To fund a payment, you must have sufficient funds in your account or select an appropriate funding method. Payments can be funded through various methods such as bank transfer, direct debit, or credit card.

To fund a payment:

1. Log into your OFX account.

2. Navigate to the “Payments” section from the left sidebar menu.

3. Click on “Create Payment” to initiate a new payment or select an existing scheduled payment that requires funding.

4. Choose your preferred funding method. You can select to fund your payment from the existing currency accounts created from the dropdown.

a. Funding from existing currency account:

b. Alternatively, if the desired account is not available, you can fund the payment using a new direct payment methods (e.g., bank transfer, direct debit, or credit card):

5. If using bank transfer or direct debit, ensure that the necessary funds are available in your linked account.

6. Complete all required fields in the payment form, including amount and recipient details.

7. Review the payment summary and click “Submit for Approval” to process the payment.

8. If there are insufficient funds at the time of submission, the payment will move to “Awaiting Funds” status until adequate funds are available.

a. In some instances, when there's insufficient funds, the payment will indicate that a deposit is required at the time of submitting the payment for approval:

b. Click on the 'Deposit Required' tooltip for additional information:

c. To deposit funds, click on "Dashboard" menu option in the left side bar

d. Click on "Add funds" on the Dashboard

e. Follow the prompts to add funds to the Account. 

You can also deposit and receive funds in many other currencies. Head to the Accounts page to view or add new currency account details. 

Why is this page important?
Understanding how to fund payments correctly is essential for ensuring timely transactions and avoiding delays. Proper funding helps maintain smooth financial operations and prevents potential penalties or fees associated with failed payments.

Next Steps

• Ensure that your account has sufficient funds before initiating payments.

• Follow the steps outlined above to fund your payments accurately.

• Monitor your payment statuses regularly to confirm successful processing.

Related FAQ Articles: 

• How do I deposit funds to my currency account to fund payment?

• I’m unable to fund my payment or conversion, what do I do next?