When you book a Forward Contract, an initial deposit (also called collateral or margin) is required to secure the contract. The deposit amount is typically calculated as a percentage of the total contract value, often around 5%, but this may vary based on your credit limit and risk profile. You can fund the deposit using any available payment method linked to your OFX Business Account, including bank transfer, card payment, or direct debit. Deposits are usually paid into a dedicated collateral account within OFX. It is important to pay the deposit promptly—generally within three business days after booking—to avoid being in breach, which could restrict further bookings and trigger follow-up actions from OFX. If you have a credit facility approved, it may cover the deposit temporarily, but you must adhere to its terms.

Why is this page important?
Paying the deposit secures your Forward Contract, mitigates currency risk, and ensures compliance with OFX policies, enabling you to benefit from locked-in exchange rates.

Next Steps

1. After booking your Forward Contract, review the deposit amount required.

2. Navigate to the “Accounts” section of the sidebar menu.

3. Search for the relevant Forward deposit account. If a deposit is required, the amount will be indicated and highlighted.

4. Choose your preferred Forward deposit account you would like to fund. Click on it to open.

5. Select the “From” account as the Global Business Account (GBA).

6. Select the “To” account as the preferred Forward Deposit account.

7. Enter the deposit amount.

8. Click on “Transfer” to transfer the amount.

9. A confirmation message is displayed showing the funds have been successfully transferred.

10. The transaction details will be confirmed in the “Settled” tab.

11. The updated balance is reflected in the relevant Forward Deposit account.

Related FAQ Articles:

• How do I deposit money or add funds into my Global Account?

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