It's difficult to asses Aussie Forex & Finance's exchange rates as they don't update rates in real-time on their website. They serve a relatively small number of countries in comparison to the average provider. If you're sending over $500, we recommending using a more a reputable provider such as Instarem, Wise or WorldRemit.
They charge a flat transaction fee on all transfers, the 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.
Available currencies
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
Cash
Cheque
Is Aussie Forex & Finance safe to use?
Established in 2005, Aussie Forex & Finance are considered to be safe as it's regulated by the ASIC and hold an Australian Financial Services Licence. It's also registered as a remittance provider with 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.
Country
Regulated by
Australia
Australian Securities and Investments Commission (ASIC) and Australian Transaction Reports and Analysis Centre (AUSTRAC)
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, this is the exchange you see quoted on Google and currency conversion sites like Xe.
By charging transaction fees.
How to register an account
Navigate to the Aussie Forex & Finance website and click on the "Send money now!" link at the top right of screen. You can then click on the "Register / Sign up" link to begin the registration process.
Create a username and password for your account before clicking "Next".
Type in your name, date of birth, occupation, nationality, ID details and email address.
Enter your contact information and confirm all details to finish creating your 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
Pros
Competitive exchange rates. Aussie Forex & Finance offers competitive exchange rates which are typically better than those you can get from your bank.
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.
Cons
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 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?
Yes, in some cases, though it depends on where you're sending funds. Transfers to some countries, such as Pakistan and Bangladesh, must be below a specified limit, but there are no limits on the amount you can send to other destinations. Contact Aussie Forex & Finance directly for more information.
Yes, you can submit a cancellation request if the funds have not yet been received by your beneficiary. However, your transaction fee will not be refunded.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
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