The world of foreign currency payments for retail clients has not seen much innovation & change in the past years. Most people who wish to send money overseas to their family, friends or for simple investment purpose are still at the mercy of overpriced, opaque and inefficient processes at the banks and their global partners.
You set up a foreign currency transfer. The money leaves your account. It disappears for days. And then it turns up (significantly reduced) in the recipient’s account. That’s just how it works right?
But have you ever wondered what happens to your money in that in-between period? Where it goes? Why so much of the money disappears (i.e. in terms of fees and bank margins)?
The answer is complex and hinges on the lack of innovation and technology. Most banks prefer to keep the status quo, it’s an old-fashioned system from the 80s that is slow, expensive and mostly operates in the darkness. Instead of sending the funds directly - what you would expect – it’s passed along by a number of banks in the process. Hence you lose track of your money.
FlashFX has introduced a cross-border foreign currency transfer product that is changing the status quo. We are leveraging technology to improve how products and services are delivered.
Yes, we are still a foreign currency provider but the difference is, you send your hard earned money direct to the destination. From the time your money is credited with FlashFX to when we confirm your conversion rate, the funds are transferred and received by the recipient, we let you track your money every step of the way.
After all, you can track parcels you send by post - so why not your money.
The other myth we need to clarify are the transaction fees. In simple terms, FlashFX is the only currency provider that does NOT charge you any transaction fees. Again, technology and efficient processes mean we eliminate this cost from your transfer, allowing you start sending you AUD from as little as A$ 100.
Where is the catch, you think? There is none.
We make our money from the exchange rate spread, where you convert AUD to a foreign currency. Our FX margins from the mid-market rate are clearly and transparently displayed.