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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.

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.

Learn more about how to get the best rate when you buy foreign currency

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?

Use the comparison table below to see how the fees, exchange rates and transfer speeds of Lotus Foreign Exchange compare with those of other money transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 2 days AUD 9.00 0.663 USD
6,621
Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.681 USD
6,814
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 3,000 1 day GBP 20.00 0.681 USD
6,805
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.681 USD
6,814
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.681 USD
6,814
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.681 USD
6,814
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.681 USD
6,814
BFX can help you send fee-free transfers to 30+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.677 USD
6,772
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.676 USD
6,757
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 200 1 day AUD 0.00 0.679 USD
6,787
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details

Compare up to 4 providers

The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Rates last updated October 24th, 2019
Name Product Description Minimum Order Amount Maximum Order Amount Delivery/Pickup Method Commission Fees
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

Compare up to 4 providers

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