Aussie Forex Review: Exchange Rates, Transfer Fees & Alternatives
Aussie Forex was established in 2005 and is now one of Australia’s leading money transfer companies - with offices in Sydney, Melbourne, and Perth. Currently, Aussie Forex allows customers to send money to 10 countries, all in Asia, through cash pickup and direct bank deposits to beneficiaries’ accounts. In this review, we will look at transfer fees and exchange rates, the payments you can make with Aussie Forex, transfer limits, speed and anything else you would want to know in order to find out if Aussie Forex is the right online money transfer service for you.
Aussie Forex, like other money transfer providers, charges a range of fees and exchange rate margins on transfers in order to generate profits. Here’s a quick breakdown of how much you can expect transfers to cost on Aussie Forex.
Exchange rates
The exchange rates charged by Aussie Forex are published and amended regularly on the company’s website. Here are the exchange rate margins as of 26th April 2020:
Philippines: The PHP/AUD rate is 32.17 against the mid-market rate of 32.45. This gives a margin of 0.86%.
Sri Lanka: The SDG/AUD rate is 121.97 against the mid-market rate of 123.301 giving a margin of 1.08%
Vietnam: The VND/AUD rate is 14,897. Compared to the mid-market rate of 15,041.90 giving a margin of 0.96%.
From this you can see that typically Aussie Forex typically charges exchange rate margins in the region of 1%. This makes the company very competitive in the money transfer space, and is a lot better than the 4-5% margins you often see when transferring money using a bank.
Apart from transfers to Bangladesh and Pakistan, where rates for bank deposits are better than those offered for cash pickups, the method of payment does not affect the exchange rate margin on transfers with Aussie Forex. You can also book or lock-in an exchange rate for two nights if your transfer is AU$10,000 or more.
Fees
Aussie Froex’s fee structure is broken down depending on where you’re transferring funds to. Some examples include:
Customers sending money to Bangladesh in Bangladeshi Taka (BDT) pay no fees for all transactions irrespective of the amount
Transfers of AU $150 and above to Pakistan in Pakistani Rupees are charged zero fees
Transfers to India are charged a fee of AU $1 regardless of the amount
Aussie Forex guarantees its customers that they will never pay more than AU $10 for any remittance, but check the fees for the transfer you want to make before sending payment and confirming the transfer.
Additional costs
Since Aussie Forex is a member of the SWIFT network, recipients may be charged an inward SWIFT fee deducted from their payments when receiving their funds through bank deposits. Aussie Forex doesn’t set these fees, so it’s important to check with your bank before making a transfer.
Aussie Forex pros and cons
Aussie Forex offers secure and fast professional services. Here are some pros and a few cons to expect when using the platform to send money to your family and friends back home.
Pros
Cons
What kind of payments can I make with Aussie Forex?
Customers can make their transfers online, either through the Aussie Forex website or their dedicated mobile app. Transfers are paid for using cash deposits and bank transfers and are delivered in minutes or can take up to three days depending on the payout methods and speed of processing for the recipient bank.
The provider allows for multiple transfer payment and payout options. We’ve broken down all the options you have available when making transfers with Aussie Forex.
Payment methods available
You can pay for your transfer in one of two ways: either by making a cash deposit, or a bank transfer to your Aussie Forex account.
Withdrawal options available
Beneficiaries can access the funds sent through their bank accounts or at specified cash pickup locations.
Does Aussie Forex have a mobile app?
The provider has an app available as a free download on both the Play Store and App Store. The application has several functionalities including:
Account sign up: You can register for an account through the app
Beneficiary Management: You can add, delete or amend the details of your beneficiaries accordingly.
Send money: Through the app, you can make a transfer on the go to your family and friends.
Historical transactions: If you want to review transactions you have previously made, you can do so through the app.
However, the app has only 11 reviews on Play Store and a rating of 2.7/5. On the App Store, it has a rating of 4/5.
How fast are Aussie Forex’s transfer speeds?
The speed of transfers depends on the payout method you choose. Cash pickups are almost instant while bank deposits take between 1-3 days to be delivered.
Are there maximum and minimum transfer amounts?
Aussie Forex does not specify any minimum or maximum transfer limit. However, the receiving banks may have limits which the provider incorporates on its platform. For instance, the maximum cash pickup transfer limit to Pakistan in Pakistani Rupee (PKR) is 500,000.
Can I trust Aussie Forex?
Aussie Forex is safe, reliable and fast. The company has been helping individuals and businesses make seamless cross-border transfers for more than a decade. Here are some trust factors to think about before using the provider.
History
Aussie Forex & Finance Pty Ltd was registered as a company in Australia under company number 114 853 539 on 21st June 2005. On 1st August 2005, it was registered for taxation as an Australian private company. Kamran Mirza is the founder and director of Aussie Forex.
Regulatory compliance
Aussie Forex is registered and regulated by the Australian Securities & Investments Commission (ASIC) AFS License Number 431354. This gives them the mandate to deal with financial products.
Compare Providers NowCan I cancel my transfer?
Yes. If the amount has not been received by the beneficiary yet, you can cancel your transfer. However, you should note that the commission charged by Aussie Forex is non-refundable.
Top destinations for using Aussie Forex
The 10 countries you can make a transfer to with Aussie Forex are:
Customer support
You can reach out to the customer support at Aussie Forex through the following channels.
Telephone: You can call +612 9262 5062 (a toll number) during office hours to get assistance. The office hours are:
Sydney: Monday to Friday: 9:00am – 5:30pm
Melbourne: Monday to Friday: 9:00am – 5:30pm
Perth: Saturday: 9:00 am – 4:00 pm
Email: You can email info@aussieforex.com.au for assistance on more detailed issues that require documentation.
Summary
Aussie Forex is an Australian money transfer service headquartered in Sydney. Currently, it supports transfers from Australia to 10 Asian countries, allowing customers to send money to their loved ones through direct bank deposits and cash pickups.
Cash pickup transfers are delivered on the same day while bank deposits may take up to 3 days to be completed. For customers who want to send money to countries in different parts of the world such as Africa, they have to look for an alternative because Aussie Forex doesn’t support such transfers.
Aussie Forex can be a great option for people in Australia looking to send remittance payments to countries in Asia, but it is always important to compare your options. The best way is to use our money transfer comparison tool to check the rates other providers offer and their delivery times.
Aussie Forex’s services regularly rank highly on our recommended list, but to be sure you’re getting the best deal it pays to see what other options are available.
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