Send Payments Review

Send Payments is a relatively young but fast-growing, Australia-based currency broker. A currency broker is a type of a money transfer company. Despite being less established than larger companies with a more global presence, we believe it is one of the best money transfer providers in Australia.

This Send Payments review details the services available to both personal and business customers, and takes a look at what verified customers thought of their experience.

We’ll also break down the company’s biggest strengths and weaknesses, and see how they compare to other providers. By the end, you’ll have a clear understanding of whether Send Payments is the right fit for your specific money transfer needs.

Generally speaking, we are extremely impressed with Send Payments’ ability to have struck the right balance between advanced technology and exceptional customer service. Client experiences seemingly echo this sentiment, as the vast majority of Send Payments reviews are excellent.

All customers are assigned an Aussie-based account manager, who is available during Australian business hours. As you’re able to build a good rapport with your own dedicated dealer, Send Payments is a great choice for those need to make regular or high-value transfers.

Pros and Cons

  • No fees – Send Payments charges no transfer fees for their transactions, which also applies to business customers, a rarity in the industry.
  • Dedicated dealers – You’ll be assigned your own currency expert that is based in Australia.
  • Slick online offering – You’ll have access to perhaps the most seamless online portal in the industry.
  • No mobile app – At this time it is unclear when Send Payments plan to launch a mobile app.
  • Better orientated for large transfers – This is only a negative for those looking to send smaller amounts, who will likely receive better rates using an app only alternative.
  • Exotic currencies – Send Payments cannot handle trades to some exotic currencies.

About Send Payments

Send Payments (previously SendFX) was incorporated in January 2019 by two co-founders, both of whom previously held prestigious roles with FX giant, TorFX. Even as a relatively young fintech company, they’ve already transferred more than AUD 1bn for their customers and completed two major funding rounds.

They’ve also picked up a number of prestigious awards, including the Mozo Experts Choice for international money transfers. After committing to a major rebrand just two years after launch, Send has, in our view, one of the best looking brands on the market.

Both co-founders share a background in working with referral partners, which appears to be a primary growth strategy for Send, as it has launched over 200 referral partners to date.

Send Payments Currency Exchange Services

One off & recurring international transfers

One-off & recurring international transfers can be funded via bank transfer or PayID, both of which are processed immediately. Their help centre mentions handling payments of $250 to $25 million, though it is not explicitly clear if these are in fact their minimum and maximum transfer limits. Online transfers are capped at $25,000 AUD daily for personal customers.

Forward contracts

Forward contracts lock in an exchange rate for future payments for up to 2 years. This can be a great option for those purchasing a property overseas, as it provides financial certainty for the entirety of the contract.

Market orders

Market orders allow customers to target specific exchange rates. Limit orders automatically buy currency when your desired rate is achieved, while stop loss orders protect you from sudden drops in the exchange rate.

Bussines FX services

All the services listed are also available to business clients.

Is there a Send Payments App?

No, although it is likely this will be something Send Payment customers can look forward to in the future. Customers can still automate transfers online using the Send Payments portal, arguably the slickest and most seamless online platform in the industry.

Send Payments Fees & Exchange Rates

Send Payments charges no fees for international transfers. With no hidden costs or commissions, your beneficiary should receive the exact amount quoted either online or by your account manager. The only exception to this is when an intermediary or beneficiary bank deducts a handling fee for the transfer.

Send’s no-fee policy also applies to business customers, which is very rare in the industry and certainly a unique selling point for their business offering.

Send Payments makes its profit by adding a small percentage markup to the mid-market exchange rate, also referred to as a ‘spread’. The majority of ‘big five’ Australian banks typically apply a high fx markup, in the region of 3.7-4.5%. With currency brokers like Send Payments, the markup will vary depending on the amount of money you’re sending and which currencies you’re converting.

The higher the amount you wish to transfer, the lower the exchange rate markup is likely to be. Send Payments provides a basic calculator on its portal dashboard, based on industry average figures advertised by the major banks and indicative wholesale rates. On average, they claim you can save 4% of your transaction total by completing your transfer with Send Payments, instead of one of Australia’s major banks.

