FAQ
Here you can find most common questions from our users. If you do not find a solution to your problem, please communicate through the contact form.
Registration – How it works?
A Driver Licence can be utilised as either photograph ID or as a proof of address not as both. Generally we do require two distinct types of identification. We acknowledge various distinguishing proof records, for example, an international ID or service bill, or passport.
Indeed. We do require our clients to register for a free account before making an international money transfer But don’t stress – it’s very simple:
- Register: Fill in your information on our secure portal – there’s no expense or commitment to complete the transaction.
- We’ll be in touch: After you register, a BFX specialist support team member will guide you through all stages of the transaction, simplifying the process of international money transfer.
- Verification: More often than not we approve our clients instantly, so you won’t have to send us anything further. Nonetheless, on the off chance that we need any other documents, we’ll be in contact.
- Your first transfer: choose the currency and amount you are sending; make sure everything looks good and we’ll generate an automatic invoice
- Pay for your transfer and we will deliver to your recipient. We accept bank transfers (e.g. Poli payments, electronic bank transfer). We transfer to most countries and takes 1-2 business days. You can track your transfer online
Normally, you get verified electronically and instantly, sometimes we’ll have to request a few extra documents from you and we will be in touch with you.
If it’s taking longer than this, please do not hesitate to contact our support team.
After you’ve registered and we’ve checked your profile, you can start to make transfer online.
On the off chance that this is your first move, one of our colleagues will call you to confirm your exchange. Our Customer service is available in case you need assistance making a transaction, otherwise you can proceed with your transaction using our online platform.
We’ll additionally send you an email to keep you refreshed on the status of your transfer, or you can follow your transaction on our online portal.
5) How do I pay you?
6) What is the preferred payment method?
7) I have transferred the funds, what happens next?
Yes, please send us your payment receipt alongside with your client reference number for that transaction. You can email it to [email protected]
The transfer process
You sure can. If you don’t mind, please Register or Sign In to see our client rates accessible on our online portal.
You’ll also see that when you transfer over AUD 2,000 or equivalent with us, you don’t pay any extra fee. It’s that basic.
At BFX, you can transfer as much as you need. Starting from AUD 2,000 to AUD2 billion, our hearty stage can deal with it.
For anything less than AUD2,000 BFX charges a flat AUD15 fee.
Some remittance providers impose limits based on AML rules and regulations and based on the risk that each client carries.
When you choose to use BFX to transfer money, you can send as much as you need to, and we won’t limit you in terms of how much you can send over a specific period of time either. But we have to follow rules and we do request source of funds from time to time based on the amount that each client are remitting.
Don’t let limits hold you back any longer. Transfer what you need, when you need to, by creating a free account with us now.
Some remittance providers impose limits based on AML rules and regulations and based on the risk that each client carries.
When you choose to use BFX to transfer money, you can send as much as you need to, and we won’t limit you in terms of how much you can send over a specific period of time either. But we have to follow rules and we do request source of funds from time to time based on the amount that each client are remitting.
Don’t let limits hold you back any longer. Transfer what you need, when you need to, by creating a free account with us now.
We do follow bank work hours that usually are from Monday to Friday 9 am to 5 pm however, we need to consider that moving funds abroad involve different times around the globe so in case you would like to double check cut off times don’t hesitate to contact one of our support team, we will be more than happy to inform you with correct times for each country
A bank to bank transfer through SWIFT is a very reliable way to send and receive funds, it usually takes between 1 to 2 business days to arrive at the beneficiary’s account.
The length of time required to transfer your money will depend upon factors that include:
- Bank holidays
- Weekends
- The currencies that are involved in the transaction
- The payment method that you use
Customer and Technical Support
Our operating hours are Monday to Friday 9am to 5pm AEST. You can ring us during our operating hours on 02 8378 7168 or email anytime [email protected]
If you’re unhappy with any aspect of your transaction with us, please contact your relationship manager directly or the details above and someone will be there to help. Your complaint will always be investigated and you’ll receive a formal response. We appreciate all feedback, both positive and negative, as it helps us tailor our services to your requirements.
Can’t remember your username or password?
It’s ok. Go to our website at the top right hand corner you can try to login again in case you can not just request to reset the password, you will be receiving a reset authentication by email, it should not take much longer to reset. If you are experiencing difficulties please contact our support team. (include contact us button)
You will receive your receipt as soon as we release your transaction, our automated system will generate and sent to your email, the one that is registered under your profile, in case you have not received your receipt please double check your junk emails as sometimes you will find it there; in case you can not find it, please send us an email or alternatively contact our team for support, we will make sure your receipt will be provided.
It may be because you’ve saved your recipient under a different currency than the one you have selected for your transfer. When you add a new recipient, you’ll be able to select the “currency sending to recipient.” These currencies are used to form a list of recipients sorted by currency for your transfers.
