Flash Payments international money transfers review
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- 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.
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 exchange rates
Flash Payments offers real-time exchange rate quotes on its website, so you’ll always know what exchange rate you’re being offered before deciding to book a transfer. Flash Payments does charge a slight margin (or a commission) on top of the mid-market exchange rate, which is how the company makes a profit, however this margin is smaller than what the banks charge.
For example, Flash Payments says the highest margin it charges is 1.80% on top of the mid-market exchange rate, while the standard margin is usually around 1.48%. In comparison, the banks can charge a margin over 5.00% on top of the mid-market rate.
How much does it cost to transfer money with Flash Payments
Flash Payments prides itself on being transparent – so rest assured there are no hidden charges. You won’t be charged any set up fees or transaction fees when sending money abroad using Flash Payments. However, you will pay a margin, or a commission, on top of the mid-market bank rate as explained above. This margin will be clearly outlined when you seek a quote.
Minimum transfer amount and available currencies
The minimum transfer amount is $200 for the majority of currencies. If you’re transferring money into EUR or USD, Flash Payments will accept a minimum transaction of just $100.
You’re able to send money in 17 major global currencies. Available currencies include:
- AUD
- AED
- CAD
- CHF
- CNY
- DKK
- EUR
- GBP
- HKD
- JPY
- MXN
- NOK
- NZD
- SEK
- SGD
- USD
- THB
- ZAR
What types of transfers can you carry out with Flash Payments?
- One-off payments. If you need to send a one-off payment to someone internationally, Flash Payments can help you do this.
- Regular payments. Flash Payments can facilitate regular, recurring payments such as monthly rental payments or weekly transfers to family members who are based internationally.
- Market orders. Set your desired exchange rate, and Flash Payments will facilitate your transaction when that rate is reached. This is good for payments that aren’t urgent, as you can afford to wait for a better rate.
What payment options are available?
The only way to send money to Flash Payments to fund your transfer is via a bank transfer. This must be made from an existing bank account that is registered in your name, and it will work in the same way as a regular bank transfer. Flash Payments does not accept cash or cheques, or debit or credit cards as payment to fund your account. It will not accept third-party deposits either, made from someone else into your account. Flash FX does accept transfers made via Ripple wallets.
The registration and transfer process
- Sign up. Sign up for an account online using your email. You can do this by clicking the green “Go to Site” button.
- Verify your identity. You’ll need to upload some photo ID such as your driver's license, and something that includes your residential address in Australia such as a utility bill. Flash Payments will open your account as soon as your details are verified.
- Fund your account. Send money to your Flash Payments account via a bank transfer from your current bank account. You don’t need to book a transfer straight away, Flash Payments will hold your money securely for you until you need to transfer it.
- Book your transfer. Tell Flash Payments how much you need to send, to where and to whom. You’ll need to supply your recipient's bank details.
- Track your transfer. You can track the progress of your transfer via the Flash Payments dashboard. Some transfers will be done instantly.
How does Flash Payments compare to other services?
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Sources
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Rosie Finder
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