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 in 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:

Mozo Experts Choice 2020 – International Money Transfer

Conclusion:

At the moment SendFX is still a very  new company.  So it’s difficult to make comparisons with a company that, for example, has been operating with a license for 40+ years, such as 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 77 customers have left a SendFX review. The feedback is overwhelmingly positive, with just one negative review which is currently under investigation by TrustPilot to confirm if it is from a legitimate customer. . The remaining 76 reviews  rated the company 5/5 “excellent” – not even any “average” or “good” scores, simply ‘excellent”. The bad news is that there are only 77 reviews, which is not a large sample. Given the age of the company this is perfectly understandable. SendFX provides only one service, so at least we know we’re not seeing reviews for a different aspect of the company. Read the reviews in detail and you can weigh up your options.

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. One thing that does stand out is those that switched from their banks to SendFX are very happy to have done so. And despite such a strong focus on tech, with a planned rollout on digital bank accounts and an international currency card, there remains a strong focus on customer support and helping clients through transactions over the telephone.

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 does 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%. The fact SendFX does not mention the spreads they apply, we can only assume they are wider, otherwise we believe they would be used as a key selling point. We certainly don’t know this for sure though so it’s worth checking with SendFX what spread will be applied before entering into an agreement.

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: 4.8 /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. After testing the registration process (from the UK) it certainly seems like clients from other countries can proceed with setting up an account. 

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 offers both limit orders and forward contracts, which are certainly useful for those looking to hedge currency. Whilst these are by no means unique features, it’s very much welcomed as companies such as TransferWise still do not offer it.

The company is planning to launch a digital wallet, allowing users to hold balances in 40 different currencies. At this stage it’s suggested that many of these accounts will be in-country to their respective currency as SendFX are promoting ‘local banking in nearly 40 countries’. If this is the case then it would be genuinely impressive and quite the banking network to establish such a local product. 

A Send Visa card is also in the pipeline which will allow users to spend their balances wherever a visa card is accepted.

We can expect the digital wallet to launch when the app is released. As and when we hear more we’ll be sure to update our SendFX review.

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.