This review for FlashFX money transfer is intended to explain the pros and cons of using it for your money transfer needs. We focus on the important aspects like fees and exchange rates, the quality of the online trading platform, and the level of service provided.
FlashFX was registered in 2015 and has been operating within the required regulatory framework in Australia since. It’s still a relatively small firm with a low number of online reviews but of the 195 reviews it has amassed 9/10 customers would recommend the service. If you are looking for a more experienced provider then OFX will be your preferred option.
What makes FlashFX unique?
FlashFX is part of the ripple network, a blockchain technology, meaning that payments (at least on their end) will be super fast. Note, however, on the beneficiaries end payments could still go via the cumbersome SWIFT network.
What are FlashFX’s strengths against its competitors?
In addition to its fast payment capabilities FlashFX has a management team with a strong background in banking and payments and an intuitive, easy sign up process.
What are SendFX’s weaknesses against its competitors?
It’s not evident if FlashFX offers a wide array of hedging solutions that some of the leading currency brokers do. Try TorFX to gain access to forward contracts and limit orders.
Company Information and Credibility
There is little information to be found about FlashFX money transfers online, including the company’s own website. There is an extensive biography for each of the entrepreneurs behind the firm – Nicolas Steiger and Micheal O’sullivan, both have strong background in banking, but nothing more of substance to explain prospective customers how big or small this company really is. It is not mentioned when it was established, where are the head offices located, how much money have they transferred (or transferring each year), etc.
The company boasts an online chat bot, but when we tried to asking for additional information via this channel we have received no reply.
FlashFX is a new Australia-facing money transfer company with a twist. They use ripple for money transfers, something that very few other providers do. Other than this technical aspect of transferring money abroad, the services they provide are comparable to what’s being offered by companies like Transferwise or XE simply on a much lower scale.
As of July 10, 2019, there are 144 reviews of the firm on TrustPilot.
There are 10% of clients who voted 3 stars or lower due to:
Money not received on time with the recepient
The payments that were sent weren’t identified due to lacking information
Claims for hidden fees
Overall, FlashFX reviews from across the internet are highly positive. A few dissatisfied clients don’t necessarily attest to an issue or a problem.
Exchange Rate & Fees
Fees: No fixed wire fees.
Exchange Rates: The exchange rates provided are definitely not the best exchange rate possible. When we checked, we saw they charge almost 1.5% markup of a 5,000 AUD to GBP transfer. For smaller transfers, why not use TransferWise which has fixed fees which are between a third and a half of what FlashFX charges? For larger transfers, our top rated companies could even beat TransferWise’s fees.
These are bank-beating rates for sure (especially since Australian bank are relatively expensive) but sub-optimal. It will be better to choose one of the top alternatives like WorldFirst, TorFX or HiFX.
Global Reach & Service
Dedicated Dealer: Not mentioned
Ways to approach: Phone or email
Accepts clients: Australian only
Currencies Handled: 21
Client reviews: 9.6/10 TrustPilot
In a nutshell, FlashFX is not nearly as global company as our best rated money transfer companies. With a single office and only 21 currencies, focusing only on AUD transfers from Australia or by Australian residents, FlashFX is one of the more niche services we have reviewed on Money Transfer Comparison.
Rate alerts – the standard we’ll email you when the rate hits the point you want it to be in functionality that most companies offer.
Transfers to cryptocurrency exchange – this is unique because many money transfer companies would simply not handle payments to a cryptocurrency exchange.
Request money from an individual or a business – money will be transferred to FlashFX account and then passed to the client. Very good functionality similar to what many companies offer online Amazon sellers.
The company uses Ripple for overseas transfers which is quite unique.
Some good functionalities for those who sign up with FlashFX.
FlashFX Money Transfer Review Summary
71 of 1001 review
Credibility Score - 56%
Client Feedback - 90%
Fees, Exchange Rates - 68%
Global Reach, Availability, Service - 55%
Added Values - 86%
This FlashFX review conclusion is that although it seems to be a good company doing smart moves, such as using the blockchain for faster and more efficient transfers, it is still too new and unknown to recommend. Additionally, the exchange rates provided are not competitive enough, and the single-country single-office few-currencies approach is not impressive, to us.
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