Read this SendFX review to learn more about the Australian company’s money transfer services and understand how we believe they compare with other online money transfer websites.
|🌎 International Clients||Generally, yes|
|💱 Currencies Offered||32|
|💷 Minimum Transfer||AU$500 or equivalent|
|📲 Trading via||Online Platform or Telephone|
|🏢 Offices In||Australia (Queensland)|
|⚖️ Regulation||✓ Australian Securities and Investments Commission (ASIC)|
|🤯 Fees||No fixed fees besides FX margin|
|👨👩👧👦 Client Reviews||55 on TrustPilot|
|⭐ Client Rating||5/5|
|👍 Advantages||No fixed fee per transfer
Offer forward contracts
Transfer funds in under 24 hours
Regular transfer functionality
|👎 Disadvantages||Newly established and unproven
Small size company
No mobile app
Limited FX hedging functions
Company Information and Credibility
Having only been brought to market in May 2019, SendFX remains a small remittance company sized between 11-50 employees. The company raised AUD $750,000 in a funding round very early on, and was only incorporated in January 2019. It set up its office in Queensland in March, agreed on multiple referral programs by April, and by May it had its banking and payments networks agreed. May was also the month where its first customer made a transaction.
SendFX is regulated by the Australian Securities and Investments Commission (ASIC). It was actually only in May, just before its website launch, that SendFX had agreed its license with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and Australian Financial Services Licence (AFSL). It is also a member of the AFCA – Australian Financial Complaints Authority.
They are yet to receive any awards.
The downside of using SendFX is that they’re a new company. This means that they are not as safe as a company that, for example, has been operating with a license for 20+ years like Moneycorp. Whilst their mobile app is set to launch this year, they are yet to announce a date. Despite this, the website is functional and user-friendly, and the service they are providing is extremely competitive with no transfer fees and a substantial amount of compatible countries and currencies.
Exchange Rate & Fees
Every transaction, no matter to what currency or how big or small, is fee-free. This is SendFX’s key selling point, that there are zero fees.
Exchange Rates: SendFX adds a margin to the mid-market rate before selling you a currency. SendFX do not publicly disclose the margin they add.
Limits: There is a minimum $500 that you must send when performing a transaction according to their FAQs. There are no publicly outlined maximum limits when sending money, however.
We honestly don’t have information about the margins SendFX applies to each deal but considering the firms’ relatively small size we assume they would have difficulties getting to ultra sharp margins like Worldfirst’s 0.25-0.5%.
Global Reach & Service
- Dedicated Dealer: Yes
- Offices: Queensland, Australia
- Ways to approach: Phone, e-mail
- Translations: English
- Accepts clients: Accepts both domestic and international clients
- Currencies Handled: 34
- Client reviews: 5/5 on Trustpilot (55 reviews)
Whilst SendFX claim in their FAQ that clients around the world are welcome to set up an account, their website is dominated by AUD-based transfer examples which gives the impression that this is an Australian-only service. This couldn’t be any more wrong, as SendFX casts a broad net as they claim you can send to over 200 countries and 34 currencies.
At present, the company is fresh and yet to establish a mobile app (or accumulate a large pool of reviews). Whilst it’s certainly safe to send with SendFX (thoroughly regulated), it’s certainly one for the future with a lot more to show towards the end of this year.
SendFX offer Forward contracts, which is certainly useful for those looking to hedge currency. Whilst this is by no means a unique feature, it’s very much welcomed as companies such as TransferWise still do not offer it.
Send FX is a very new company, meaning much of its functionalities are yet to come. They have a few things lined up currently, such as cash back on all transfers, loyalty points for exclusive perks and a referral system that will gain you access to “even more benefits”. As of now – SendFX is a very standard service with nothing flashy and with no unique features.
SendFX Review Summary
SendFX appears to have good potential for being such a young company. The Australia-focused company offers no fixed fees, Forward contracts and dedicated service, and so far all online reviews have been glowingly positive. On the downside, the company doesn’t have nearly the same reputation as do large money transfer companies such as Moneycorp (operating for 40 years) or OFX (a public company which is business for 30 years), nor the same functions (such as other hedging tools or a mobile app). All in all, we can say there’s good potential here but it wouldn’t be our first choice for international money transfers.