FlashFX is an Australian-based money transfer company that serves individuals and businesses through their quick and cost-efficient cross-border money transfers. Besides, the rates offered by FlashFX are better compared to most banks. FlashFX is labelled to make fund transfer abroad fast and far. They also provide cheaper options for sending money over big banks hefty charges.

These review aims to give you detailed information on what you need to know about FlashFX. Read this review, should you want to know more about this money transfer company. You can also compare money transfer company provider HERE.

FlashFX Company Background

FlashFX is founded and registered in 2015. It is an Australian-based company that caters to online foreign currency transfer. Its edge among its competitors is that it is built on Ripple’s blockchain technology and depends on its cryptocurrency XRP for liquidity. The company’s main goal is to reduce the costs related to transferring funds abroad and provide real-time transfers through a transparent platform.

Moreover, FlashFX is founded by Nicolas Steiger and Michael O’Sullivan, who are formers bankers that are not happy with the usual sky-high fees and long TATs of most banks in terms of sending money overseas. Disappointed by the incompetence of the common money transfer method, FlashFX was established on the idea that smart technology is the solution to unfastening the global payments potential. Their management outlines over 50 years of banking and financial services experience.

Also, the company is the first Australian business to earn a digital Australian Financial Services License from the Australian Securities and Investments Commission or ASIC.

Reach and Service Coverage

FlashFX is not as close as a global company as the other best rated money transfer companies. They have a single office located in Australia and only accepts Australian clients. They handle 21 currencies and focuses on AUD transfers originating from the residents of Australia. This means they can only service Australian residents due to the restrictions of their licensing. However, if you have an Australian passport and bank account and are currently residing abroad, they can still complete your registration. In cases wherein they can’t, the company will get in touch with you about it.

Moreover, FlashFX specializes in exchanging Australian dollars to 17 other currencies and vice versa.

Supported Currencies and Countries

CURRENCYCURENCY SYMBOL
Australian dollarAUD
Euro EUR
British pound GBP
US dollar USD
United Arab Emirates dirham AED
Canada dollar CAD
Southh African rand ZAR
Singapore dollarSGD
Thailand bahtTHB
Swiss francCHF
Swedish kronaSEK
New Zealand dollar NZD
Chinese renminbi CNY
Danish krone DKK
Norwegian krone NOK
Hong Kong dollar HKD
Japanese yen
JPY

Exchange Rate and Fees

Fess:

There are no fixed wires fees 

Exchange Rates:

When you compare the foreign exchange rates provided by several money transfer companies, they are certainly not the best that you can get. They charge almost 1.5% markup of a 5 000 AUD to GBP money transfers. However, for smaller transfers, TransferWise which has fixed rates may serve you best. TransferWise fixed fees are between a third and a half over FlashFX. In the case of large transfers, top money transfer companies may be better such as WorldsFirst, HiFX or TorFX.

Limit:

There is no maximum limit for the amount you can transfer but the minimum amount is AUD 200.

How To Create An Account

Signing Up With FlashFX

Signing up will not take much of your time; plus, it’s easy and simple:

  • To sign up you have to provide your email address and create a password.
  • You will get a verification code via email that you have to enter to proceed with the registration.
  • Enter your personal information such as your name, date of birth, phone number, and address to proceed.
  • You will be required to submit a proof of address and identity documents.
  • Once you uploaded the documents needed and the verification is complete, you can use your account to initiate transfer or request for funds.

How To Transfer Money

To transfer money with FlashFX you have to do the following steps:

  • Provide the name, location, and bank account details of the recipient.
  • Make your payment through a bank transfer or a pre-funded FlashFX account.
  • You can either do the transfer right away or wait for the rate to get better.

What You Must Know When transferring money with FlashFX

Intelligent Technology. FlashFX utilises a specialised system devised for banks and other payment systems, called Ripple. With Ripple, any transactions conducted are taped securely utilising cryptography.

