Should I Use Send Payments?
Pros:
Cons:
Services Offered by Send
Official Website:
Send Review: Our Opinion
Here at Money Transfer Comparison, we have reviewed over 80 international money transfer providers. Out of all these, we can confidently state that very few have masterfully struck the right balance between cutting-edge technology and time-honoured values, such as attentive customer service. Send Payments is not one of them. The firm, previously known as SendFX, offers a combination of experienced staff alongside a seamless online platform but does not perform well.
Click here to visit Send Payments.
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35Current Rates?
Where is Send Payments Available?
Best for Transfers to/from Australia
Xe: Best Reputation and Customer Reviews, Top Rates - Very Easy to Register from Australia, Europe, UK, USA, Canada, or NZ
- Global Brand with Excellent Reputation Since 1993 - Multiple Office Locations in Australia and 100+ Employees Locally
- Special Rates and Bespoke Private Account Management for Large Transfers and Businesses
TorFX: Oldschool Currency Broker with Great Customer Support - Decades of Experience in the UK and Australia
- 96% Client Satisfaction - Highlighted for Bespoke and Personal Service of Dedicated Currency Dealers
- Competitive Rates for Corporate and Private Clients
CurrencyFair: Innovative Online Currency Exchange Platform - User-friendly Online Platform with Advanced Technology
- Innovative Peer-to-Peer Exchange System
- Transparent Fee Structure with Competitive Rates
OFX: An Australian Foreign Exchange Powerhouse (ASIC Traded) - Australian Company, Publicly Traded, 20bn Turnover per Year
- Professional Service and Very Elaborate Online System
- 24-7 Support Including Live Chat (The Only Ones to Offer That)
Currencies Direct: Best For Transfers to → Australia (UK/ Europe Specialist) - 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
Key Currency: Great Exchange Rates for Large Transfers - Fast Growing Company - Fastest Growing UK-Based Currency Transfer Provider
- Strong Onboard Team, Get an Immediate Callback
- Recipient of Multiple Industry Awards
Is Send (SendPayments) Safe?
Send Payments (formerly SendFX) was established by co-founders Paul Billing and Ian Cragg.As both the current name and former name of Send suggests – the platform enables customers to send and receive international fx payments. Before Send, both Paul and Ian worked at the highly respected TorFX. Ian spent ten years with the broker, first with TorFX in its UK office and then with TorFX Australia from 2013. Paul, meanwhile, progressed to the position of Managing Director at TorFX Australia. With this in mind, it’s fair to say the two of them have good pedigree in the international payment industry. However, with both holding front office roles for the majority of their careers, we can only assume appointing the right team for compliance, technology and payment operations has been vital.
Having only been incorporated in January 2019, Send remains a relatively new fintech to have hit the international fx payment scene. The company raised AUD $750,000 in startup financing and set up its first office in Queensland in March, agreed on multiple referral programs in April, and by May it had its banking and payment networks established. May 2019 also marked the date that Send’s first ever customer made a transaction.
In January 2022 Send completed a Series A funding round, raising $5m with Kelly Partners (ASX: KPG) and Polymorphic Capital as key investors. Send CEO Paul Billing had this to say on the move “We are thrilled and somewhat overwhelmed by the response from investors, who have shown so much interest and support in our business and vision for the payments markets”.
A series B funding round was not long after, as the firm raised an additional $11.5m in February 2023. The raise was oversubscribed, and brought on a group of new investors including Regal Funds Management, Ophir Asset Management and Wunala Capital.
The company story is quite interesting as it points to Paul & Ian having a background in working with referral partners and wanting to create a better experience for the brands who trusted them enough to pass on clients with a requirement to send money abroad. With over 200 referral partners launched with Send to date, it’s clear this is a primary growth strategy for the firm. One key Partnership for Send is with the ASX listed PEXA Group, which sees Send handle offshore property settlements for its customers.
