OFX vs Zelle

OFX provides business accounts and international payments, with web, iOS, and Android access. Its Global Business Account can be registered for free and has no minimum balance requirement. Businesses can pay, hold, and receive money in more than 30 currencies, and business payments are available in 30+ currencies to 170+ countries. CAD, USD, GBP, and EUR accounts include local bank details. OFX also offers corporate cards with spend limits and merchant-category controls; card expenses can be tracked in real time. Control Hub provides approvals, budgets, workflows, and user access rights. The service integrates directly with Xero and QuickBooks Online, and its Xero connection supports real-time, two-way synchronization. OFX lists bank transfers, a typical transfer speed of 1–3 days, an exchange-rate markup, upfront fee display, transfer tracking, and scheduled transfers. The Business App supports financial operations on the go, while the Money Transfer App provides rates, payments, and transfer tracking. OFX offers phone and email support from human specialists 24/7 and is headquartered in Sydney, Australia.

Zelle lets people send, request and receive money through participating banks’ and credit unions’ apps or online banking. It is available in more than 2,400 such apps, as well as on Android, iOS and the web. Users can address payments to an email address or U.S. mobile number; eligible small business accounts can also use Zelle tags. Transfers are described as instant, and tracking is available. Both parties need eligible U.S. checking or savings accounts, and both must be enrolled for money to arrive in minutes. Eligible small businesses can request or receive customer payments and send money to customers, vendors and employees. Sending and receiving limits are set by each financial institution. Zelle says payments to enrolled recipients cannot be reversed, and authorized payments for goods or services that are not received or as described are not covered by a protection program. Consumers typically pay no fee, but should check with their bank or credit union. Any small business fees depend on its financial institution.