Should I use FlashFX?
Pros:
Cons:
Services Offered by Flash FX
Official Website:
FlashFX Review: Executive Summary
Flash FX is a fairly innovative way to send money in Australia, based on the Ripple infrastructure. With its innovation, there is no cost-saving as compare to other leading money transfer services in Australia, and while it is convinient we see no added value compared to companies like Send.
Where is FlashFX Available?
FlashFX Alternatives in Australia
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. You can find top FlashFX competitors and alternatives below:
SendPayments: Friendliest Staff and Platform- Best Website - Friendly and Transparent
- Easy to Sign Up and Trade, Excellent On-Boarding Team
- Competitive Exchange Rates for Both Small and Large Transfers
TorFX: Best for Large Transfers and Businesses- Australian Specialists with Local Offices
- 98% Client Satisfaction
- Dedicated Dealer for Transfers above A$5,000
OFX: ASX Traded, Australian Household Name- Australian Company
- Traded Publicly
- 20bn Turnover per Year
Worldfirst: Useful Tool for Online Sellers- Great FX Margins for Businesses
- Authorised by 6 Global Regulators
- Asian Currency Specialists
FlashFX - Innovative, Ripple-Driven, But New- Innovative - Using Ripple Network for Payments
- Solid Customer Reviews (although not many)
- Strong Entrepreneurs with Banking Background
FlashFX FAQ
+Is FlashFX a trusted provider?
+What makes FlashFX unique?
+What are FlashFX’s strengths against its competitors?
+What are SendFX’s weaknesses against its competitors?
Is FlashFX Safe?
Company size:
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.
Regulated By:
ASIC (Australia)
Awards:
None
Conclusion:
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.
FlashFX Customer Reviews
Research:
As of June 2022, there are 222 reviews of the firm on TrustSpot,io, a new platform for customer reviews we have not encountered beforehand. Prior to working with TrustPost.io, FlashFX was using TrustPilot. The rating is 4.7, with only 7 complaints and 9 more neutral reviews.
Conclusion:
Overall, FlashFX reviews from across the internet are highly positive. A few dissatisfied clients don’t necessarily attest to an issue or a problem.
With that being said FlashFX reviews online are scarce and the sample size, as well as the unknown customer reviews platform, make it difficult to compare FlashFX to a payment Goliaths like Wise or Revolut boasting hundreds of thousands to millions of customer reviews.
Flash FX Exchange Rate & Fees
Fees: No fixed wire fees.
Exchange Rates: The exchange rate through Flash FX is not the best exchange rate possible on the market. When we checked, we saw they charge an almost 1.5% markup on a 5,000 AUD to GBP transfer. For smaller transfers, why not use Wise? Their fixed fees are between a third and a half of what FlashFX charges. For larger transfers, our top rated companies could even beat Wise’s fees.
Conclusion:
These are bank-beating rates for sure (especially since Australian banks are expensive) but we do think you’d be able to achieve a better rate with another currency specialist. It could be better to choose one of the top alternatives like Send or TorFX.
FlashFX Offices & Global Reach
Research:
- Dedicated Dealer: Not mentioned
- Offices: NSW
- Ways to approach: Phone or email
- Translations: None
- Accepts clients: Australian only
- Currencies Handled: 21
- Client reviews: 9.6/10 TrustPilot
Conclusion:
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.
Additional Functionalities
- 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.
Conclusion:
Some good functionalities for those who sign up with FlashFX.
FlashFX Money Transfer Review Summary
- Credibility Score - 56%56%
- Client Feedback - 90%90%
- Fees, Exchange Rates - 68%68%
- Global Reach, Availability, Service - 55%55%
- Added Values - 86%86%
Bottom Line
FlashFX is definitely an interesting company in the FX landscape. First off, it’s Australia-based and focuses exclusively on Australian audiences for the time being, similarly to competitor Send (SendPayments.com). Additionally, it is leveraging the Ripple payments network to facilitate payments and isn’t afraid to admit they encourage transfers to and from crypto exchanges (which a lot of other international money transfer services in Australia would block). They also have good customer reviews albeit a small sample size.
On the flipside, FlashFX is just not as experienced as some of its competitors. It doesn’t have a long track record of moving money overseas, and it appears that their exchange rates can be beaten by some competitors. Hence, if you do try FlashFX, it’s worth registering with one or two other competitors to compare services and the rates on offer.