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