Send Payments (Formerly SendFX) Review. How are their international transfers.

Roberto Efflandrin

These days, there is a range of new online based options that specialise in making international money transfers. Send Payments — formerly known as SendFX — does just this. Stating on their website they offer fee-free, lightning fast transfers that are cheaper than the banks¹.

This article will review these claims, while outlining how Send Payments work, discuss associated fees and see how their international transfer services compare to Wise.

💰 Wise provides you the real exchange rate and low transparent transfer fees shown upfront.

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Wise money transfers

Send Payments International Transfer fees

Send offers its customers the ability to enter into foreign exchange contracts — meaning you lock in an exchange rate and avoid fluctuations in the market when making an international money transfer. Of course this is beneficial against negative movements in the market, but also runs the risk of missing any favourable movements once you have confirmed your transfer.

Send Payments ensures no transfer fees on using their service, however there are other fees you should be aware of to weigh up if a Send Payments international transfer is the right service for you².

Below we will compare the transfer fees between Send Payments and Wise on a sample transfer of 1000 AUD sent to a GBP account in the UK.

Send payments vs Wise transfer fees for a sample of 1000 AUD to GBP

Fees Send payments² Wise
Fee for international transfer No initial fees charged Small payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.14 AUD) You can make a fee calculation here.
Intermediary bank fees Potential intermediary or beneficiary bank fees may be charged on any transfer. This may affect the final amount the payee will receive. Send Payments outline that they do not have control over any extra fees. None. Wise pays out the GBP from it’s account in the UK, avoiding intermediaries altogether.

Additional correspondent and/or recipient bank transfer fees

Send Payments disclose that any international transfer could be subject to added third-party intermediary or beneficiary bank fees, which they can’t estimate and have no control over. This needs to be taken into consideration when making a transfer as this can affect the final amount received by your beneficiary².

Send Payments currency exchange rates

Send uses spot contracts in order to offer you a certain exchange rate. This means that you will lock in the exchange rate offered at the time when submitting your transfer request. Although there are no transaction fees added when making an international transfer, Send Payments quotes in it’s terms:

Send makes its money in the margin which is incorporated into the Exchange Rate quoted to you³.

Below we will do a price comparison between Send Payments and Wise when converting and sending a recipient 1000 AUD in GBP. We will also outline any associated fees when making this sample transfer.

Send Payments vs Wise — Exchange rate for 1000 AUD to GBP

Rates Send Payments⁴* Wise*
Exchange rate offered on 25th January, 2022 1 AUD = 0.52411GBP 1000 AUD = 524.11 GBP (Not including any intermediary bank fees that may be incurred after the transfer is confirmed) — Rate only visible after signup 1 AUD = 0.52951 GBP 1000 AUD = 526.79 GBP (inclusive of 5.14 AUD one-off transfer fee)

*Rates as seen on 25th January 2022

As seen above, if you are looking to send 1000 AUD in GBP with Send Payments or Wise, you will lock in different exchange rates for the same transfer. If you choose to use Send Payments to send money overseas, your recipient will receive 524.11 GBP, but carries the risk of being reduced if intermediary fees pop up during the transfer. If you choose to use Wise, your recipient will receive 526.79 GBP which includes a one-off transparent transfer fee of 5.14 AUD.

So you may be thinking, why is it cheaper to use Wise for essentially the same transfer. Wise offers its customers access to the real exchange rate and indicates all associated fees upfront for every transfer making sure there are no surprises.

How to make in international transfer with Send

To make a Send Payments international transfer, you will first need to register an account. To do this you will just need a valid email for verification purposes and password.

Once verified you will be able to log in and set up your account to make international payments.

Before you make your first transfer, there are a few steps in order to complete your profile. Let’s guide you through these steps⁵:

  1. Login by pressing “send money”
  2. Click the “start your registration” button and follow the prompts
  3. Input you personal details
  4. Input identity document details
  5. Set up your first expected transfer

Once you have completed this registration, you will then be asked to add a recipient's details in order to make an international transfer.

