SendFX is a fascinating new entrant in the payments industry. It provides discounted cross-border money transfers, multi-currency wallets and other FX solutions to individuals and SMEs, complete with a customer rewards program.
SendFX – Independent BER Review
SendFX: A Summary
SendFX.com is the online home of Send, a new entrant in the payments industry.
Send aims to slash the cost of international money transfers while simultaneously bringing down transfer times — for a majority of transfers, the company promises to have funds in recipient bank accounts within 24 hours.
With Send, money can be sent in 40 currencies to 200 countries, subject to a minimum transfer restriction of AU$500 or equivalent.
Though customer service options are a little thin on the ground, Send is offering a personal account manager to all account holders.
Unique Send features include cashback and rewards, multi-currency wallets, FX rate alerts, real-time progress updates for transfers and FX forwards.
Excellent new product offerings are being rolled out by Send at a steady pace and the company is soon to offer a comprehensive FX solution for individuals and businesses alike.
What Savings Can You Expect?
When compared with banks and other traditional remittance channels, savings on Send money transfers are substantial.
To give you an idea, with Send exchange rates the total cost of sending AU$10,000 to the US, UK, Europe or New Zealand will amount to 1–1.2 percent of the transferred amount, or AU$100–$120; yet a bank is likely to levy charges worth 3–5 percent, usually in the form of a transaction fee coupled with a questionable exchange rate.
Although Send advertises “no fee” transfers, this is slightly misleading (it’s a common claim in this industry) and the aforementioned costs come in the form of a small markup on the interbank exchange rate.
When compared with other FX specialists, for major currency routes Send comes very close to matching WorldFirst and OFX — two of our favourite payments companies — but is approximately 50 percent more expensive than TransferWise.
When considered overall, Send is slightly more expensive than other companies on major routes, but bear in mind it will soon roll out an industry-first cashback and rewards program (see below) ensuring you get more for your money. Also be sure to precede any cost comparison with a feature comparison — TransferWise, for instance, can’t offer FX forwards and only welcomes payments for businesses in 5 currencies, compared with 11 for Send.
On a few of the more exotic currency routes, such as AUD-INR and AUD-PHP, Send is on par with most providers but is considerably more expensive (2–4 times more) than WorldFirst, TransferWise and XE.
How Long Do Transfers Take?
Send offers rapid money transfers. Send users should expect funds in recipient bank accounts within 24 hours of payment being made, although banking processes in some countries can create delays, as can public holidays.
Send is at the cutting edge of the industry when it comes to payment processing: backed by Novatti technologies, Send handles payments across IBM’s Blockchain World Wire network in addition to traditional networks, namely SWIFT.
Via the app, Send offers real-time updates on your transfer’s progress.
Minimum / Maximum Transfer Restrictions
With Send you can transfer any amount above AU$500 (or local currency equivalent); there is no maximum.
Customers service options at Send are a little thin on the ground, which is to be expected with such a new company; however, all new account holders will be assigned a personal account manager, which is a nice touch.
At the time of writing this review (June 2019), email support and a phone line was in place, but the latter was available during Australian business hours only (08:00–18:00 AEST).
The FAQ section on Send’s website covers a lot of ground in terms of questions asked, but answers lack detail.
Readers will be pleased to learn that early reviews of Send’s support staff are excellent — see “What Do Users Think?” below.
Is Money Safe with SendFX?
All markers suggest that money handled by Send is entirely safe. The company is regulated by both ASIC and AUSTRAC and also holds an an Australian Financial Services Licence (AFSL), as does Send’s ASX-listed shareholder, the Novatti Group.
Send was founded by industry veterans who know exactly what they’re doing and who’ve spared no expense when it comes to account security.