Flash Payments international money transfers review
We currently don't have this product on Finder
- Number of Currencies
- 17
- Minimum Transfer Amount
- $200
- Pay By
- Bank transfer
- Fees (Pay by Bank Transfer)
- $0
Summary
Send money overseas quickly and securely with Flash Payments and pay no transaction fees.
Once a simple money transfer service, Flash Payments has evolved. It now focuses heavily on providing payment infrastructure for businesses, with its personal transfer service being just one part of its offering.
For individuals, Flash Payments offers a straightforward, fee-free way to send money overseas directly between bank accounts. However, it lacks the flexibility of consumer-focused specialists, with no mobile app or options for card payments and cash pickup.
This makes Flash Payments a decent choice for existing business clients or individuals who need a simple, one-off bank transfer and aren't fussed about features. If you need more options, a dedicated consumer service like WorldRemit or Remitly will likely be a better fit.
Pros
-
No transaction fees
-
Clear and transparent pricing
-
Fast transfers using the Ripple payment platform
Cons
-
Supports only 17 currencies
-
Funding the account via debit or credit card is not supported
Details
Product details
| Product Name | Flash Payments International Money Transfers |
| Pay By | Bank transfer |
| Customer Service | Phone, Live chat, Email |
| Maximum Transfer Amount | $1,000,000,000 |
| Number of Currencies | 17 |
Flash Payments: Pros and cons
Pros
- First personal transfer is fee-free
- Regulated by ASIC and AUSTRAC
- Cites multi-layered security via parent company Ant International
- Strong focus on business and API solutions
Cons
- Personal transfers are a secondary focus
- Only accepts payment by bank transfer
- Consumer app not yet available for personal use in Australia
- Fewer features than many consumer-focused competitors
What has changed with Flash Payments?
Formerly known as FlashFX, the company rebranded as Flash Payments in 2023, though FlashFX still lives on as the name of its business and personal transfer products.
Over the last few years, its main focus has shifted to business-to-business (B2B) payment solutions. This includes providing an API for fintechs to integrate global payments, offering virtual account numbers and connecting to Australian payment rails like NPP and PayTo for instant fund movements. This pivot means that while the personal transfer service still exists, it is no longer the company's primary product.
Flash Payments fees and exchange rates
Flash Payments does not charge a transaction fee for sending money overseas.
The company makes its money on the exchange rate by including a margin on top of the mid-market rate. This is the difference between the rate Flash Payments gets on the wholesale currency market and the rate you are offered. The exchange rate and the total cost of your transfer are shown to you for confirmation before you commit to the payment.
How much can I send and to where?
Flash Payments' enterprise infrastructure reaches 50+ destinations, though its standalone personal and business transfer products currently list 40 and 34 countries respectively.
There are no pre-set public minimum or maximum transfer limits. Any applicable limits for your specific transfer will be displayed on the platform when you are setting up your payment.
Flash Payments for business
While individuals can send one-off transfers, Flash Payments' main services are now designed for businesses. Its offerings are aimed at enterprises, fintechs and payment service providers that need to embed global payment capabilities into their own platforms.
Key business features include:
- API Integration: A customisable API (Flash Connect) to integrate payments, collections and FX into a business's own software.
- Virtual Account Numbers (VANs): The ability to create unique, named accounts for clients to streamline reconciliation.
- Local Payment Rails: Integration with Australia's New Payments Platform (NPP) and PayTo for real-time fund collection and payouts.
- Embedded Compliance: Automated anti-money laundering (AML) screening and regulatory reporting.
Businesses looking for a platform for how to make a large international money transfer or to manage payments for suppliers will find these tools more relevant than the basic personal service.
How does Flash Payments compare to other services?
For personal transfers, Flash Payments is a very basic service. Compared to a specialist like WorldRemit, it has fewer features. WorldRemit offers payment via card, cash pickup locations and mobile wallet top-ups, none of which Flash Payments supports.
For business transfers, Flash Payments competes with services like OFX. While both offer fee-free transfers and business-focused features, OFX provides more hands-on support with currency experts and risk management tools like forward contracts. Flash Payments is more focused on providing the underlying payment technology via its API for other companies to use.
If you are looking for more options, you can compare some of the best international money transfer services in Australia.
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Is Flash Payments safe and legit?
Yes, Flash Payments is a legitimate and secure service. It is regulated in Australia and holds an Australian Financial Services Licence (AFSL number 480834) issued by the Australian Securities and Investments Commission (ASIC). It is also registered with AUSTRAC (IND100512731-001).
For data security, the company is ISO 27001:2022 certified, which is a global standard for information security management systems.
Flash Payments customer reviews
While we don't have reviews on Finder, the review platform RaveCapture shows a score of 9.49 out of 10 based on 243 reviews, as of September 2023. Customers frequently praise the service for its speed, efficiency and good exchange rates.
How can I pay for my transfer?
You can only fund your transfer via a direct bank transfer from a nominated Australian bank account in your name.
Flash Payments does not accept payments made by debit card, credit card, cash or cheque.
How to send money with Flash Payments
Signing up and sending a transfer with Flash Payments involves a few simple steps:
- Create an account. Go to the Flash Payments website and sign up with your email address.
- Verify your identity. To comply with regulations, you will need to provide photo ID (like a driver's licence) and proof of address (like a utility bill).
- Set up your transfer. Enter the amount you want to send and your recipient's bank account details. You will be shown the exchange rate and the final amount before you commit.
- Fund your transfer. Transfer the required amount in AUD from your bank account to Flash Payments using the details provided.
- Track your transfer. You can see the status of your payment in your Flash Payments online dashboard.
Frequently asked questions
Sources
Your reviews
Rosie Finder
Writer
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