Review: Aussie Forex & Finance international money transfers
Find out all the essential info about international money transfers with Aussie Forex & Finance, including fees, exchange rates and transfer times.
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- Multiple payout methods
- Competitive exchange rates
- Australia-based service
Not so great for
- Smaller transfers
- Site experience
- Online information
Aussie Forex & Finance exchange rates and fees
Aussie Forex & Finance usually offers better exchange rates than the banks and updates its rates as they fluctuate throughout the day. If you're sending $10,000 or more, you also have the option to lock in an exchange rate for up to 2 nights.
Aussie Forex & Finance also charges a flat transaction fee on all transfers. This fee is usually $15, but drops to $10 for transfers to India, Bangladesh, Sri Lanka, Nepal, Fiji and some European countries. Transfers of $200 or more to Pakistan do not incur any fees.
Aussie Forex & Finance offers transfers in the following currencies:
- BDT Bangladeshi taka
- INR Indian rupee
- IDR Indonesian rupiah
- LKR Sri Lankan rupee
- MYR Malaysian ringgit
- NPR Nepalese rupee
- PHP Philippine peso
- PKR Pakistani rupee
- SGD Singapore dollar
What types of transfers can you make with Aussie Forex & Finance?
Aussie Forex & Finance supports the following transfer types:
- Cash payment. You can send a cash transfer which your recipient can collect over the counter at one of Aussie Forex's transfer partners. However, there's no information on the company's website about the size of its transfer network or where cash collection points are located.
- Bank account deposit. You can send a transfer directly to your recipient's bank account.
- Home delivery. In some countries, the funds you send can be delivered to your recipient's home address.
How long does a transfer with Aussie Forex & Finance take?
Transfer times vary depending on the type of transfer you send and where you're sending money. However, Aussie Forex & Finance claims:
- Cash payment transfers are typically made on the same day
- Online bank account transfers can take two to three working days
- Sending funds to a non-online account may take three to seven working days
Which payment methods does Aussie Forex & Finance accept?
You can pay for your transaction using the following methods:
- Bank transfer
Is Aussie Forex & Finance safe to use?
- Security and regulation: Regulated in Australia by ASIC
- Established: 2005
- AML/CTF: Australian Financial Services Licence holder
Aussie Forex & Finance is registered by the Australian Securities & Investments Commission (ASIC) and holds an Australian Financial Services Licence. It's also registered as a remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and has policies in place to meet Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements.
In addition, the company claims that access to its online transfer service is provided through a secure web browser with encryption technology to prevent unauthorised access of your data.
How does Aussie Forex & Finance make money?
Aussie Forex & Finance makes money in two ways:
- By adding a margin on top of the mid-market exchange rate. The mid-market rate is the one you see quoted on Google and currency conversion sites like XE.
- By charging transaction fees.
How to register an account
How do I make an international money transfer with Aussie Forex & Finance?
There are two ways to send an international transfer with Aussie Forex & Finance. The first is to visit one of Aussie Forex & Finance's offices (located in Sydney and Perth), fill out a customer registration form, provide proof of ID and verify your address.
The second way is to submit your transfer request online through the Aussie Forex & Finance website. You can do this by:
- Logging in to your account.
- Specifying the amount and currency you want to send.
- Providing your recipient's name and bank account details.
- Paying for your transaction with an Internet banking transfer.
What is Aussie Forex & Finance?
Aussie Forex & Finance is an international money transfer provider based in Australia. Established in 2005, it now has an office in the Sydney CBD as well as an office in Perth. As a licensed remittance provider, the company aims to offer a secure and reliable overseas transfer service to suit individuals and businesses.
In a nutshell
- Competitive exchange rates. Aussie Forex & Finance offers competitive exchange rates which are typically better than those you can get from your bank. Compare the provider's rates with those from other transfer services to see how they stack up.
- Multiple transfer and payout options. You can send your transfer online or in person and your recipient can access the funds via bank transfer or cash pick-up. Draft delivery is also available in some countries.
- Australian company. Aussie Forex & Finance is based in Australia and has offices in Sydney and Perth.
- Flat fees. A flat fee applies to most transfers, so you may find cheaper fees with other transfer services, especially if sending a small amount.
- Poor website. The Aussie Forex & Finance website looks a little dated and doesn't offer the same user-friendly experience as some other online transfer services.
- Limited information. There's limited information available on the Aussie Forex & Finance website about the process for sending an online transfer.
How does Aussie Forex & Finance compare to other providers?
If you want to see how the exchange rates and fees of Aussie Forex & Finance compared to those offered by other money transfer services, check out the comparison table below.
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