OFX

Pricing

• •International transfers carry no transfer fee in Ireland; OFX's revenue instead comes from an undisclosed margin built into the exchange rate it quotes.
• •Forward contracts (locking in an exchange rate for future settlement) start at a minimum of about EUR 25,000, run up to 12 months, and are available on the free Standard plan; personal customers put down roughly a 10% deposit.

Limits

• •OFX does not apply a maximum transfer amount.

Payments & transfers

• •The former Global Currency Account (an eCommerce receiving product) has been retired and is no longer offered to new clients.
• •Chinese yuan transfers (handled as offshore RMB, CNH) are available to business customers only.
• •The West African CFA franc (XOF) can't be paid out to recipients in Benin or Togo.
• •For recurring Regular Payments, direct debit funding is available only in AUD, USD, CAD, and GBP; other currencies must be funded by bank transfer.
• •Transfers can only be funded by bank transfer; debit card, cash, and cheque funding aren't accepted.
• •Euro is received locally over SEPA at no cost, and domestic EUR payments inside the EU are supported. The per-transaction fee depends on the plan.
• •Sterling is received locally over Faster Payments. The per-transaction fee depends on the plan.

Cards

• •The card earns 0.5% cashback, but only on the Full Suite and Custom plans.

Business activity

• •Business onlyUnder OFX's Acceptable Use Policy, a number of additional business types are prohibited: shell banks or banks with no physical presence; money-service intermediaries; shell corporations and bearer-share entities; multi-level or referral marketing (MLM); trust and corporate-service providers offering offshore company formation or nominee directors or shareholders; counterfeit or IP-infringing goods (music, film, software, or brand resale); illegal trade in animals or animal parts and illegal hunting or fishing; online- or mail-order-only pharmacies; toxic, flammable, or radioactive materials and uranium enrichment; surrogacy services; Ponzi or get-rich-quick schemes; private ATM operators; bail bonds; pawnshops (including cash-for-gold); and cash-advance services.

Licence & regulation

• •In Ireland, OFX operates as OFX Payments Ireland Ltd, authorised by the Central Bank of Ireland as an electronic money institution (Firm Ref C190174).