By Katherine O'Chee· Thursday 07 May 2020
SendFX may be a new kid on the block, but it has taken the international money transfers world by storm. Launched in May 2019, the Australian-based fintech is part of a movement of IMT specialists taking on the banks with a promise of more competitive exchange rates and fees.
On the cost front, SendFX is certainly winning big. Just one year after its inception, SendFX caught the eye of our Mozo expert judges and received a 2020 Mozo Experts Choice Award for best value International Money Transfer, being one of only three providers to snag this honour.
So what sets it apart from the crowd?
According to Billing, SendFX is driven by a mission to “deliver a truly global payments platform that connects people with their money like never before.” Part of that involves lower pricing and quicker transfer speeds - benefits made possible by the company’s success in making its infrastructure lean and streamlined.
“With the right technology and licensing, we’re able to remove expensive and complex layers typically associated with international banking, unboxing a payments solution for businesses and customers that is faster, cheaper and more secure,” he says.
Rather than investing money into “costly, unwieldy technology”, SendFX realised early on that the smarter move was to build one central platform, known as Newton, for all its products and providers.
“This platform drives our customer logic, but more importantly allows us to collaborate with exceptionally innovative service providers around the world,” he says.
“Our ability to efficiently process payments globally means our costs are sustainable and we are able to comfortably pass these savings to our clients.”
But for SendFX, innovation doesn’t stop at competitive products. The fintech has plans to take the IMT game even further, with its own card and loyalty program.
The Send Visa card will be a digital wallet that lets you pay in the local currency when you travel abroad, while its Rewards Program will give you the chance to earn rewards points when you make transfers with SendFX.
“Here in Australia, we understand the value of loyalty points more than any other country. As such we want to rightly reward our clients for transferring and spending with Send as they move around the world,” Billing says.
SendFX partners will also be able to access these features and use its technology to expand the ways in which their own clients can send or spend money overseas.
“This offering will integrate seamlessly into any company’s current client ecosystem and be powered by our global banking network,” Billing explains.
“Everything we build now and into the future is API-led, meaning all Send’s internal systems and products will be available to partners off the shelf via one rich API.”
Given how prevalent scams and money laundering scandals have been, Australians might be forgiven for worrying about the safety of moving funds across borders.
The good news is, Australia is one of the most regulated countries for international money transfers.
Before offering any products, IMT providers like SendFX are required to have an Australian Financial Services licence (ASFL) and be registered with the Australian Securities and Investments Commission (ASIC). This means that if something does go wrong during your transfer, an official body, the Australian Financial Complaints Authority (AFCA), is available to help resolve any issues.
These providers must also be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). In other words, they have an obligation to report all financial transactions, including any unusual activity, to aid the fight against money laundering.
Billing adds that when it comes to security, SendFX has gone above and beyond to give peace of mind to its clients.
“Send has been founded on a strong compliance culture which will always exceed the requirements of our licensing, while reducing risk for the company and our customers,” he says.
“We understand how stressful it can be when it comes to handling money, especially overseas. That’s why keeping our customers’ funds secure is of utmost importance to us.”
While SendFX is heavily focused on innovation, it has also made a big push towards connecting the dots between, “excellent service, great technology and reduced costs to the client.”
For one, SendFX gives all its customers access to a personal account manager. This is an expert who can assess the market for you and help you make informed decisions about your money transfer.
“The foreign exchange markets move constantly and a perceived great price is only good at that point in time. What happened the day before? What’s happening tomorrow that may affect this great price? If I have time on my side, these are the things I’d want to know as a client,” Billing says.
“If not, I’d want an easy to use platform that allows me to quickly access information and move my funds, all the time having the peace of mind there is someone there that knows me and the relevant circumstance if I need them.”
And according to Billing, SendFX is able to fulfil both needs.
“While we’re proud to be a technology-focused fintech, our customers will always come first,” he says.