Sydney Forex international money transfers review

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

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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 $500 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 three 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.
  • Home delivery. In select countries, Sydney Forex can deliver a cheque/draft of the remittance amount to your recipient via mail or a courier service.
  • 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 6 February 2019.

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?

Take a look at the table below to see how the exchange rates and fees offered by Sydney Forex compare to those from a range of other international money transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 0 1 - 2 days AUD 1.99 123.142 PKR
615,465
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries. Go to site Show details
AUD 2,000 1 day AUD 0.00 123.514 PKR
617,571
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 250 1 - 2 days AUD 15.00 123.514 PKR
615,718
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 10 Within an hour AUD 2.99 122.646 PKR
612,864
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 1 Same day AUD 0.00 123.39 PKR
616,951
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 25.00 123.636 PKR
615,090
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 122.522 PKR
612,121
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 37.50 124.009 PKR
615,394
TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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