International Payments for Australian Small Businesses Paying Overseas Suppliers

OFX Business

OFX is the trading name of OzForex Limited, regulated by ASIC under AFS Licence 226 484 (ABN 65 092 375 703) and an AFCA member, per its own business page (ofx.com/en-au/business, fetched September 2026). OFX's business page names a Global Business Account (described in different places on the same page as covering "50+ currencies" and "30+ foreign currencies" — treat the exact count as approximate rather than settled), spot transfers, forward contracts, limit orders, batch payments, card payments, a Control Hub for approvals and user access, API integrations, and Xero/QuickBooks bank-feed connections.

OFX's pricing page lists a cross-border wire/SWIFT fee of $10 per transaction across both plan tiers it publishes, and a "Full Suite" plan priced at $75 per month including GST for five users, $10 per additional user (ofx.com/en-au/business/pricing, fetched September 2026). No margin or spread percentage is published on any OFX business page checked — consistent with OFX's own PDS, which defines its margin per individual quote rather than as a fixed published rate.

OFX's forward contract, and why it's a genuine fit here

OFX's own forward-contracts page states the product locks in an exchange rate "for up to 12 months," typically "requiring an initial deposit and basic documentation such as purchase orders or invoices," and adds: "Forward contracts typically start at AU$10,000 but lower amounts may be considered" (ofx.com/en-au/business/fx-solutions/forward-contracts, fetched September 2026). The product is available across 11 currencies — fewer than OFX's full multi-currency account range — and OFX names "Purchase goods from overseas" and "Pay taxes and bills overseas" directly among its stated use cases.

That's a specific and checkable difference from Wise Business, the most obvious fintech comparison: no forward contract, rate lock, or equivalent product appears anywhere on Wise's own business page as at September 2026. A small business wanting rate certainty against a purchase order it has already agreed, months before the invoice falls due, is precisely the situation OFX's own page describes its forward contract for.

Wise Business

Wise's business page describes multi-currency accounts, sending and receiving, card issuing, batch transfers ("Pay up to 1,000 contractors, suppliers or employees at once," per Wise's own marketing line), API access, and the ability to accept payments in 22 currencies, with no hidden fees claimed for receiving (wise.com/au/business, fetched September 2026). On speed, Wise states: "70% arrive in 20 seconds and 95% in under 24 hours" for global payments, with a footnote reference on the page that wasn't captured in full.

On pricing, Wise states: "The mid-market rate is the rate banks and finance companies use to trade currencies — but they don't always pass it on to you. We don't change or add to the rate at all" — describing a model built on a separate, disclosed fee on top of the mid-market rate rather than a markup built into the rate itself. As noted above, no forward contract or rate-lock product appears on this page.

Airwallex

Airwallex's Australian page describes Global Accounts for multi-currency receiving, FX and transfers, corporate cards, bill pay, and a feature described as "Transactional FX — Interbank FX rates & currency management," positioned as a platform or API capability rather than a simple product page (airwallex.com/au, fetched September 2026). No explicit forward-contract feature for retail business customers appears on this page.

A separate item on the same page, "Airwallex Yield," is worth flagging as distinct: it's an investment product issued by K2 Asset Management (ABN 95 085 445 094, AFSL 244393), not an FX or payments feature, and shouldn't be confused with Airwallex's own payment tools when comparing providers.

The big four banks' business FX platforms

ANZ's business international-FX page names ANZ Transactive Global, Transactive Trade and FX Online as its platforms, and states: "We operate in close to 30 markets around the world, including more than 10 markets across Asia" (anz.com.au, fetched September 2026; ABN 11 005 357 522, AFSL 234527). NAB's own help documentation describes NAB Connect supporting Spot, Forward (FEC — Forward Exchange Contract) and Pre-delivered FX deals for NAB Markets customers, plus a NAB Foreign Currency Account for funding payments directly from foreign-currency holdings, with deals bookable up to ten business days ahead (nab.com.au, fetched September 2026).

CBA and Westpac describe their business international-payment services through their business banking channels rather than on a public product page, so their current fees and FX facilities are best confirmed with the bank directly. A business banking with either should ask its relationship manager directly.

Tax and GST treatment of overseas supplier payments

How GST applies to imported services and digital products, and any withholding obligations on payments to overseas suppliers, are questions for the Australian Taxation Office's own guidance rather than for a payments provider's marketing page. The ATO's relevant pages were not accessible on this pass, so specific GST or withholding figures aren't included here — a business should check the ATO's current guidance, or its own accountant, before treating any provider's general marketing copy as tax advice.

Choosing between the options

None of this is a recommendation of one provider over another — the right combination depends on how often the business pays overseas suppliers, whether it needs rate certainty months ahead of an invoice, how many people need account access, and what its existing bank already offers. What's checkable and comparable across the providers above are the published fee figures, the currencies each supports, and — the one clear structural difference here — which providers publish a forward-contract or rate-lock product at all. Migratio's broader guide to forward contracts, limit orders and spot transfers, and its guide to sending a large amount overseas, go into the mechanics of rate-locking in more depth.

Does Wise Business offer a forward contract for locking in an exchange rate?

No forward-contract or rate-lock product appears on Wise's own business page as at September 2026. Wise Business is built around sending, receiving, multi-currency accounts and batch payments at the mid-market rate plus a disclosed fee, not rate-locking ahead of a future payment.

What's the minimum amount for an OFX forward contract?

OFX's own page states forward contracts "typically start at AU$10,000 but lower amounts may be considered," available across 11 currencies and lockable for up to 12 months, and typically requiring an initial deposit and documentation such as a purchase order or invoice.

What does OFX charge for a business international payment?

OFX's published pricing page lists a $10-per-transaction cross-border wire/SWIFT fee across both plan tiers, plus a "Full Suite" plan at $75 per month including GST for five users, $10 per additional user. No separate margin or spread figure is published — OFX's margin is set per quote.

Can NAB or ANZ lock in an exchange rate for future supplier payments?

NAB's own documentation describes a Forward Exchange Contract (FEC) product available through NAB Connect for NAB Markets customers, bookable up to ten business days ahead. ANZ's business page names its Transactive Global and Transactive Trade platforms without detailing a specific forward-contract product on the page checked — a business should confirm directly with its relationship manager.

Does GST apply to payments made to overseas suppliers?

This depends on the type of supply and is a question for the ATO's own current guidance or a business's accountant rather than a payments provider — the relevant ATO pages weren't accessible while researching this guide, so no specific figure is given here.