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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.

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Quick verdict

Good for
  • Multiple payout methods
  • Competitive exchange rates
  • Australia-based service
Not so great for
  • Smaller transfers
  • Website user experience
  • Overall coverage

Aussie Forex & Finance exchange rates and fees

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.

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

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.
  • 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?

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
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.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
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.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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