SendFX is a newly founded money transfer company that is based in Australia. They are driving on the banks and businesses similar to OFX and TransferWise to help Australians send money overseas. As a newly established company, their first product is international money transfers. However, they also have plans to launch a digital wallet and loyalty point card in the next 12 months.
To learn more about this new founded Australian money transfer provider, read this review and find out whether it suits you more than the other online money transfer providers.
SendFX Company Information
SendFX was established and made known to the market on the 2019th of May. It has only around 11 to 15 employees. The firm was able to raised AUD 750,000 of funds and was incorporated in the 2019th of January. Its office was set up in Queensland March of last year and agreed on referral programs by April. It later on adopted and agreed its banking and payment networks May of the same year. It was then when they had their customers utilise the service they offer.
The company is regulated by the ASIC which stands for Australian Securities and Investments Commission. Before they have launched their website, the company get their license with the Australian Transaction Reports and Analysis Centre or AUSTRAC and AFSL or Australian Financial Services Licence. It is also a member of the Australian Financial Complaints Authority.
As of today, companies that have long been in business such as Moneycorp may be incomparable to the new SendFX. They also expect to propel their mobile app this year but the date is still uncertain. However, their website is functional and they’re able to provide competitive service with no fees for transfers and a substantial amount of associated countries along with currencies.
Global Reach and Service Coverage
They handle 34 currencies with its office located in Queensland, Australia. SendFX claims to accept clients around the globe to register and set up an account. This is despite their website dominated by AUD-based transfer models, giving the assumption to clients that their service is Australian based alone.
SendFX has a wide network claiming that they can send to more than 200 countries and 34 currencies. After checking the registration process in the UK it appears that clients from other countries can access and set up an account.
The company is yet to establish a mobile app and propel a large pool of reviews. They’re also planning to set up a digital wallet, which allows users to retain balances in 40 currencies through in-country currencies as part of their local banking promotion in nearly 40 countries. This can be an impressive milestone. They’re also looking at Send Visa card that enables users to use their balances anywhere that accepst visa card.
Since SendFX is a new company, there are much of its functionalities that are yet to come. In fact, the company has a lot of things in their raft, these are:
- Cashback transfers
- Loyalty points
- Exclusive perks
- Referral system
As of today, they are still offering standard service with no unique features yet implemented.
Exchange Rate and Fees
Regardless of the currency and the number of your transfers, there are no costs or fees at stake. Their zero fees for transfers has been their selling market point.
SendFX allows bank account-beating exchange rates regularly and gives competitive rates assurance. You’ll figure out the foreign exchange rate of your transfer before initiating your deal. This means you have the chance to compare the exchange rate and fees from other money transfer providers such as Western Union.
The minimum amount that you can send is $500. However, there are no set limits for the maximum amount that you can send or transfer.
How To Use SendFX
SendFX provides free international money transfers for individuals and businesses from several countries. Personally, you may use the services of SendFX to transfer money to more than 200 countries.
Step 1: REGISTER
To register, you have to enter your details on the SendFX website. You have to choose the type of account that you need, the details of your transfer and the currencies. After providing some of your ID, SendFX will let you know when your account is good to go.
How To Register:
- Visit the website and click on ‘Get Started’
- Choose between personal, business or online seller account
- Enter personal information and required details
- Enter the details of your transaction and the recipient
- Verify your identity by providing the essential documents
Details To Enter:
- Name and country of residence
- Residential address
- Email address and Contact number
- The currencies you wish to trade
- Frequency that you plan to carry out transfers
- Reason for the transfers
- Date of birth
- Details of your proof of identity
Once you get a quote for your transfer, you have to enter the details of your recipients. In case, you will be sending it to your own international account, you can fill in your details instead.
Step 3: PAY
After confirming the transaction, you’ll receive the SendFX bank information. You can use this account to pay the funds to initiate the transfer.
SendFX Money Transfer Services
SendFX is a better alternative to using an Australian bank when you send money abroad. Unlike banks, they do not impose charges in transfer fees and has better exchange rates. They also have new products and features for early clients. Granted that they’ve just recently commenced, they may not be suitable if you prefer bigger brands like OFX and XE Money Transfers.
How long does SendFX take to transfer funds?
SendFX can initiate the transfer of your funds abroad up to 3 days. For most major currencies, it can take less than 2 days to send money. Exotic currencies can take 1 to 3 days to process the transfer.
Pros and Cons
Following are the advantages and disadvantages of using SendFX:
|No fees for any international money transfer||Minimum transfer amounts apply|
|Good exchange rates, particularly compared to the banks||They don't accept credit card|
|Offer forward contracts||Limited track record|
|Transfer funds in under 24 hours||Newly established and unproven|
|Limit Orders Available||No international offices|
|Regular transfer functionality||No mobile app|
|Excellent service both online and over the phone||Limited FX hedging functions|
Types Of Transfers You Can Make With SendFX
SendFX offers bank account transfer in over 30 currencies. Besides this, there are different alternatives that can help you get a better exchange rate. These are:
These are one-time transfers that with the best exchange rate that is currently available. This also gives you the alternative to set a limit and stop orders.
These enable you to lock in an exchange rate for a future transaction that can take up to 12 months. This means you can lock in for an exchange rate which you think may be favourable and later on utilise it for your future transaction.
With SendFX, it’s possible to set up a recurring payment for up to 12 months ahead by utilising a spot contract or a series of forwards contracts.
- You’ll have a dedicated account manager who manages your account when you register
- Can easily get through customer support via phone or email
- Do not charge fees for each transaction
- Allows you to manage more than 30 currencies in one place
- Won’t allow you to transfer smaller amounts.
- One payment method to pay your transfers
- New company and using the service means taking the risk of being fresh in the business
- Unable to benefit features and perks that you can get from other providers.