For a $50,000 AUD transfer, this would equate to more than $2,000 AUD in savings!

Is Send Payments safe?

In short, yes. Send Payments is regulated by both ASIC and AUSTRAC.

They also hold an Australian Financial Services Licence (AFSL).

Having very quickly earned a good reputation for being a safe and trusted provider, this will only improve in time as they’re able to amass a greater number of online reviews.

Send Payments Reviews

Almost all verified Send Payments reviews are extremely positive. As of November 2023, the firm has a total of 270 TrustPilot reviews, 96% of which have been five stars, comfortably earning Send Payments a place in TrustPilot’s excellent category.

Across these reviews, Send Payments are regularly praised for their ‘fantastic service’ from its ‘A++ staff’. Many customers also claimed to have been offered extremely competitive rates. The ease of the sign up process, the speed of answering the phone, and prompt responses to emails, are all points that are repeatedly mentioned.

From the handful of negative Send Payment reviews, it appears a couple of these were left in error, or by someone who has not actually used their services. Two customers mentioned that the rates they received were not as competitive as Wise. It is well known that Wise offers extremely competitive rates but as an online only provider, customers miss out on getting to work with a dedicated account manager.

How Does Send Payments Work?

Create an account

Once you’ve compared alternative providers and you’re happy with the Send Payments rate for your specific transfer, you’ll need to register for an account.

You can start this process online and once you’ve submitted your form, someone will contact you to outline the final steps. This is usually a pain-free process but as previously mentioned, you may need to provide some proof of ID to verify your identity for anti-money laundering purposes.

Confirm the details of your trade

Work with your account manager to specify your requirements and decide on whether you require any additional services.

Once you’ve decided it’s the right time to complete your money transfer, verbally lock in your rate and your account manager will enter you into a legal contract for the funds to be transferred.

Alternatively, you can do this yourself online using the Send Payments portal, up to the daily online limit of $25,000 AUD.

Enter your beneficiary’s details

The details required for your international transfer will vary depending on the country corridor, but this will all be clearly explained by your dedicated currency expert.

In addition to the recipient’s full name, bank name, and bank address, you will also need some form of international bank identification code like a BSB (New Zealand), IBAN (UK and Europe), or routing number (USA).

Sit back

Now, simply sit back and wait for your funds to hit the beneficiary’s account.

How long does it take Send Payments to transfer funds?

Most transfers are completed within 24-48 hours. Payments for major routes can be completed very quickly, often arriving the same day depending on the sender and beneficiary’s time zones.

How Does Send Payments Compare to Alternative Providers?

When compared with OFX, another Australian-based company, Send Payments holds its own, especially with its no-fee policy and seamless online platform. XE Money Transfer and Wise are also competitors in the market. While XE offers a longstanding reputation, Send Payments competes with its superior customer service and business model. Wise may offer very competitive rates for smaller transfers, but lacks the personal touch of a dedicated account manager that Send Payments provides.

When to use Send Payments?

Send Payments is recommended for almost any money transfer requirement. They are especially beneficial for transfers over $2,000 AUD, where their no-fee policy and competitive rates can lead to significant savings.

Our Verdict

Send Payments has built a fantastic reputation in its first 5 years of operation. Their sign-up process is quick and making transfers is easy. They do the basics very well, and find ways to stand out, like their ‘no fee’ offering to business clients. 

These solid foundations, along with talks of expanding their offering in the near future, are just a couple of the many reasons the firm shows great promise. For a company so young, it’s simply not possible to have the same level of reputation as some of the more established market leaders. 

Saying that, risk-averse customers should not be put off by the firm’s infancy, as Send Payments are extremely well regulated and have a very experienced and well respected leadership team.  

With such a value-adding proposition compared to traditional banks, it is well worth opening an account to make better informed and more cost-effective international money transfers.