You can check CashRemit's exchange rates using the currency calculator on its homepage. CashRemit adds a margin on top of the mid-market exchange rate, but the size of this margin varies depending on how volatile a currency is. For example, when we reviewed exchanges for converting $1,000 AUD to GHS, the margin was 2.89%. In comparison, CashRemit adds a 7.7% markup onto AUD to ZAR exchange rate.
Transaction fees also apply but vary depending on the amount you send.
Available currencies
CashRemit offers online transfers in five currencies:
GHS - Ghanaian cedi
KES - Kenyan shilling
ZAR - South African Rand
NGN - Nigerian naira
XOF - West African CFA
The website also mentions support for other currencies, but these are not available when you log into your online account. However, the Canadian dollar is also listed as a supported currency in the CashRemit mobile app, but it's not listed on the CashRemit homepage.
What types of transfers can you make with CashRemit?
CashRemit supports two types of transfers:
Bank transfers. You can send an online transfer to your recipient's overseas bank account, with transactions usually completed within four business hours.
Mobile money transfers. CashRemit also supports mobile money transfers via the M-Pesa service, which allows you to send funds directly to your recipient's mobile wallet.
How long does a transfer with CashRemit take?
CashRemit lists the following transfer times on its website:
Bank deposit to Ghana: 4 business hours
Bank deposit to Kenya: 2 business hours
Bank deposit to Nigeria: 2 business hours
M-Pesa transfers are processed in real-time.
Orders typically take
2-4 hours
Is CashRemit safe to use?
Security and regulation: Regulated in Australia by ASIC
Established: 2016
Number of customers: 10,000+
Reviews: 2.4/5 on Trustpilot.
*According to CashRemit and Trustpilot on 15 November 2023.
CashRemit is registered as a remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC), and it is regulated by the Australian Securities and Investments Commission (ASIC).
Established in 2016, CashRemit claims to have 10,000 happy customers and to have transferred over $500 million. The CashRemit website also says that there are security measures in place to protect your CashRemit account, but there's limited information about what those measures actually are.
Country
Regulated by
Australia
Australian Securities and Investments Commission
How does CashRemit make money?
CashRemit makes money in two ways:
By charging transaction fees
By adding a margin on top of the mid-market rate. The mid-market rate is the actual exchange rate at which banks and money transfer services buy and sell currency from one another.
How to register an account
You'll need to complete the following steps to register for a CashRemit account:
Visit the CashRemit website and click the "Signup" link at the top right of screen.
Enter your email address, name and phone number before clicking "Sign up".
Enter the 2-step verification code sent to your mobile.
To verify your account, click the "Account setting" link from the menu at the left of screen.
Click the "Unverified" link and then email a copy of your passport or driver's licence to the address provided.
How do I make an international money transfer with CashRemit?
Login to your account.
Enter the amount of AUD you want to send and the currency you want to transfer.
Select either a bank deposit or a mobile money transfer.
Review the exchange rate and transaction fee before clicking "Continue".
Enter your recipient's bank account details.
Review all transfer details and then submit your transaction.
What is CashRemit?
CashRemit is an online remittance service that offers transfers to Ghana, Kenya and Nigeria. Founded in January 2016, its registered business address is in Osborne Park, WA. CashRemit aims to offer a fast and hassle-free international transfer experience to customers.
In a nutshell
Pros
Mobile app available. If you want to send transfers on the go, CashRemit offers an Android and iOS smartphone app.
Ghana, Kenya, Nigeria specialist. The Nigerian naira, Kenyan shilling and Ghanaian cedi are reasonably rare currencies which many other transfer services don't support. So if you need to send money to any of these three countries, CashRemit is worth considering.
Low fees and competitive rates. CashRemit charges minimal fees and competitive exchange rates for the currencies it supports.
Cons
Disappointing website. The CashRemit website has grammatical errors, links that don't work and only provides basic details about its money transfer service.
Very limited information available online. There's minimal information provided on the CashRemit website about the registration and verification process, transfer fees, minimum and maximum transaction limits, and transfer speeds. Signing up for an account allows you to see some information, but a detailed support/FAQ section would be a very welcome addition.
Negative customer reviews. Some CashRemit customers have complained about slow transaction processing times and poor customer service.
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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