SendFX Review

Company Information and Credibility

Company size:

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.

Regulated By:

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.

Awards:

They are yet to receive any awards.

Conclusion:

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.

Client Feedback

Research:

We found SendFX reviews on Trustpilot, in which 55 customers have left a review. The feedback is overwhelmingly positive, with no negative or average review. In fact, all 55 reviews are rated the company 5/5 “excellent”. The bad news is that there are only 55 reviews, which is not a large sample, but the good news is that SendFX provide only one service, so you’re not seeing reviews for a different aspect of the company that you’re weighing up.

Conclusion:

Whilst the reviews are consistently positive, it’s not yet a large enough sample size to really understand the pitfalls of the company. Equally, we will have to wait and see if the reviews continue to be overwhelmingly positive – which is very possible.

Exchange Rate & Fees

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.

Conclusion:

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

Research:

• 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)

Conclusion:

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.

Additional Functionalities

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.

Conclusion:

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.