For example, if you are transferring AUD to NZD, the recipient options that will appear are those saved as “NZD” under the “currency sending to recipient.
What should I do if I didn’t add my recipient’s reference to my transfer?
Give us a call. If we haven’t transferred your funds yet, we can add it for you. If the transfer has already been made, you’ll need to contact your recipient to let them know.
About the market
The market rate, otherwise called the “interbank rate” or the “mid-rate,” is utilised as a benchmark rate around the world. It is basically a ‘discount’ rate that is accessible just to corporate dealing banks and money remittance organisations or individuals who buy large volumes of currencies. For the most part, buyers wishing to trade money won’t be offered the market rate, however rather will be given a ‘retail’ rate. The retail rate normally is the market rate plus the mark-up of the bank and the remittance provider.
On the off chance that you book an exchange with BFX, your conversion standard won’t be equivalent to the present market rate. We do, in any case, urge our clients to check market rates when considering a money exchange. Understanding the present market rate will enable you to decide whether you are accepting this particular rate. View the live market rates to perceive what rate we can offer you a money exchange with BFX, if you don’t mind sign in to your BFX account. In Case you don’t have a BFX account, register now.
An international payment could be a standard payment from a sender in Australia to a recipient overseas. Or, it could be a funds transfer to purchase goods or services. It is functionally the same as an international money transfer, so you’ll still need to get the recipient’s bank account details to finalise your transfer.
BFX exchange rates are connected to the live market so it updates every second, keep checking for the best opportunity to remit funds or set a rate alert with your preferred live market rate and we will let you know when the market reaches that rate.
Typically, the cheapest way to send money overseas is through an international money transfer. While it’s possible, you may find a bank or cash transfer provider who offer cheaper fees and commissions, it’s typically not the case (i.e. the exception, rather than the rule).
A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC). Most banks use SWIFT codes to send money to overseas banks and it consists of 8 or 11 characters.
An IBAN is used in some countries to uniquely identify a customer’s bank account. The IBAN consists of an alphabetical country code, followed by two digits, and then up to thirty five characters for the bank account number. For payments being sent from Australia to an IBAN mandatory country, an IBAN must be included. For those not listed, the IBAN may be optional or not required (for example the USA). An IBAN is required for the following countries: Austria, Belgium, Bosnia, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Macedonia, Malta, Mauritius, Netherlands, Norway, Poland, Saudi Arabia, Serbia and Montenegro, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, Israel, Pakistan.
There are two internationally recognized, standardized methods of identifying bank accounts when a transfer is being made from one country to another: an International Bank Account Number (IBAN) and a Society for Worldwide Interbank Financial Telecommunication (SWIFT) code. The difference between the two methods lies in what they identify. A SWIFT code is used to identify a specific bank during an international transaction, whereas IBAN is used to identify an individual account involved in the international transaction. Both play an essential role in the smooth running of the international financial market.
The single euro payments area (SEPA) is a payments system created by the European Union (EU) which harmonizes the way cashless payments transact between euro countries. European consumers, businesses, and government agents who make payments by direct debit, credit card or through credit transfers use the SEPA architecture. The single euro payment area is approved and regulated by European Commission.
SEPA aims to make cross-border Euro transfers within this area equivalent to a domestic transfer within your own country.
11. What are spot rates?
12. What is the BFX Rate?
Security
BFX provides international payment solutions based on cutting-edge technology and the use of data security systems offering high level of security to the sender and receiver. All transactions are executed securely and reliably through global payment networks.
We’re regulated by AUSTRAC (Australian Transaction Reports and Analysis Centre), Australia’s financial intelligence unit and its anti-money laundering and counter-terrorism financing regulator
BFX offers high level of security, we use data security systems such as:
- Equifax is a global leader in information solutions, offering BFX all AML/CTF and Compliance Solutions to conduct enhanced customer due diligence including business verification and beneficial ownership
- Our in-house software PEP/Sanction checks and screens against a global database
- GBG is a versatile anti-fraud solution that accurately verifies worldwide individuals’ identities and detects fraud
BFX provides international payment solutions based on cutting-edge technology and the use of data security systems offering high level of security to the sender and receiver. All transactions are executed securely and reliably through global payment networks.
Rate Alert
A rate set alert is where you set your preferred rate for your currency of choice for the international money transfer. Please select the currency and when the live market reaches that rate we will send you an instant/automatic email. When you are ready, please log in to our system and complete your transaction. Always remember that the rate that you set up is the live market rate.
Do you have another question?
Please ask below.
INTERESTING LINKS
903/50 Clarence st Sydney NSW 2000
OUR PRIVACY POLICY
BFX Money Transfer is regulated in Australia as a designated remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC), remittance sector registration number: IND1000519571-001. Australian Company Number (A.C.N) 611 376 820. Member of LEI Identification Number 5493001WDPYLPVM7RZ80.
