also offers corporate cards for tracking spend and manages domestic and international bills from one place.

• Multi-currency accounts with local account details
• International transfers to many countries
• Forward contracts and limit orders for currency risk
• Virtual and corporate cards
• Supplier and subscription payments in many currencies

OFX suits small and growing businesses that pay or get paid across borders. Finance managers who want to reduce currency conversion costs will find it most useful, especially when they hold balances in more than one currency.

Registration is free, and a business account can be opened through the onboarding form. The site refers to fees on held balances and competitive rates, so compare the full cost before you transfer. OFX is regulated in Australia by ASIC and AUSTRAC, so check that it covers your country and business type.