A Global Business Account is a multi-currency account offered by OFX that enables businesses to hold, send, and receive funds in various currencies. This account is designed to facilitate international transactions, allowing businesses to operate more efficiently across borders.

Global Business Account vs Virtual Account

The Global Business Account is sometimes referred to as a wallet. It is the client ledger that keeps track of all transactions and balances on a per currency basis. This is maintained by OFX.

A virtual account is a set of banking credentials that is used to fund the wallet. This could be an IBAN, a BSB/sort code/ABA code and account number combination, etc. These are maintained on the side of OFX’s banking partner and serve only as a gateway to receive funds.

There is only one wallet per currency but there can be multiple virtual accounts that feed into the same wallet balance.

Example of a GBA:

Example of 2 virtual accounts that feed into the same wallet:

Local virtual account:

International virtual account:

Why is this page important?
 Knowing about the Global Business account helps businesses understand how they can manage their international finances effectively.

Next Steps

1. Visit the OFX website to learn more about opening a Global Business account.
2. Review the requirements for setting up an account.
3. Complete the application process online.

Related Article:

• Where can a user view the Global Business Account details?

• Can multiple currency accounts be created in the same currency?

• What is the total value held across multiple currency accounts? How is this calculated?