BFX Money Transfer review
|Product Name||BFX International Money Transfers|
|Customer Service||Phone, Live chat, Email|
|Maximum Transfer Amount||$2,000,000,000|
|Number of Currencies||36|
BFX Money Transfer exchange rates and fees
BFX Money Transfer updates its exchange rates regularly in line with market fluctuations. It adds a margin on top of the mid-market exchange rate before converting your AUD into a foreign currency for your transfer. You can see the latest rate by requesting a quote on the BFX website; however, you'll need to provide your name, email address and phone number to do so.
Aside from the exchange rate margin, BFX doesn't charge any other transaction fees.
BFX Money Transfer offers international transfers to more than 200 countries. It supports more than 30 currencies including the following:
- BDT Bangladeshi taka
- CAD Canadian dollars
- CNY Chinese yuan
- EUR euro
- GBP British pound
- INR Indian rupee
- NZD New Zealand dollar
- USD US dolla
What types of transfers can you make with BFX Money Transfer?
BFX Money Transfer allows you to send money from Australia directly to your recipient's overseas bank account. You can submit your transfer request using the following methods:
- Over the phone
- Via the BFX Money Transfer app
- In person (by appointment only)
You can send a one-off payment with BFX or set a rate alert so that you will be notified when the exchange rate you want becomes available.
How long does a transfer with BFX Money Transfer take?
While transfer times can vary depending on where you're sending money, BFX Money Transfer claims that most transactions are completed within 24 hours.
What payment methods does BFX Money Transfer accept?
You can pay for your transfer using the following methods:
- Bank transfer
Cash is accepted for travel money purchases only.
Transfers typically take
Is BFX Money Transfer safe to use?
- Security and regulation: Regulated in Australia by ASIC and AUSTRAC.
- Established: 2016.
- Reviews: Trustpilot TrustScore of 8.5/10 based on 14 reviews.
BFX Money Transfer is operated by BFX Australia Pty Ltd. Registered in Sydney and regulated by the Australian Securities & Investments Commission (ASIC). The company is also regulated as a designated remittance provider by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
BFX also claims to offer the highest level of security on all online transactions, with each transaction checked by the company's system to ensure that you're protected from fraud.
How does BFX Money Transfer make money?
BFX Money Transfer makes a profit by adding a margin on top of the mid-market exchange rate. The mid-market rate is the "real" exchange rate you see listed on currency conversion websites and reflects the price at which banks and money transfer services buy and sell foreign currency from each other.
How to register an account
You can sign up for an account with BFX Money Transfer by completing a few simple steps.
How do I make an international money transfer with BFX Money Transfer?
You'll need to complete the following steps to send an overseas transfer:
- Log into your BFX Money Transfer account.
- Enter the amount you want to send and in what currency before clicking "Continue".
- Add your recipient's details, including their name, contact information and relationship to you.
- Review the exchange rate that will apply to your transaction.
- Pay for your transfer.
- Submit your transaction.
What is BFX Money Transfer?
BFX Money Transfer is run by BFX Australia Pty Ltd, an Australian foreign exchange business headquartered in Sydney. Founded in 2016, the company aims to offer simple and affordable international transfers. BFX also offers foreign exchange services to customers looking to buy travel money and has a branch located in Miranda in Sydney's south.
In a nutshell
- No transaction fees. BFX Money Transfer allows you to send funds overseas without paying any transaction fees.
- Wide range of supported currencies. You can send an international transfer with BFX in more than 30 currencies.
- Also offers ecommerce accounts and foreign exchange services. If you want to purchase travel money or manage your online sales as an ecommerce seller, BFX also offers products to suit.
- Only for transfers of $2,000 or more. If you want to send an amount less than $2,000 overseas, you'll need to look elsewhere.
- Limited company information available online. There's not much information about the history of BFX or the people behind the company on its website.
How does BFX Money Transfer compare to other providers?
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked