Sydney Forex

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Sydney Forex Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Good
  • Transfer speed: Good
  • Safety and reliability: Bad
  • Customer satisfaction: Average

Advantages

  • Easy and cheap to send money to Pakistan

Disadvantages

  • Poorly designed website
  • Hard to reach customer support
  • Lack of transparency

0 users would recommend it

0 users wouldn’t recommend it

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What is Sydney Forex?

Sydney Forex is an Australian based remittance company, operating on the market since 2004. They have developed a strong partnership with Pakistan, where they enable free transfers and attractive exchange rates.

How Does Sydney Forex Work?

To send money through Sydney Forex, you need to register with them. After undergoing a verification process and providing them with copies of your IDs and other documents, you will be able to log in to your account and order the payments online.

Unfortunately, it’s quite hard to reach Sydney Forex or even navigate through their website, as in many places, the access can be restricted based on the computer’s IP, and the design of the platform is also not intuitive and seems quite old.

Sydney Forex Fees and Costs

For some countries like Pakistan, Sydney Forex offers an absolute free of cost money transfer service, while fees for other destinations are set at around 15AUS.

They also charge a lot of additional fees for providing you with additional receipts, documentation, or even cancelling your order. It costs up to $75 for transaction cancelation.

Sydney Forex Exchange Rate

When it comes to their most popular currency pair AUD to PKR, the rates seem to be quite attractive, as they are only around 1% above the usual market prices.

Sydney Forex Limits

There are limits connected with local regulations. For example, you can’t send more than 500,000PKR to Pakistan or 120,000INR to India. It’s better to contact them before ordering your transaction to get up to date information about particular country limits. While you can send smaller amounts through their services, there are additional fees for processing transactions below 300AUS.

Sydney Forex compared to wire transfer and banks

The service doesn’t remain as transparent with their customers as mainstream banks need to be. Therefore, it seems more reliable to choose a well-established bank over this money transfer provider. In terms of transaction speed and costs, Sydney Forex has a better offer than regular banks. However, they are still processing most of the payments via regular bank networks and other financial institutions.

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How to use Sydney Forex?

To start sending money through Sydney Forex, you need to open a special account. You can contact them for more details or try to set it up online.

How to sign up?

Visit the Sydney Forex website and navigate to the registration panel, where you will need to fill out your personal information and undergo a verification process. Most likely, they will ask you to scan your ID or other documentation to verify your address and identity. Some of the users may find it hard to access the site, as it seems to be limited in some parts of the world. Therefore, don’t worry if you see a pop-out that they have restricted your access based on your IP. You can always contact them for further information about how to solve the issue.

Is Sydney Forex safe and reliable?

Security

During the registration process, the company asks for a lot of private information and scans of IDs or other documentation, but it’s unknown if they have any secure system to store this information. The site is designed quite poorly, as it seems it hasn’t been updated in 10 years and doesn’t offer modern encryption and security measures. However, they state that they do everything to comply with the regulations and data protection laws, but it’s hard to find any detailed information about their practices.

Public Reception

It’s unknown how the company is doing on the market, as they lack any strong online presence or transparency. However, it seems that they are quite popular in Pakistan, as they have established there free transfers and active customer support.

Comments

Unfortunately, there isn’t much information about the company online, and it’s hard to find any detailed feedback from the customers. Therefore, the potential users won’t know if the service has been checked by others or is it fully legit. There are few reviews, which mention problems with detailed verification and unhelpful customer service, while others are praising the easy and fast transfers to Pakistan.

“Great service. Always pick up cash in the same day on time. [...] Nice and easy to send. No need to go anywhere or wait in the queue or (deal with) (faulty) system down drama. Best rate as well. Great service” ~ writes Rameez in his 5 star review of the service on Facebook

“Worst customer Services, would not recommend any of my friends. unprofessional attitude with no manners.” ~ Syad in his Google review of Sydney Forex

Customer Support

The information about customer support is transparently provided in their contact section. You can reach them via phone call or email.

Some of the customers report that the stuff may be unhelpful or even rude, while others praise the service and thank their representative for the help with setting up the account and the money transfer.

Final Thoughts

Sydney Forex Review

If you are looking for a well-established route to send money from Australia to Pakistan, India or Bangladesh, Sydney Forex will offer you good exchange rates and cheap fees. However, it’s unknown whether the service can be trusted with urgent or important payments, and the company lacks transparency with their operations. Therefore, it’s safer to use your local bank or other online international payment providers, who offer much more reliable services and protection of your information. Sydney Forex platform seems to be untouched for many years, the design is old and hard to use, and they lack modern security measures.

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