Despite having only been in existence for a few years, Send has already been through a major rebrand in 2021. It definitely gives users more of a ‘fintech’ feel and leaves Send with one of the most aesthetically pleasing interfaces in the entire FX industry.
Regulated By:
Send Payments is regulated by the Australian Securities and Investments Commission (ASIC).
It holds an Australian Financial Services Licence (AFSL) and a licence with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
It is also authorised by the AFCA – Australian Financial Complaints Authority.
Send can onboard clients outside of Australia through a partnership with Currencycloud.
Mozo Experts Choice 2020 – International Money Transfer
Most promising for 2023 – MoneyTransferComparison
At the moment, Send Payments (registered name Send FX Limited / AFSL no. 509635) is still a relatively new company. For this reason, it’s difficult to make comparisons with industry giants like Moneycorp who have been operating for 40+ years. but Send is certainly a legitimate provider that’s regulated by ASIC. The firm has brought on a number of respected investors and already helped thousands of clients send money abroad.
Having both worked at TorFX prior to launching Send, the co-founders have plenty of experience in the foreign exchange industry. However, given this was within a front office capacity, we’re sure they are both continuously learning about the extensive technology and compliance requirements that come with operating a modern international payment firm.
Send adheres to all of the necessary licensing requirements in Australia and, in its short time in operation, has built a strong reputation in the market. International clients are onboarded through an arrangement with Currencycloud – one of the most respected B2B FX providers in this space.
Do Clients Like Send? Send Payments Feedback & Reviews
As of August 2024, Send Payments has garnered 334 reviews on Trustpilot with an impressive score of 4.9 out of 5. The majority of reviews highlight the company’s excellent customer service, fast transfers, and competitive rates. While a few reviews mention challenges with the Australia-based customer support hours, overall, 96% of customers rated their experience as ‘excellent’.
The bad news is that there are only 330+ reviews, which is not a large sample. Given the age of the company this is perfectly understandable but it does lack behind the likes of TorFX who have nearly 7,000 and the money transfer fintech giant Wise who have hundreds of thousands. Send provides only one service, so at least we know we’re not seeing reviews for a different aspect of the company. Read the Send reviews in detail and you can weigh up your options.
Positive reviews state the following themes:
- Strong customer support over the telephone
- Quick transfers
- Fast onboarding process
- Excellent exchange rates
Negatives:
The two out of four negative reviews which appear to be genuine, mention:
- Payment with Send incurred more intermediary bank fees compared to Wise (who likely processed the payment on their own ledger)
- UK resident had to take call in middle of night to speak with Australian customer service team
Conclusion:
Virtually all of the Send reviews we could find online are glowingly positive and rate the service 5 / 5. The caveat is that with just over 250 reviews, it’s still a modest sample size at this stage. One theme that most certainly stands out, is that those who switched from their bank to Send Payments are very happy to have done so. And despite such a strong focus on tech, with a planned rollout of digital bank accounts and an international currency card, there remains a strong focus on customer support and helping clients through transactions over the phone. The only criticism of the customer support is that it’s only available in Australian hours for now – Send is still new to the space so we expect this to expand as the firm grows. For readers outside of Australia, there are more internationally focused money transfer companies, such as OFX, who offer near 24/7 support through international customer service teams in Australia, the UK and the US.
Send Payments Exchange Rates & Fees
Fees:
Every transaction, no matter to what currency or how big or small, is fee-free. This is Send Payments’s key selling point. Zero payment fees at all. What is particularly impressive is that this applies to both private and business clients. Most providers offer fee-free international payments to individuals (as they often make less frequent transfers) but almost always charge a payment fee to businesses, who often send tens or hundreds of payments a month. As far as we can see, Send is the only international payment provider to offer fee-free international wires across the board.
Exchange Rates: Send adds a margin to the mid-market rate before selling a currency. Send Payments does not publicly disclose the margin they add but we know they’ll have to be taking a sufficient margin to cover their own payment fees and other direct/indirect costs that come with providing an international payment service.
