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Sydney Forex international money transfers review

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Sydney Forex

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Summary

Your guide to exchange rates, fees and transfer options when you send money overseas with Sydney Forex.

In this guide

  • Review
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Product Name Sydney Forex
Pay By Bank transfer
Receiving Options Cash pickup location, Bank account
Customer Service Phone, Email, In person
Maximum Transfer Amount Unlimited

Quick verdict

Good for
  • Multiple transfer options available
  • No fees on large transfers to some destinations
Not so great for
  • Transaction fees
  • Alternative payment methods
  • Limited info available online
  • Site user experience

Sydney Forex exchange rates and fees

There are two factors you need to consider when calculating the cost of sending an international money transfer with Sydney Forex:

  • The exchange rate. Sydney Forex applies a margin on top of the mid-market exchange rate. The mid-market rate is the one you see listed on Google and Xe which denotes the actual value of one currency versus another.
  • The transaction fee. A flat transaction fee applies to overseas transfers with Sydney Forex, but fees are waived on larger transfers (usually $200 or more) to certain destinations, such as India, Bangladesh and Sri Lanka.

See how Sydney Forex’s rates stack up against other money transfer services.

Available currencies

At the time of writing, we couldn’t find a full list of supported currencies on the Sydney Forex website. However, some of the currencies the company allows you to transfer include:

  • PKR Pakistani rupee
  • BDT Bangladeshi taka
  • INR Indian rupee
  • LKR Sri Lankan rupee
  • NPR Nepalese rupee

Contact Sydney Forex directly for a full list of supported currencies and transfer destinations.

What types of transfers can you make with Sydney Forex?

Sydney Forex offers two transfer types:

  • Cash pick-up. You can send an international transfer that your recipient can pick up from their nearest cash collection location. The recipient will need to provide a PIN or security code as well as proof of ID to collect the cash.
  • Bank account deposit. The third option is to send a bank transfer to be deposited into your recipient's bank account.

How long does a transfer with Sydney Forex take?

Transfer times vary depending on where you're sending money and the transfer method you select. Sydney Forex claims that cash pick-up transfers are available for collection the next working day in most cases, while bank account deposits take between three and seven working days.

Which payment methods does Sydney Forex accept?

The only accepted payment method is Internet banking transfer.

Is Sydney Forex safe to use?

  • Regulation: Sydney Forex is registered with ASIC and regulated by AUSTRAC.
  • Established: November 2004.

*According to Sydney Forex on 10 January 2024.

Sydney Forex is registered with the Australian Securities and Investments Commission (ASIC) and listed on the Australian Transaction Reports and Analysis Centre (AUSTRAC) Remittance Sector Register.

However, there's limited information available on the Sydney Forex website about the security measures in place to protect customer funds and data. Before deciding whether this is the right transfer service for your needs, you may want to contact Sydney Forex directly to find out what steps it takes to ensure the security of your funds and personal details.

How does Sydney Forex make money?

Like many other international transfer services, Sydney Forex makes money in two ways:

  • By charging transaction fees. A flat transaction fee applies, but this fee can be waived when you send a large amount to certain destinations.
  • From the exchange rate margin. The margin is the difference between the mid-market exchange rate (which is listed on Google and Xe) and the exchange rate at which Sydney Forex sells currency to you.

This is why it's essential to consider both the exchange rate and the transaction fee when calculating whether a transfer provider offers good value for money.

Make sure you're getting the best rate. Compare other money transfer providers.

How to register an account

How do I make an international money transfer with Sydney Forex?

If you want to send money overseas with Sydney Forex, here's what you need to do:

Step 1: Check the exchange rate. You can check the current exchange rate online or over the phone. You can book an exchange rate online or over the phone by submitting your form and transferring the necessary funds to Sydney Forex, but if you don't book your rate then the prevailing rate once your application has been received and your funds have cleared will apply to your transaction.

Step 2: Fill out an application form. You'll need to specify the amount and currency you want to send, as well as provide your name, address, ID and contact details. You'll also need to provide the recipient's name and contact details as well as how they'll be receiving the funds.

Step 3: Submit your application form and transfer the funds. Your application form can be submitted online or in person by visiting the Sydney Forex office in Lakemba, NSW. You'll then need to transfer the amount you want to send (plus any transaction fees) to Sydney Forex.

What is Sydney Forex?

Sydney Forex is an international money transfer service based in Lakemba, NSW. Established in November 2004, it aims to offer hassle-free money transfers to countries all around the world, particularly in the Asia-Pacific region.

In a nutshell

Pros

  • Fee-free transfers. If you're sending a large amount of money, Sydney Forex offers fee-free transfers to specific countries. Check with the provider to find out if there's a fee-free threshold for your transfer destination.
  • Multiple transfer options. Sydney Forex offers a choice of transfer options to suit the needs of your beneficiary.

Cons

  • Limited information online. The Sydney Forex website doesn't contain much information about supported currencies or exchange rates.
  • Internet banking only. As Sydney Forex only accepts Internet banking deposits, you'll need to look elsewhere if you want to use an alternative payment method.
  • Flat transaction fees. The flat fee structure means you may find better value for money elsewhere when sending a small transfer.

How does Sydney Forex 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.
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FAQs

Sources
  1. Sydney Forex official website, accessed January 2024

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