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Review: Lotus Foreign Exchange international money transfers

Send fast international transfers and buy travel money in over 35 currencies, but make sure you double-check the exchange rate and transaction fee first.

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Quick verdict

Good for
  • Fast transfers
  • Large transfer network
  • Cash pick-up and telegraphic transfers
  • Foreign currency exchange services
Not so great for
  • Online transfers
  • Dated website
  • Limited information available online

Lotus Foreign Exchange exchange rates and fees

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.

Available currencies

Lotus Foreign Exchange allows you to send international transfers and purchase travel money in a wide range of currencies, including:

  • NZD New Zealand dollars
  • FJD Fijian dollars
  • INR Indian rupees
  • GBP British pound
  • PKR Pakistani rupee
  • LKR Sri Lankan rupee
  • CNY Chinese yuan
  • EUR Euro

What types of transfers can you make with Lotus Foreign Exchange?

Lotus Foreign Exchange offers two types of transfers:

  • Cash pick-up transfers. Lotus Foreign Exchange is associated with MoneyGram International, which operates approximately 350,000 cash pick-up locations in over 200 countries around the world.
  • Telegraphic transfers. Lock in a favourable exchange rate now and send your money up to two years into the future.

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.

How long does a transfer with Lotus Foreign Exchange take?

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.

What payment methods does Lotus Foreign Exchange accept?

Lotus Foreign Exchange accepts the following payment methods:

  • Cash
  • Bank cheque
  • EFTPOS
  • Bank transfer

Transfers typically takeClock icon for transfer speed

Within minutes

Is Lotus Foreign Exchange safe to use?

  • Regulation: Regulated in Australia by ASIC and AUSTRAC.
  • Global network: International cash transfers via MoneyGram's global network.

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.

How does Lotus Foreign Exchange make money?

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.

How to register an account

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.

How do I make an international money transfer with Lotus Foreign Exchange?

To send a cash transfer you will need to:

  1. Visit your nearest Lotus Foreign Exchange branch.
  2. Fill out a form with your name and address and your recipient's name and contact details.
  3. Specify the amount you want to send.
  4. Pay for the transaction.
  5. You'll be provided with a PIN which you can use to track the transaction and which your recipient will need to collect the cash.

To send a telegraphic transfer you will need to:

  1. Fill out a requisition of telegraphic transfer form with your name and contact details, and your recipient's name and bank account details.
  2. Review the exchange rate and transaction fee.
  3. Pay for the transaction.

What is Lotus Foreign Exchange?

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.

In a nutshell

Pros:

  • Fast cash transfers. When you send a cash transfer with Lotus, the money you send is typically available for your recipient to collect within minutes.
  • Large transfer network. Because Lotus Foreign Exchange is associated with MoneyGram, you can send money to hundreds of thousands of locations in over 200 countries around the world.
  • Also offers travel money. If you're looking to purchase travel money at a competitive rate, Lotus also offers foreign exchange services. You can visit an Australian branch and use AUD to buy more than 35 foreign currencies.

Cons:

  • No online transfers. If you want to send money online, you'll need to look for another money transfer service.
  • Disappointing website. The Lotus Foreign Exchange website looks quite dated and doesn't offer a user-friendly experience.
  • Limited information available online. There's not much information on the Lotus Foreign Exchange website about important factors like transaction fees, transfer times and exchange rates.

How does Lotus Foreign Exchange 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.
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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Name Product Description Minimum Order Amount Maximum Order Amount Delivery/Pickup Method Commission Fees
Travelex Foreign Currency
Travelex Foreign Currency
Travelex makes it easy to exchange and get the best rate on over 40 currencies so you can be prepared for your next holiday.
$500
$5,000
In Store or At Airport
$0
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