OFX Introduces A New Way For Global Businesses To Pay And Get Paid In Major Currencies

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The OFX Global Currency Account for Business gives small businesses access to service they’ve never had before

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OFX Group Limited (ASX: OFX), one of the world's leading international payments providers, today introduced a multi-currency account for businesses to help them manage international cash flow. Businesses can now pay, get paid, and hold balances in their own unique local accounts in up to seven currencies – EUR, GBP, AUD, HKD, SGD, CAD, USD - manage them from a single dashboard, and integrate with Xero accounting software.

The product, OFX Global Currency Account, comes to market as many businesses are expanding into global markets to generate new revenue streams in the face of COVID-related losses. In fact, a new study from OFX shows that 50% of small business owners in North America will look to expand to new international markets for the first time before the end of 2020.

“Our Global Currency Account is more than a product -- it’s a catalyst for small business growth,'' said Alfred Nader, OFX President, North America. “Today, ‘small business’ typically means ‘local business.’ This shouldn’t be the case. There is a massive growth opportunity for small businesses to sell their products and services internationally, but historically the task of managing multiple currencies and opening foreign bank accounts was a big barrier. The OFX Global Currency Account changes that. It removes every barrier so now small can also equal global,” he added.

The Global Currency Account is available to businesses operating out of the U.S., Canada, United Kingdom, Singapore, and Hong Kong, with future plans for availability in Australia. Businesses already operating internationally from those markets, or those just getting started, can use the OFX Global Currency Account to pay vendors, suppliers, and taxes from balances, and receive payment for invoices directly into their accounts. Getting set up is simple and fast. Businesses can call to speak with an OFXpert who can get them on their way to accepting and paying in foreign currencies. Additionally, once using the product, customers benefit from OFX 24/7 customer service, great rates, and currency expertise, which can give them the confidence to smartly manage currency transfers and fluctuations to improve outcomes.    

“Small businesses, from services firms to e-commerce sellers, are growing through international sales,” said David Nicholls, OFX Head of E-commerce and Enterprise. “The feedback we’re hearing about our Global Currency Account is that it solves the critical problems of operating in multiple currencies so business owners can fully focus on growing their businesses. This feedback demonstrates our continued success in supporting the global needs of our business customers, and further inspires us to continue to innovate on their behalf.”

In today’s economic climate, small businesses' ability to move money globally is both fundamental and high stakes. OFX offers a leading solution that connects a seamless digital experience with high-touch, expert, 24/7 support to ensure customers get their money where it needs to be around the world, day or night. The OFX Global Currency Account comes to market integrating with Xero accounting software, with plans for additional integrations and product advancements with future updates.

About OFX

OFX grew from the idea that there had to be a better, fairer way to move money around the world. That was 20 years ago, and we’re still driven by the same mission today.

We believe real help from real people counts, and that’s why we offer our clients the best of both worlds – an easy to use digital platform, combined with 24/7 phone access to our currency experts.

Foreign exchange is in our DNA. We help clients navigate the complexity of FX, making it simple and easy to understand. Because when it comes to money, informed decisions are the best decisions.

Keeping our clients’ money secure is a top priority. We're monitored by over 50 regulators globally. To date, we have helped over 1 million customers worldwide and have transferred over US$100 billion.

Our clients are all over the globe, so we are too. We operate in offices in London, Sydney, Auckland, Hong Kong, Singapore, Toronto, and San Francisco. It’s global expertise, delivered locally.

The OFX Group Limited is a publicly listed entity on the Australian Securities Exchange ("ASX") under the code "OFX." CanadianForex Limited Trading as OFX. UKForex Limited Trading as OFX. USForex Inc. dba OFX, a licensed money transmitter. NMLS #1021624. For more information, visit OFX.com.

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Joanna Weinstein
Kickstand Communications
(516) 643-1256
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