No Transaction Fees. You won’t be paying fees when using FlashFX on any transfers you make. 

Instant Transfers. FlashFX is set to deliver your money timely, which is the reason they allow instant transfers for some transactions. Once FlashFX gets your transfer, your recipient will get the money directly and instantly.

Transfer Method

  • Online
  • Bank to Bank

The Options For Your Transfers

One-off payments

If can send a one-time payment to someone internationally through FlashFX.

Regular payments

FlashFX can let you carry out regular, recurring payments when you need to initiate weekly or monthly transfers for bills or for someone based internationally.

Market orders

It allows you to set your preferable exchange rate and let FlashFX pursue your transaction your favoured rate is reached. This is helpful when you need to pay for something that is no really urgent. 

Pros and Cons

Pros:

  • No transaction fees
  • Easy to understand and transparent pricing
  • Fast or swift transfers using the Ripple payment platform

Cons:

  • Only supports or handles 17 currencies as of the moment
  • Do not accept debit or credit card payments when funding your account

FlashFX Products and Services

This overseas money transfer company provides its individual and business customers with multiple solutions.

  • One-off payments
  • Automated transfers
  • Request money

The features that clients can utilise include:

  • Payment methods which i bank to bank
  • Transfer speed for real time currency transfer
  • Pre-fund your account for locking in exchange rate
  • Convert from Ripple to AUD
  • Sending limits is AU $200 but lowers to AU $100 when transferring to some currencies like USD and EUR
  • Referral program that allows you to earn AU $25 credits when they register and and use teh service to transfer at least AU $1,000

Clients’ Feedback

Positive Feedback

Clients who are satisfied with the service stated:

  • Fast transfers
  • Simplicity and ease of use
  • Good customer support

Negative Feedback

There were 10% of clients who rated 3 stars or lower because of:

  • Money not received on time with the recepient
  • The payments that were sent weren’t identified due to lacking information
  • Claims for hidden fees

Alternatives To FlashFX Money Transfer

   

            

           

FAQs on FlashFX Money Transfer

What payment options are available?

The only way to send money to FlashFX to fund your transfer is via a bank transfer. This must be made from an existing bank account that is registered in your name, and it will work in the same way as a regular bank transfer. FlashFX does not accept cash or cheques, or debit or credit cards as payment to fund your account. It will not accept third-party deposits either, made from someone else into your account. Flash FX does accept transfers made via Ripple wallets.

Are there coupons offered by FlashFX?

iCompareFX customers receive exclusive discounted rates on their first transfer. Just follow this link to redeem.

Is it safe to transfer money through FlashFX?

  • FlashFX is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and regulated by the Australian Securities and Investments Commission (ASIC).
  • The company lets you track your transfers using its online dashboard.
  • The FlashFX website relies on high encryption levels to safeguard its customers’ personal and financial information.

How much does it cost to transfer money with FlashFX

FlashFX claimed of being transparent as they are not hiding any charge on each transaction. Registration ad signs up is for free as well as sending funds overseas.

What are the available options are available?

The only means to send money to FlashFX to fund your transfer is through bank transfer. This is done from your bank account and works the same as your usual bank transfer.

Does FlashFX accept cheques and cash?

FlashFX does not accept cash or cheques, as well as debit or credit cards as payment to fund your FlashFX account. It will not take third-party deposits either. However, Flash FX does accept transfers made through Ripple wallets.


Company Details
  • Company Name: I PERSONNEL GROUP (SYDNEY NSW) LIMITED
  • Registration Number: 09593205
  • Incorporation Date: 2015-05-15
  • Status: Dissolved
Contact FlashFX Money Transfer Review
  • via Phone: +61 1300 352 749 Call
  • via Email:info@flash-fx.com.au Email
  • via Post: 26 Kinloch Place Kinloch Place, Bletchley, Milton Keynes, England, MK2 3NN