Limits: The minimum transfer limit with Send Payments is now AUD $200, making it more accessible for smaller transactions. Payments can be made via bank transfer, PayID, or POLi, offering flexibility and real-time processing for most transactions.
The major plus point here is fee-free international transfers, even for business clients. It’s certainly unique as no other money transfer company we have reviewed on MoneyTransferComparison offers this to business customers. We don’t have enough information about the FX margins that Send applies to each deal but considering the firms’ relatively small size we assume they would have difficulties getting to ultra sharp margins like Wise’s 0.4%+ margins offered to private individuals. The fact Send Payments, formerly 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 Send Payments what spread will be applied before entering into an agreement. On larger transfers, private and business customers should be able to negotiate a better rate.
Global Reach & Service
- Dedicated Dealer: Yes
- Offices: Queensland, Australia
- Ways to approach: Phone, e-mail, online
- Translations: English
- Accepts clients: Accepts both domestic and international clients
- Currencies Handled: 37
- Client reviews: 4.9 /5 on Trustpilot (334 reviews)
Send Payments now supports transfers to over 180 countries, handling 37 different currencies. The company continues to expand its global reach, although customer support remains primarily during Australian business hours.
Through a partnership with the B2B fintech market leader Currencycloud, the firm can also onboard clients in the UK, Europe and the USA. After testing the registration process from the UK, it certainly appears that clients from other countries can indeed set up an account. However, given that customer support is only available in the Australian timezone, we currently recommend the service only for Australian & New Zealand clients.
Additional Functionalities
Send Payments offers both limit orders and forward contracts, which Send refers to as ‘delayed contracts’. These features are certainly useful for those looking to hedge their currency exposure. While they are by no means unique, their inclusion is very much welcomed, especially since they remain unavailable through companies such as Wise.
As of 2024, Send Payments has successfully launched its digital wallet, allowing users to hold and transact in multiple currencies. Additionally, Send has introduced a Visa card, enabling users to spend their balances wherever Visa is accepted. These new functionalities are part of Send Payments’ strategy to enhance its service offering and provide greater convenience for its users.
Another key focus of Send Payments appears to be around developing its APIs so that they can create “easy plug-and-play integrations”, allowing partners to offer foreign exchange and international payment solutions within their own platforms.
Send is still a relatively new company, meaning many of its functionalities are still yet to come.
As of now – Send offers everything one would expect from a traditional money transfer company but stands out from its competitors by combining a dedicated account management team with one of the slickest online products on the market. Generally, firms go one way or the other – if they have a dedicated account management team they tend to have an outdated online platform, if they have a cutting-edge online platform, they don’t tend to provide account managers. By combining the two, we think this presents a huge growth opportunity for Send.
The company is yet to establish a mobile app (or accumulate a large pool of reviews). So while it’s certainly safe to make money transfers with Send (thoroughly regulated), the firm’s product development is one to watch for the future. It appears Send even plans to present itself as a software-as-a-service (SaaS) business. If Send succeeds, they’ll have one of the first FX software packages in Australia.
Send Payments Review Summary
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Credibility Score - 93%
93%
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Client Feedback Score - 95%
95%
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Fees, Exchange Rates Score - 92%
92%
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Global Reach, Availability, Service Score - 90%
90%
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Added Values Score - 97%
97%
Bottom Line
Send Payments is already a safe and established money transfer provider that appears to have huge upside potential for the future. The Australia-focused company is finding ways to make its service unique by offering no fixed fees on transfers (even for business clients) and the rare combination of slick online tech, coupled with dedicated foreign exchange dealers.y. It has what we believe to be one of the freshest online platforms in the industry and so far, the vast majority of client reviews have been glowingly positive.
On the downside, the young nature of the company means it has yet to gain the same reputation as a large money transfer company like Moneycorp (operating for 40 years) and its account managers are only available during Australian hours.
Send Payments is already a great option for Aussie residents and SMEs but international clients may prefer Currencies Direct.