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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.
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 take
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.
Country
Regulated by
Australia
Australian Securities and Investments Commission (ASIC) and Australian Transaction Reports and Analysis Centre (AUSTRAC)
Fiji
Reserve Bank of Fiji
New Zealand
Financial Markets Authority
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:
Visit your nearest Lotus Foreign Exchange branch.
Fill out a form with your name and address and your recipient's name and contact details.
Specify the amount you want to send.
Pay for the transaction.
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:
Fill out a requisition of telegraphic transfer form with your name and contact details, and your recipient's name and bank account details.
Review the exchange rate and transaction fee.
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.
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
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