FlashFX Review

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. To view other companies like FlashFX, check our best money transfer companies list.

Logoflashfx logo
EstablishedNot mentioned on website, company registered in 2015
International ClientsAustralia only
Currencies Offered21
Minimum TransferNot mentioned
Trading viaPhone, Online
Offices InNSW, Australia (based on ABN records)
RegulationASCI
FeesNo fixed fees
Promotional CodeNone
Client Reviews144 reviews on TrustPilot
Client Rating9.49/10 TrustScore
Websitewww.flash-fx.com
AwardsNone
Advantages

Innovative, using Ripple to transfer payments

Good client reviews

Easy to sign up

Strong entrepreneurs with banking background

Transparent exchange rates

Disadvantages

New and inexperienced as a company

Australia clients only

Sub-par exchange rates


View Recommended Alternatives:

Moneycorp Logo
  • Supported Currencies: 120.
  • Offices: UK, USA, France, Spain, Ireland, Australia, HK, UAE, Brazil, Gibraltar and Romania
  • Execution of Orders: Online, via Telephone, or In App.
  • Strong Point: Reputation, Liquidity, Service, Credit Rating
  • Operating Since 1979. Highest Credit Rating Across the Industry.
  • Rating:
    4.6 /5 on Feefo
    Editorial: 93.4%
  • Supported Currencies: 121.
  • Offices: All 5 Continents, but not accepting USA based businesses.
  • Execution of Orders: Via Telephone, Online or In Person.
  • Strong Point: Exchange Rate Margins of 0.25%-0.15% for Large Clients and Excellent Service.
  • Trading more than $7bn each year.
  • Rating:
    9.8 /10 on Feefo
    Editorial: 95.4%
TorFX Logo
  • Supported Currencies: 59.
  • Offices: UK, Australia.
  • Execution of Orders: Online, via Telephone, or In Person.
  • Strong Point: Online Platform, Dealers Experience, Employee Retention
  • FastTrack 100 Listed.
  • Rating:
    9.4 / 10 on TrustPilot
    Editorial: 93.2%

Our Rating: 79.6%

Status: Not In MTC’s Most Recommended List

Read full review


Read More:

Company Information and Credibility


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.

Client Feedback


Research:

As of July 10, 2019, there are 144 reviews of the firm on TrustPilot.


Positive:

Client satisfied with the service mentioned:

  • Fast transfers
  • Simplicity and ease of use
  • Good customer support
Negative:

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

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.


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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.


Conclusion:

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


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.

Review Summary
  • 56%
    Credibility Score - 56%
  • 90%
    Client Feedback - 90%
  • 68%
    Fees, Exchange Rates - 68%
  • 55%
    Global Reach, Availability, Service - 55%
  • 86%
    Added Values - 86%
71%

Bottom Line

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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