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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.

Updated

Fact checked

Quick verdict

Good for
  • 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.

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?

  • 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:

  1. Logging in to your account.
  2. Specifying the amount and currency you want to send.
  3. Providing your recipient's name and bank account details.
  4. 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. 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.

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 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 0.696 USD
3,479
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.696 USD
3,479
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 250 1 - 2 days AUD 15.00 0.696 USD
3,469
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.696 USD
3,479
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 1 1 day AUD 26.00 0.699 USD
3,475
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 0 Same day AUD 2.99 0.691 USD
3,453
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
AUD 1 Same day AUD 0.00 0.695 USD
3,476
Get fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.692 USD
3,457
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 0.69 USD
3,448
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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