OFX global currency account unavailable in Canada? Here are some alternatives

If you’re a Canadian business owner who relied on the OFX Global Currency Account to receive, hold, and manage foreign currencies, there’s some big news. OFX has discontinued the account globally, leaving many freelancers, ecommerce sellers, and international businesses seeking alternatives.

In this article, we’ll walk you through the best alternatives that are still available in Canada, including the Wise Business account that lets you hold multiple currencies, pay overseas suppliers and employees, and get paid like a local.

A quick comparison of OFX alternatives in Canada

What are the best business alternatives to the OFX Global Currency Account?

Payoneer

Payoneer facilitates domestic and international payments to help online sellers and businesses get paid by international clients and marketplaces.

Key features:

• Hold and manage multiple currencies including CAD, USD, EUR, GBP, AUD, JPY
• Get paid by global marketplaces like Amazon, Fiverr, Upwork, Airbnb, and over 2,000 platforms
• Receive payments from clients via credit card, ACH, bank transfer, or your Payoneer balance
• Make batch payments to up to 200 recipients
• Pay suppliers and contractors worldwide directly from your balance
• Withdraw funds to your local bank account in 190+ countries
• Use the Payoneer Mastercard to spend online, in-store, or withdraw from ATMs
• Fast transfers and low currency conversion fees

Payoneer business fees overview:

Wise Business Account

Wise is a financial platform that helps businesses send, receive, and manage money internationally with ease.

Unique selling point: Hold and convert 40+ currencies at the mid-market exchange rate, with local account details in up to 23 currencies.

Key features:

Here’s what you get for the essential and complete version for a one-time fee of 55 CAD

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Wise business fees overview

Airwallex

Airwallex is an all-in-one platform for over 150,000 global businesses to manage multi-currency accounts, payments, and company spend.

Unique selling point: A single platform to open local currency accounts, access interbank FX rates, automate bill payments, and issue multi-currency corporate cards — all with no monthly fees.

Key features:

• Open local accounts in 20+ currencies, including CAD, USD, EUR, GBP, and AUD
• Hold and convert 23+ currencies in one wallet
• Send money to 150+ countries using a proprietary global payments network
• Interbank FX rates with transparent, low markups
• Instantly issue multi-currency virtual corporate cards
• No fees for domestic transfers or local account setup³
• Accounting integrations with Xero, QuickBooks, and Netsuite
• Real-time expense tracking and employee card management
• 1% cash rebate on eligible CAD card spend

Airwallex Business Fees Overview

BMO eBusiness Plan

BMO (Bank of Montreal) is a leading Canadian financial institution offering a range of business banking solutions tailored to meet the diverse needs of entrepreneurs and small businesses.

Unique selling point: Available in Canadian dollars only, the BMO eBusiness Plan provides unlimited electronic transactions with no monthly fees or minimum balance requirements, making it an ideal choice for businesses that primarily operate online.​

Key features:

• Unlimited electronic transactions, including Moneris deposits and withdrawals
• No monthly account fees and no minimum balance requirement⁴
• Two free Interac e-Transfers per month; additional transfers at $1.50 each⁵
• Access to BMO Online Banking for Business and Digital Smart Pack
• Ideal for businesses that conduct most of their transactions electronically in Canada

BMO eBusiness Plan fees overview

Exchange rate/currency conversion fee: BMO sets its own exchange rate and may apply a markup to foreign exchange rates for international transactions. For more information, inquire directly with BMO for specific rates applicable to your transactions.

PayPal for Business

PayPal makes it easy for businesses to get paid online, in-store, or on the go, with a trusted name that customers around the world already know.

Unique selling point: Globally recognised with built-in tools for invoicing, subscriptions, and e-commerce integrations to help businesses streamline their payments and scale globally without extra hassle.

Key features:

• Accept payments from customers in over 200 markets and 25 currencies
• Support for PayPal, credit and debit cards, and alternative payment methods
• Use invoicing, reporting, and analytics tools to manage and grow your business
• Advanced fraud detection and Seller Protection on eligible transactions
• Easily integrate with popular e-commerce platforms and shopping carts

PayPal for Business fees overview

Final thoughts

With the OFX Global Currency Account no longer available, Canadian businesses still have a good lineup of alternatives to manage international payments and hold multiple currencies.

Platforms like Payoneer, Wise, and Airwallex offer flexible, low-cost multi-currency accounts built for today’s global economy. Meanwhile, traditional options like BMO’s eBusiness Plan and PayPal remain convenient for businesses already using them — though they may come with higher fees or limitations.

The best option depends on your business needs, whether that’s e-commerce integration, batch payments, global supplier payouts, or low-cost currency conversion. Take the time to compare fees, features, and currencies supported to find the right fit for your workflow.

Sources:

1. Low fees and no hidden costs | Payoneer Fees
2. Wise Business Fees & Pricing: Only Pay for What You Use
3. Pricing & fees | Airwallex Official Site
4. eBusiness Plan: Get Unlimited Transactions - BMO Canada
5. Better Banking Guide for Business - BMO
6. Fees | Merchant and Business | PayPal CA