At its core, OFX is an international money transfer service. Since they are completely digital, they do not have the same overhead as the major banks, and can therefore give its users much better exchange rates. When purchasing inventory overseas or paying for business expenses in other currencies, this service could save you a lot of money.
In this OFX review, I will discuss the pros and cons of their Global Currency Account to help you determine if it’s a good fit for your business.
Disclosure: This post may contain affiliate links, meaning we get a commission if you decide to make a purchase through these links, at no additional cost to you.
Where OFX really shines for Amazon sellers is with their Global Currency Account. Let’s say you are selling on the US Amazon marketplace but you live outside of the United States. When Amazon pays you, you have two options:
1) Amazon can pay you to your local bank, but this will cost you a lot in exchange rate fees.
or
2) Amazon can pay you to a US-based bank account.
There are some US-based banks that allow people outside of the US to open a bank account, but it can sometimes be a hassle, you may not get all of the benefits since you are outside the US, and you will incur hefty exchange rate fees.
The OFX Global Currency Account acts as a US-based bank account for you without needing to open an account at a bank. When Amazon goes to pay you, they will pay you in US dollars directly to your OFX account. You can then exchange those funds to your local currency (or another currency) at a time of your choosing at better rates than the banks will offer you.
At the time of writing this, the OFX Global Currency Account allows you to accept the following currencies:
When it comes to finances, some people immediately feel overwhelmed and find them confusing. That’s why it’s such a nice relief that OFX’s user interface is incredibly simple and straight-forward.
When looking at your Global Currency Account, it simply shows you a balance by currency. You can expand a particular currency to see each transaction and any exchange rate details associated with it. It is very clean and easy to read.
If you want to transfer funds to your bank, you just need to click the New Transfer button at the top right, and follow the prompts. You would first need to link your existing bank account to your OFX account, which can take a few days to verify, so give yourself some time before you need to make your first transfer.
Pros:
Cons:
Regardless of what service or software you’re using, almost everyone will need to reach out to customer support at some point in their business. I had questions when first setting up my OFX account and it was great to see the fantastic responses I got from their customer service team. Their answers were prompt, thorough, and they would even follow-up to ensure that everything was resolved.
When it comes to your money, it’s nice to know that the company you’re dealing with is helpful and shows that they really care.
You might think this OFX review should be longer, but in this case it simply doesn’t need to. The OFX Global Currency Account is a simple and cost effective financial solutions for your Amazon FBA business. You can avoid higher exchange rate fees with OFX and if you sign up with the button below, OFX will waive Transfer Fees as well!
If you need a bank account in a country other than your own, I definitely recommend the OFX Global Currency Account.
Identifying a potential product is only one aspect of product research. If you aren’t able to get this product manufactured at a reasonable price and of great quality, then it’s not a product worth selling. So, when going through your product research, it’s very important to be verifying how much it’ll cost you to source…
Normally when it comes to Black Friday and Cyber Monday, the deals are for shoppers, but why can’t us Amazon sellers get in on the promotions too? Helium 10 thought the same, and released a very limited-time deal that is PACKED with value. If you want to get straight to the deal, simply CLICK HERE….
Trying to figure out what your potential customers like or want isn’t always the easiest thing to determine. There are metrics and data we can look at to help guide us in understanding their desires, but wouldn’t it be so much simpler if we could just ask them? Enter: PickFu PickFu is an instant polling…
The all-in-one Amazon Seller Suite If you’re serious about selling on Amazon, then Helium 10 is the seller tool suite you need! It contains everything including tools to help find a profitable product, to identify the keywords you want to rank for, to track your inventory and profits, and to even help manage your PPC…
So you want to start an online business selling…something. Maybe you have a product in mind or perhaps you’re still researching what you should sell. Regardless of what you decide to sell, when it comes time to sell that item, how are you going to do it? What are the benefits and downsides of selling…
Starting an online business is a big decision, and when it requires you to put up your hard-earned money, it isn’t one that should be taken lightly. Before you begin, you should have an understanding of what you want to get out of your business, and how much money you are willing to risk. I…
This checklist will help guide you to choosing a winning, profitable product. Enter your email and hit the button to get your free checklist now!