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Forex World Money Transfers

Name: Forex World Money Transfers
Creator: Savvy
Published: 2022-08-19T16:18:00+09:30

Compare Forex World with other money transfer providers here.

Written by , updated on August 18th, 2023

The Forex World company offers a variety of services to the Filipino community, including money transfers, food delivery services, air and sea cargo and travel bookings to the Philippines.

Find out here if Forex World is the cheapest way to send money to the Philippines by comparing service providers with Savvy before booking your transfer today.

*All product information is correct as of August, 2022.

Forex World money transfer review

About Forex World

The Forex World company was founded in the USA in 1983 as a service for Filipino expatriates wanting to send goods and money back to the Philippines. It has now expanded to have offices in Canada, Europe, Asia, the Middle East and Australia.

The company Forex Australia is a subsidiary of Forex World and was founded in 1997 to serve the needs of Australian ex-patriate Filipinos. They specialise in providing a highly personal service, delivering food, goods and money door to door from Australia to addresses in the Philippines.

Services offered by Forex World

The Forex World group of companies includes divisions offering cargo and travel services to the Philippines only. It also offers an international money transfer and remittance service, a cash card, door-to-door deliveries of cash, parcels and food and a bill pay service offered through their website.

International money transfers

Bank-to-bank transfers are offered so you can quickly get funds from your Australian bank account to the bank account of your family and friends in the Philippines.

Cash pickups and deliveries

Door-to-door cash deliveries to any physical address in the Philippines can be arranged, as well as cash pickups from a bank or Forex World agent. Service bookings are through the website, or by phone if assistance is required.

Fees charged

Forex World charges set fees for many of its services. These range from $8 to $12. It’s partnered with several of the major banks and financial service providers in the Philippines (including BPI, Metrobank, Landbank, Allied Bank, Cebuana Lhuillier and PNB), so fees to send or pick up money from these partners are cheaper than non-affiliated banks and agencies. Charges are as follows:

$8: A credit transfer or cash pickup to/from an affiliated bank, cash card reload or cash deposit. Door-to-door delivery to any Metro Manilla address. Payment of any bill through the website.
$9: Cash pickup from a non-affiliated bank
$10: Credit to a non-affiliated bank account and other banks outside of Metro Manilla. Opening a cash card account and the delivery of a card to a physical address.
$12: Door-to-door delivery of cash or other goods or food to any address outside of Metro Manilla.

In addition to these set fees, a small mark-up is placed on the exchange rate. However, this is very low compared to its competitors or the major banks. For example, on a day when the mid-market exchange rate was 39.20, Forex Australia was offering an exchange rate of AU $1 = PHP 39.10, while competitor transfer services offered around PHP 38 and banks offered between PHP 35 and 37.

Speed of delivery

Cash pickups are available three hours after deposited funds have been received by Forex World. Transfers to an affiliated bank account are available the same day if transferred by 10.30am (AEST) or the next business day if the transfer is arranged after this daily cut-off time. Naturally, public holidays and national holidays can affect these delivery and service times.

Transfer limits

There are several transfer limits imposed by Forex World. These limits are a maximum of $10,000 per transfer and a maximum of five transfers within any seven-day period. There are no minimum transfer amounts.

How to book an international transfer through Forex World

Before organising your first money transfer, you’ll need to register through the company’s website and be verified using the Forex World RapID Check electronic lD verification system.

You’ll need to provide sufficient personal information for your identity to be confirmed by a third-party identity verification service provider (such as a credit reporting agency). You’ll also need to give permission for your details to be checked against credit data files (such as those held by credit check provider Equifax).

Once your identity has been checked and verified (which can take a few hours), you can start the transfer process through the website.

log into the website using your email address and the password you’ve set up during the identity verification process
select the money remittance option and add a new beneficiary, or select a beneficiary you’ve already entered. You’ll need your recipient’s name, date of birth, address, phone number and email address to send money to them
select the service you wish to use from six categories. Fill in your recipient’s bank account details, including in which province their bank is located, and their branch, account number and account type
view the details of the exchange rate you’ll receive and the fees you’ll be charged. Continue filling in all required fields as prompted
check all details are correct and accept to send your transfer on its way

The pros and cons of using Forex World

PROS

Fast door-to-door home delivery

If you need to get either food, money or goods delivered to an address in the Philippines quickly, Forex World may be a good choice for you.

Highly personalised service

The company prides itself on personal service and offers a direct and toll-free phone number for customers to use, as well as email support and an online chat help service during Australian office hours.

Strong exchange rate

They offer a very competitive exchange rate for the Philippine peso, one which is far cheaper than those offered by the major banks and also beats other money remitters and competitors.

CONS

Only offers services to the Philippines

Forex World is only able to send money overseas from Australia to the Philippines. It does not offer services to any other nations or in any other currencies, making it unsuitable if you wish to transfer funds anywhere else.

Lengthy sign-up identification process

In order to open an account, an involved identification process is required, including agreeing to a third-party credit and ID check.

No after-hours customer support

Forex World is open from 9am to 6pm (Australian EST) to assist with customer service. Transfer queries after these hours will be dealt with the next business day.

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