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BFX Money Transfer review

Learn how to send fee-free international transfers in more than 30 currencies with BFX Money Transfer.

  • Good for a wide range of products beyond sending money overseas, including purchasing travel money and online seller accounts.
  • Not so great if you want to send under the minimum of $2,000.

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Details

Product NameBFX International Money Transfers
Customer ServicePhone, Live chat, Email
Available CurrenciesAED, AUD, BDT, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, LKR, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, VND, ZAR

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.

Available currencies

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

You can check out the full list of supported currencies above.

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:

  • Online
  • 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
  • POLi payments

Cash is accepted for travel money purchases only.

Transfers typically takeClock icon for transfer speed

24 hours

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.
*According to BFX Money Transfer and Trustpilot on 20 August 2019.

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:

  1. Log into your BFX Money Transfer account.
  2. Enter the amount you want to send and in what currency before clicking "Continue".
  3. Add your recipient's details, including their name, contact information and relationship to you.
  4. Review the exchange rate that will apply to your transaction.
  5. Pay for your transfer.
  6. 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

Pros:
  • 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.
Cons:
  • 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?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 20 of 23
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
TorFX
24 hours
$0

View details
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Send Payments
24 hours
$0

View details
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
HSBC International Money Transfers
24 hours
From $8

View details
Get real time exchange rates when markets are open with flat $8 fee for online international transfers.
Western Union
Within minutes
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
OFX
24 hours
From $15

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
XE Money Transfers
Within minutes
$0

View details
XE has fast transfers with low fees and a range of foreign currency tools.
TorFX
24 hours
$0

View details
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Send Payments
24 hours
$0

View details
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
SingX
Within minutes
0.45%

View details
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.
Wise (TransferWise)
24 hours
From 0.35%

View details
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Instarem
Within minutes
From 0%

View details
Instarem offers simple transfers with a flat 0.5% transfer fee for most transfers.
Remitly
Within an hour
From $2.99

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyFair
Within minutes
From $0

View details
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
WorldRemit
Within minutes
$1.99
SPECIAL OFFER ✓ Use the code ‘4FREEFINDER’ to get 4 free transfers if you are a first time user. Eligible countries only.

View details
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
MasterRemit
Within minutes
From $1

View details
Send money in minutes at competitive exchange rates with this Australian money transfer service.
SingX For Large Transfers
Within minutes
0.45%

View details
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.
WorldFirst Business Transfers
WorldFirst Business Transfers
24 hours
From $0

View details
All new customers who send more than AUD$10000 in June and July are eligible to receive a $300 Woolworths gift card. Conditions apply.
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Airwallex
Within minutes
$0

View details
Airwallex can help you make business payments to 23+ currencies using competitive interbank rates and no fees for most transfers.
TorFX Business Transfers
24 hours
$0

View details
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Send business
Within minutes
$0

View details
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Frequently asked questions

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

Logo for MasterRemit International Money Transfers
MasterRemit International Money Transfers

New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

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