SendFX is a newcomer to the international payments space but was recently awarded the Mozo experts choice for 2020. It follows all relevant regulations but customers who would prefer to work with a firm that has a long-standing history in the market may prefer OFX.
Does SendFX just offer money transfers?
SendFX offers international money transfers and allows users to convert their own funds in a digital wallet and spend this around the world with an international currency card. Customers interested in this will surely be interested in the market-leader TransferWise who grant users the ability to spend all over the world at fixed, low fees.
What are SendFX’s strengths against its competitors?
SendFX is a new, agile company with a strong focus on tech. It has a very strong core product that should appeal to the Australian market.
What are SendFX’s weaknesses against its competitors?
At the moment SendFX is only available in Australia and can only process spot transfers. Australians looking for a greater variety of hedging products can opt for TorFX who hold a local Australian office.
Company Information and Credibility
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.
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.
Mozo Experts Choice 2020 – International Money Transfer
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.
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.
No negative reviews to date (only one bad review which we can’t see at the moment as it’s currently under review from TrustPilot to confirm its legitimacy).
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.
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.
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
Dedicated Dealer: Yes
Offices: Queensland, Australia
Ways to approach: Phone, e-mail
Accepts clients: Accepts both domestic and international clients
Currencies Handled: 34
Client reviews: 4.8 /5 on Trustpilot (55 reviews)
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.
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.
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.
SendFX Review Summary
SendFX appears to have good potential for being such a young company. The Australia-focused company offers no fixed fees, Forward contracts and dedicated service, and so far all online reviews have been glowingly positive. On the downside, the company doesn’t have nearly the same reputation as large money transfer companies such as Moneycorp (operating for 40 years) or OFX (a public company which has been in business for over 20years), nor the same functions (such as other hedging tools or a mobile app). All in all, we can say there’s good potential here but it wouldn’t be our first choice for international money transfers.
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