Sydney Forex Money Transfer Review: Fees, rates and transfer times

Samuel Clennett

Looking for a simple and smart way to send money to someone based abroad? You’ll want to check out a few alternatives to find the best option for your needs.

This guide has all you need to get started. We’ll take a look at the services, fees and exchange rates on offer from Sydney Forex. To help you compare their offer, we’ll also highlight Wise as an alternative, as well as a few other competitors you might want to look into.

Sydney Forex has been in business since 2004, and offers remittance services to a range of countries, with a focus on the Asia Pacific region¹,². Let’s see how they measure up.

Join Wise

What are the fees for an international money transfer with Sydney Forex?

To start off we will look at the transfer fees used by Sydney Forex. It’s worth mentioning that the cost of sending money overseas is not only the transfer fee. You may also pay an extra charge in the form of an exchange rate markup.

We’ll take a look at this - and how to check the exchange rate you’re offered is good value - in a moment.

Transfer fees:

Sydney Forex - standard fee³AUD15
Sydney Forex - special offer for remittances to Pakistan⁴Remittance under AUD200 - AUD5 feeRemittance over AUD200 - no transfer fee
Sydney Forex - special offer for remittances to India, Sri Lanka, Bangladesh, Nepal and some European countries³Remittance over AUD500 - no transfer fee

*Fees correct at time of research 23 July 2020, check for latest special offers online

What are the currencies that Sydney Forex supports?

Sydney Forex does not publish the full list of countries and currencies served. To check if your destination country is available, you’ll need to contact Sydney Forex directly or visit their branch location.

If your currency is not supported, or you want to compare your options, don’t forget to check out the currencies and great rates available through Wise, here.

What is the Sydney Forex exchange rate?

When you make a payment through Sydney Forex, you’ll be told the exchange rate which will apply before you confirm the payment. However, as exchange rates change all the time it can be tricky to know if the rate you’re being offered is good or not.

The best way to check is to compare the Sydney Forex rate with the mid-market exchange rate - the rate that banks and currency services get when they buy foreign currency themselves.

You can find the mid-market rate on Google or using a currency converter tool online. By comparing this with the Sydney Forex rate you can see if a markup or exchange rate spread has been added. This is common among banks and currency services, but it also makes it hard to see how much your transfer is really costing you. It can also mean your recipient gets less than you expect.

When you’re sending an international payment, the exchange rate really matters. That’s why you might be better off sending with a provider which uses the mid-market rate as standard, and charges a simple transparent fee for the transfer.

Check out how much your recipient will receive if you place your payment with Wise, and compare this to Sydney Forex to see if you can save.

How long can a transfer with Sydney Forex take?

Most payments made with Sydney Forex will be available the working day after your payment has been processed. However, if you’re sending money direct to a recipient bank account this can take longer - from 3 to 7 working days.

If you’re making a direct bank transfer, it’s worth checking if it will be routed using the SWIFT network. This can be one reason the payment takes a longer time - and it can also mean you’re hit by surprise fees.

The SWIFT network is a long established way to facilitate international payments. Up to 3 banks work together to move your money to the right account - a bit like taking a series of connecting flights. However, each bank involved can charge a fee for the service they provide, which is then deducted from the amount being remitted. This can mean there’s less in the end for your recipient.

How does Sydney Forex work?

Sydney Forex allows customers to make a range of payment types, with recipients accessing their money easily wherever in the world they are.

What kind of transfers can you make?

You can send money in person or online - and have it delivered to your recipient’s bank account, or made available for cash collection at a location near them.

If you want to set up your payment in person, you’ll need to visit Sydney Forex office at Lakemba to register. Don’t forget to take government issued ID with you. You are not able to pay for your transfer in cash or using a cheque, so even if you arrange the payment in person, you’ll need to send a bank transfer to Sydney Forex to cover the costs of your remittance.

Online you can complete the registration process and show your documents, before making a bank transfer to Sydney Forex to cover the cost of your payment.

Direct payments will arrive in the recipient’s bank account automatically. If you want the payment to be collected in cash in person, you can choose the agent location most convenient for your recipient when you arrange the transfer.

Does the recipient have to sign up with Sydney Forex?

The recipient does not need an account with Sydney Forex in order to receive money.

Are there any limits to the amount you can transfer?

Sydney Forex imposes limits depending on the country you’re sending to, and the payment route. You may also need to provide additional documentation for some higher value payments, to verify the source of the money, for example.

Check the details for your specific transfer with the staff at Sydney Forex so you know if your remittance is possible.

Is the service available to anyone?

Yes. You can make a payment online through Sydney Forex, or you can visit their office to deal with a customer service agent face to face if you prefer.

What are some competitors?

Money transfer services can vary widely in terms of the type of payment allowed and the costs to arrange it. Before you choose which provider to use, it makes sense to do some research and compare a few options. Here are some smart places to start:

Sending your remittance with a reputable currency service is a good idea. While it may be tempting to use your bank, bank charges for international payments aren’t necessarily competitive. A specialist service may give you better options - but you’ll need to examine both the fees and exchange rates being offered to make sure you are really getting a good deal.

Don’t forget to look at Wise for low cost international payments which use the mid-market rate, and can come in at 8x cheaper than the banks.


  1. About Sydney Forex
  2. Sydney Forex
  3. Sydney Forex FAQ
  4. Sydney Forex Service and Charges
  5. WU
  6. OFX
  7. Ria Money Transfer
  8. Paypal

All sources accurate as of 23 July 2020

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.

Money without borders

Find out more

Tips, news and updates for your location