Key takeaways
- Check whether the invoice currency is already held before assessing the payment’s FX costs.
- A prior conversion can still have a cost even if the later payment needs no conversion.
- The OFX Global Business Account is a virtual account, not a bank account.
What does paying from a held balance mean?
A held balance is money already available in a currency within the account. If a business holds USD and needs to pay a USD invoice, the payment can use that currency rather than exchanging CAD at the time of payment. This is a workflow distinction, not a prediction that holding USD will improve returns.
OFX’s Global Business Account supports receiving, holding and paying in more than 30 currencies. International payments using held balances carry $0 FX fees. This applies to the held-balance payment, not to every OFX product or transfer; funding, prior conversion and other applicable charges must be assessed separately.
Which costs happen before and after the payment?
| Stage | What to check | Why the distinction matters |
|---|---|---|
| Acquire the invoice currency | Conversion quote, rate and charges | The currency may have cost money to acquire earlier |
| Fund the account | Bank transfer, direct debit or eligible card terms | Funding route costs are separate from FX |
| Hold the balance | Account terms, access and protection | Payment convenience does not establish bank-deposit treatment |
| Pay in the held currency | Supported route and sufficient available balance | No new conversion is different from no total payment cost |
| Recipient receives funds | Any intermediary or recipient-bank charges | Amount sent and amount received can differ |
| Use the platform | Standard, Full Suite or custom plan | Subscription costs are another component |
Build the comparison around the full sequence. Looking only at the final payment can hide the conversion used to create the balance. Conversely, counting a conversion again on a same-currency payment would overstate the number of FX events.
How does a same-currency example work?
Suppose a business already has an available US$12,000 balance and needs to pay a US$5,000 invoice through a supported route. The invoice amount itself can be funded from USD without a new CAD-to-USD conversion. Subtracting the invoice alone leaves US$7,000 before any payment, bank or other applicable charges.
This example deliberately assumes the USD is already held and available. The example excludes exchange-rate assumptions and does not guarantee the final balance. If the business first exchanges CAD to obtain the US$12,000, the conversion is an earlier cost that belongs in the assessment. Holding the money does not erase that history.
What if the invoice currency is not held?
A business with CAD but a USD invoice still needs a way to obtain USD. Compare the actual conversion quote, funding method and payment route. The held-balance wording cannot be applied as if the missing currency were already available. Likewise, a balance below the invoice amount may require additional funding or conversion.
Ask which currencies and receiving details are provisioned for your business after verification. A headline count of supported currencies does not confirm that every currency has local receiving details or that every route is available for every entity. Confirm the exact collection and payment corridor before using it in a customer or supplier workflow.
How do the Canadian plans change the comparison?
In Canada, Standard costs C$0 per user per month. Full Suite costs C$75 per five users per month, with C$10 per additional user. A custom option is available for multi-entity or higher-volume requirements. A free Standard subscription is not evidence that every funding, conversion or transfer has no cost.
Select a plan around the approvals, controls and automation your business needs, then add transaction costs separately. Advanced controls and automation may depend on the selected plan. Ask which capabilities and pricing apply to your account and proposed team size.
What risks remain when no conversion happens today?
A foreign-currency balance still exposes the business to currency changes relative to its reporting or spending currency. Matching USD receipts to USD obligations may reduce the need to convert twice, but any unused USD remains a currency position. Hold currency according to known payment obligations rather than accumulating balances solely to avoid a conversion at payment time.
The Global Business Account is a virtual business account, not a bank account. Confirm access and protection terms before holding a substantial reserve. Do not assume CDIC insurance or interest on held funds from the product’s account label. Payment capability and reserve suitability are different decisions.
What is Treasi’s verdict and next step?
OFX held balances can be worth comparing when receipts and upcoming payments use the same currency. The useful distinction is avoiding an unnecessary conversion at payment time, not treating the entire funding-to-payment chain as free.
Read the wider OFX review for product context, compare FX providers, and discuss the exact funding and payout route using the provider action below. A Treasi Score can help evaluate the related currency exposure and operational requirements without forecasting exchange rates or promising savings.
Providers that can help
Compare these providers, then request a free, no-obligation quote.
Check whether the invoice currency is already held before applying OFX’s held-balance claim.
C$0 Transfer feeFAQs
Are all OFX transfers free of FX fees?
No. The $0 FX fee applies to international payments using held balances. Conversion, funding and other route-specific costs remain separate.
What if I only hold CAD for a USD invoice?
You still need to acquire USD or use a conversion-supported route. Do not apply a held-USD example to a CAD-only balance.
Is the Global Business Account a bank account?
It is a virtual business account, not a bank account.
What is the Standard subscription price?
Standard costs C$0 per user per month in Canada; transaction charges are separate.
Does paying from USD remove currency risk?
It avoids a new conversion for that same-currency payment, but any remaining USD can still change in value relative to CAD.
Sources: Official Canadian sources checked 1 November 2026: https://www.ofx.com/en-ca/business/global-business-account/ ; https://www.ofx.com/en-ca/business/help/