SendFX Review

SendFX provides money transfer services for personal customers from several countries.
 

What SendFX offers

• International money transfers.
• Dedicated account managers.
• Regular transfers.
• Cash back.
• Multi-currency digital wallet.
• Travel card (to be launched soon).

International money transfers - Carry out Spot Transfers by using existing SendFX exchange rates.

Dedicated account managers - Speak with your dedicated account manager to get your queries answered and to carry out transfers.

Regular transfers - Schedule regular transfers according to your needs.

Cash back - Earn cash back on all your transfers, and get special bonuses too.

Multi-currency digital wallet - Use the digital wallet to bank like a local in close to 40 countries.

Travel card (to be launched soon) - A soon-to-be-launched Visa card aims to give customers easy access to 
funds in their digital wallets.
 

What SendFX doesn’t do

• Cash pickup.

SendFX score

SendFX scores fairly well in this section. The score will improve upon the launch of the Send Visa card. Increasing payout methods would also benefit its customers, and score.

You may sign up with SendFX as a business client or an online seller even if your business is not registered in Australia.
 

What SendFX offers

• International money transfers.
• Forward contracts.
• Dedicated currency specialists.
• Multi-currency accounts.
• Digital wallet.
• Discounts for bulk payments.

International money transfers - Transfer funds using existing SendFX rates through Spot Contracts.

Forward contracts - Lock existing rates for transfers you need to carry out in the future.

Dedicated currency specialists - Benefit by getting expert advice from your dedicated account manager.

Multi-currency accounts - Businesses and online sellers can use multi-currency accounts to receive payments in more than 30 currencies.

Digital wallet - Use the digital wallet to hold funds and transact in multiple currencies.

Discounts for bulk payments - Get discounts when carrying out transfers in bulk.
 

What SendFX doesn’t do

• Integration with accounting software.
• Integration with online marketplaces.
• Travel debit card (there is no indication of whether the soon-to-be-launched Visa card will be available for business customers).

SendFX score

SendFX can better its already good score for business services by offering integration with popular online marketplaces and accounting software. It could also think about offering the Visa card to business customers.

SendFX fees

SendFX does not charge fees for carrying out international money transfers.
 

SendFX exchange rates

SendFX applies a nominal margin on existing mid-market/interbank exchange rates. This is typically below 1%. You can consider negotiating for better rates when carrying out large value transfers by speaking with your account manager.
 

Are there additional SendFX fees?

SendFX does not charge any additional fees. However, you might incur an added fee if you are paying for your transfer from outside Australia, in a currency other than Australian dollars.
 

SendFX score

SendFX can do better in this section by applying low fixed markups on exchange rates, and by making its margins completely transparent.

What SendFX does well

Signing up - Signing up with SendFX is easy. You may create a new account online or over the phone.

ID verification - Typically takes less than one business day.

Phone transfers - Initiate transfers over the phone by speaking with your account manager.

Speed - Most transfers process within 1 - 2 business days. SendFX also provides same-day transfers.
 

Where SendFX could improve

Payment methods - You currently can only make payments via bank account transfers.

Minimum transfer limit - You need to transfer at least AUD $200, or its equivalent in another currency.

App for mobile devices - As of now, SendFX does not have an app for mobile devices. However, its website is mobile-friendly.
 

SendFX score

The Ease of Use score for SendFX leaves room for improvement because of the non-availability of multiple payment methods, the absence of a SendFX app as well as its minimum transfer limit.

What SendFX does well

Supported destination countries - SendFX supports transfers to more than 200 countries. 

Supported currencies - The currencies on offer include Australian dollar, Bahrain dinar, Bulgarian lev, Canadian dollar, Chinese yuan, Croatian kuna, Danish krone, Euro, Hong Kong dollar, Hungarian forint, Indian rupee, Japanese yen, Kenyan shilling, Kuwaiti dinar, Mexican peso, Israeli shekel, New Zealand dollar, Norwegian krone, Omani riyal, Polish zloty, Qatar riyal, Romanian leu, Russian ruble, Saudi riyal, Singapore dollar, South African rand, Swedish krona, Swiss franc, Thai baht, Turkish lira, Ugandan shilling, UK sterling, United Arab Emirates dirham and US dollar.

Customer support - Get customer service over the phone, via email and through social media platforms.
 

Where SendFX could improve

Countries not supported - You cannot use SendFX to send money to Central African Republic, Crimea, Cuba, Democratic Republic of Congo, Eritrea, Guinea-Bissau, Iran, Iraq, Lebanon, Libya, Myanmar, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, Venezuela and Zimbabwe.

Local settlement accounts - Increasing the number of local settlement accounts it has would help bring down transfer costs for customers from outside Australia.

More languages - You can use the SendFX website only in English.
 

SendFX score

Offering multilingual website access and increasing the number of local settlement accounts would help increase SendFX's score in this section.

What SendFX does well

Regulated - SendFX is regulated by the Australian Securities and Investments Commission (ASIC) and registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Trustpilot - There are not many SendFX reviews on Trustpilot yet. However, the ones that are there speak highly of its services. With around 80 reviews, SendFX scores 9.8 out of 10 and rates as Excellent. In addition, several SendFX reviews on this platform mention account managers by name, which is always a good sign.
 

Where SendFX could improve

Exchange rate transparency - Making its competitive exchange rates completely transparent would be welcomed by its customers.
 

SendFX score

SendFX scores well when it comes to trust and transparency. However, it can do even better by making its exchange rates completely transparent.