OFX Account Type

OFX offers a variety of account types designed to meet the diverse needs of their customer base, including:

• Small Business Account: Ideal for businesses with a yearly trading volume of up to $1 million. This account provides basic features needed for international money transfers and foreign currency holding.

• Medium Business Account: Suited for businesses with trading volumes exceeding $1 million per year. This account offers additional features like advanced reporting and personalized service.

• Online Sellers Account: Targeted at e-commerce businesses, this account allows for holding multiple currencies, making it easier to manage international sales. It enables receiving payments in different currencies without the need for multiple bank accounts, simplifying cash flow management.

• Global Currency Account: This account allows businesses to hold, pay, and receive in multiple currencies, which can be beneficial for traders and businesses engaged in international commerce.

OFX Broker Account Opening Process

Creating an account with OFX can be done in three simple steps:

• Register: Click ‘register’ on the OFX website and fill in your details. There are no setup fees or monthly account fees.

• Verification Call: After registration, an OFX representative will call you to complete the registration process. They will ask basic questions, including which currencies you want to receive funds from.

• Documentation Submission: To verify your account, you will be requested to submit some documentation. The representative will guide you on which documents are required and direct you to a secure site to send them.

Typically, OFX accounts are approved within 4 business days, and your local currency account details should be delivered within 2 business days.

For more information, you can visit the following sources:

• OFX Account Type
• OFX Account Opening Process