Unfortunately, there's limited information available online about the exchange rates and transaction fees offered by Lotus Foreign Exchange. While the website lists transfer fees for when you want to send money to destinations such as India, Pakistan, Sri Lanka, China and Bangladesh, these fees are listed in New Zealand dollars (NZD) and vary depending on the amount you want to send. You'll also need to contact the provider directly for more information about what exchange rate will apply to your transaction.
Lotus Foreign Exchange allows you to send international transfers and purchase travel money in a wide range of currencies, including:
Lotus Foreign Exchange offers two types of transfers:
The company also offers currency exchange services for anyone looking to purchase travel money. These services are available at Lotus Foreign Exchange's offices in Australia, New Zealand and Fiji.
Cash pick-up transfers sent via the MoneyGram network are typically available for your recipient to collect within minutes.
Telegraphic transfers take longer to process, but no exact time frame is quoted on the Lotus Foreign Exchange website.
Lotus Foreign Exchange accepts the following payment methods:
Transfers typically take
Within minutes
Lotus Foreign Exchange is regulated by the Australian Securities and Investments Commission and is listed on the AUSTRAC Remittance Sector Register. It is also licensed to offer transfer and foreign exchange services in Fiji and New Zealand.
However, there's no information on the company's website about what security measures it has in place to protect customer data and funds.
Lotus Foreign Exchange makes money from transaction fees and from the margin it adds on top of the mid-market rate. The mid-market rate is the "real" exchange rate you see listed on currency conversion sites like Xe.
As Lotus Foreign Exchange does not offer an online transfer service, you don't need to register for an online account before sending funds. And if you wish to buy foreign currency from the provider, you'll need to visit one of its branches in person.
Lotus Foreign Exchange is a foreign currency exchange and international money transfer provider with branches in Australia, Fiji and New Zealand. It offers cash transfer services via MoneyGram as well as a telegraphic transfer service.
In addition, the company offers foreign exchange services if you want to purchase overseas currency. It allows customers to exchange travel money in more than 35 major currencies, with competitive exchange rates and 7 Australian branches.
Lotus Foreign Exchange's Australian branches are located in Blacktown, Parramatta, Hurstville, Darling Harbour, Liverpool, Pitt Street (Sydney CBD) and Brisbane.
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