Send Payments international transfer payment method

Here below are the methods Send offers to pay for your transfers

  • Payment by bank account — You can only make a payment to Send from a bank account registered in your own name.
  • PayID — Send supports payment via PayID
  • PoliPay — You can send in real time payments from your bank account using PoliPay.

Send Payments international transfer limits

Though Send payments specialise in large amount transfers, the minimum limit for a Send international transfer starts at $200⁶.

Wise account

What recipient details do you need to make an international transfer with Send Payments?

Before being able to send money overseas, you will need to manually add a recipient to your profile. To do this you can either add someone on the dashboard or via the “Recipients” tab through the menu button⁷. You will need to have handy⁸:

  • The country you want to transfer to
  • What currency will be sent
  • Your recipients full name
  • Their address
  • Their email address
  • Their account number, SWIFT/BIC and/or IBAN as required by the recipient form.

The account details required of the recipient vary depending on currency being sent and what country you are sending the money to. For example, if you want to send GBP to the United Kingdom, you will require a UK sort code and account number⁸.

How long does the international transfer take with Send Payments?

Send claims that once they have received your funds, It should take approximately 24-48 hours to reach their destination account. This can vary depending on the destination country or if international public holidays fall within this timeframe¹⁰.

Can you cancel a Send payment money transfer

It is possible to cancel or reverse an international money transfer with Send Payments. However, this request must be directed to Send Payments as soon as possible after a transfer has been made.

You may be liable for any losses associated with the cancellation or legally obliged to go through with the transfer if cancellation reason is not valid or received before a transfer is settled¹¹.

Is Send Payments safe?

Send Payments is safe to use and holds an Australian Financial Service Licence, is regulated by the Australian Securities and Investments Commission (ASIC), registered with AUSTRAC, and a member of the Australian Financial Complaints Authority (AFCA).

To keep your account safe, ensure you follow Send Payments terms and conditions and understand their Product Disclosure Statement¹².

Send Payments contact details

You can contact the Send Payments team by13:

  • Phone: 1800 982 418
  • International calls: +61 7 5619 5700
  • Email: info @ sendpayments.com (remove unwanted spaces)

The team is available Monday to Friday, 8am – 6pm AEST.

Wise as an alternative

If you’re looking to make an international money transfer, Send Payments is a good option in comparison to using traditional banks. However, through this review, we have also introduced Wise, a suitable alternative that is transparent with its fees and more flexible with its transfers and pay in methods.

When comparing with Send Payments, Wise always shows its low fees upfront, ensuring no surprises from unforeseen intermediary bank fees on its supported cross-currency transfers. Wise also gives its customers access to the mid-market rate, and does not make any money off the exchange rate quoted to you.

Access to Wise’s ownpricing calculator for transfers is also accessible regardless of if you have an account or not. These are just a few of the many ways Wise is a great alternative for sending and receiving money from abroad.

Open your Wise account in minutes 🚀


Sources:

  1. Send Payments — Personal Services
  2. Send Payments PDS — Product information p.9
  3. Send Payments PDSs —Exchange rate margins p.2
  4. Send Payments portal — Sample transfer exchange rate (only accessible through registered account)
  5. Send Payments portal — Start your registration (only accessible through registered account)
  6. SendFX FAQ — Minimum and Maximum limits
  7. Send Payments portal — How to add a Recipient (only accessible through registered account)
  8. Send Payments portal — Add recipient information and GBP to UK (only accessible through registered account)
  9. Send Payments portal — Sending USD to UK example (only accessible through registered account)
  10. Send Payments — Transfer times
  11. Send Payments T&C’s — Cancellations p.5
  12. Send Payments — Licences and registration
  13. Send Payments FAQ — Contact details
    Sources checked on: 26 January 2022

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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