TransferWise, WorldFirst and OFX are all highly regulated firms with top-notch account security consisting of 2-step logins, TSL or SSL encryption, multi-layered fraud prevention systems and much, much more. Winner: TransferWise – Borderless Account, which offers razor-thin FX costs when receiving non-supported currencies.Ĭomparing the TransferWise Borderless Account vs bank business accounts The total cost for major currency routes with these companies is usually around 1 percent, or double that of TransferWise.įor transactions involving more exotic currencies (think AUD-PHP or GBP-INR), WorldFirst and TransferWise can be considerably cheaper than OFX. WorldFirst and OFX build fees into their exchange rates and might also levy a separate transaction fee. For major currency routes like AUD-USD, AUD-EUR, GBP-EUR and GBP-AUD, the total transfer cost is typically around 0.4-0.5 percent of the transferred amount. TransferWise offers money transfers at the interbank exchange rate with a small, separate transaction fee and is easily the cheapest service overall. The provider offering the best deal on foreign exchange is easier to determine than it should be, but bear in mind that the cheapest option might not be best for you. With multi-currency accounts, foreign exchange costs will be paid only when you fund a foreign currency balance using home currency, when withdrawing foreign currency balances back to your domestic bank account, when shifting money between foreign currency balances, and of course for all payments in currencies that aren’t supported by your multi-currency account. Neither the Borderless, World or Global Currency accounts have account maintenance fees, monthly or otherwise nor do they have minimum balance requirements. Winner: Borderless Account wins for flexibility it can be used by individuals and businesses, including those in the US. If you’re in the US, your choice is limited to the Global Currency and Borderless accounts, since WorldFirst has no US operation. The TransferWise Borderless Account is by far the most flexible it can be used by anybody, including for personal use. WorldFirst’s World Account is another business-only account but this can be used by all businesses and freelancers, not only by marketplace sellers. OFX’s Global Currency Account is for online sellers only - that means sellers at “approved” marketplaces, including Amazon, eBay,, Newegg, Buy.com, Game,, , Rue du Commerce and. We’ll now compare what we feel are the three best multi-currency accounts available today - the WorldFirst World Account, the TransferWise Borderless Account and the OFX Global Currency Account. Simply put, each of the account providers we compare below can save you 70-80 percent on money transfers while offering a customer experience as good, if not better, than the banks. It’s now well established that banks offer horrific exchange rates, either separated from or including an expensive transaction fee. But far more important than these are the shocking transaction fees that a bank will subject you to. Why You Shouldn’t Open a Multi-Currency Account with a BankĪ multi-currency account with a major lender might sound like a great idea but many of these require local addresses, come with monthly account fees and/or require a large starting deposit (the Bank of Queensland, for example, requires a deposit of 50,000 Australian dollars).
It’s remarkable but true that a small business with many foreign-currency payments and receipts could increase profits by 10 percent or more simply by switching to multi-currency accounts (more information on how these accounts boost your bottom line can be found here). More than convenience, multi-currency accounts offer large savings on foreign exchange costs. Multi-currency accounts are also of great value to those who travel regularly, remit money to families abroad or have other overseas expenditures, such as a foreign mortgage. The ability to hold funds and manage payments in multiple currencies is essential for all serious online sellers, importers/exporters and for other SMEs and freelancers doing business in a globalized world. #Reviews #FinTech #Foreign Currency Accounts #OFX #Transferwise #WorldFirst
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