In this guide

  • Review
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.

BFX Money Transfer review

  • Avatar
BFX International Money Transfers

BFX International Money Transfers isn't available on Finder right now.

Summary

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.

In this guide

  • Review
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

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.

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

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 - 23 of 23
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
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
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.
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
Earn up to 100,000 bonus Qantas Points on your first currency conversion by 31 July 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.
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.
loading

Frequently asked questions

Sources
  1. BFX Money Transfer official website, accessed March 2022

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Tim Finder

Writer

Hi there, looking for more information? Ask us a question.

Error label

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
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Go to site