Exchange4Free 2018 Review

This company is famous mainly for their fee-free transfers, but they also have fantastic exchange rates and support more currencies than many other providers.

Founded in the United Kingdom in 2004, Exchange4free has helped thousands of customers to send over 5 billion dollars in international transfers. This money supports families and businesses, and without Exchange4Free these people would have to pay huge fees to their banks.

  • No transaction fees
  • No fees for receiving currency
  • Quick transfers with popular currencies
  • Pickups in foreign countries can be slower
  • Some exotic currencies not available
  • Customer support wait times can be long

How it Works

Exchange4Free works in a similar way to other currency transfer and exchange companies, you pay them in your local currency, and the other party receives money in their local currency. In the middle of this transaction is Exchange4Free who will take money from you, exchange it without any fee and then send it to the local account of the recipient.


The great thing about this is that their fastest transfers can be done in just 24-hours, ensuring that you can get money to people when they need it. This speed is often vital, especially if you’re sending money back home or to a loved one.


The whole transfer is done online, all you need to do is register on their website and fill in their transfer forms. These forms are relatively short, just a few details about how much money you want to send and who it is going to. Then you can make a payment online to Exchange4Free using common payment methods.

How Much Does It Cost?

As their company name suggests, there are no fees charged to you as a customer. However, they must make a profit somehow and to do this they give you slightly higher exchange rates than they receive from their trading partners.


This small margin is where they make a profit but there are no other fees, or hidden transaction costs as you might experience with another company. The fantastic thing about this is that you know upfront exactly how much it will cost you and therefore how much the other part will receive which is vital when you’re making business transfers.


It’s hard to tell the precise margin that Exchange4Free is putting on top of the exchange rate they receive but it’s likely to be similar to the transaction fees most firms charge.

How Safe is it?

Thousands of customers around the world have been using Exchange4Free for over a decade, doing over 5 billion dollars in international money transfers and money conversions. With this track record, you should be confident that your money will be safe.


Across the many reviews sites on the web Exchange4Free gets overwhelmingly positive reviews on average, with most customers getting their money within a few days or less.

What Exchange Rate Will I Get?

One of the most prominent promises that they make is that the currency exchange rate that you receive will beat your bank on all transfers. The exact price that Exchange4Free uses is based on the interbank rate which is far superior to what most banks offer to their customers.


They also have their own ‘best price guarantee,’ promising that they will beat any quotes that you can get from another provider. What this means is that if you get multiple quotes from different companies you can go to Exchange4Free and they will guarantee to match or beat that quote.


Getting a price quote from Exchange4Free is quick and easy, you can either do it on their website using the ‘request a quote’ feature or on the phone with an agent. Their experienced FX dealers can give you detailed quotes about the current FX situation and the precise rate that you will get.

How Do I Send or Receive Money from Overseas?

Receiving money from abroad using Exchange4Free is simple. Whoever is sending you money just needs to go through the simple transfer process and pay in their local currency. This money will go directly to Exchange4Free, where they will convert it at the rate that you see on their site.


Then, they will pay the exchanged value directly into your bank account in your local currency. Using this service your friends, family or business partners can pay in their local currency, and you can receive it in yours, all without fees or hidden transaction costs.


Never again will you need to mail checks, use untrustworthy money transfer services or pay the exuberant fees that banks charge for currency converting and sending it abroad.

How Do I Pay?

Paying with Exchange4Free is also simple because you can do it all online without having to leave your house. Unlike many other companies you don’t need to send checks or mail money, instead, you can pay online using traditional methods like an EFT (electronic funds transfer), bank transfer or debit card.


Using these methods also creates a paper trail which makes it easier for you to retrace with the help of law enforcement should anything go wrong. Similar, using a banks payment options you will often have their protection.


Can I Pay by Credit Card?

Unlike some smaller and less reputable money transfer services, Exchange4Free will allow you to make a payment with a credit card. However, you should be aware that your own credit card company will charge a fee for you using your card.


This fee is usually around 2-3%, and if you’re transferring a significant amount of money or regularly sending cash abroad, these costs can quickly add up.

What Currencies Can I Transfer?

Exchange4Free has a considerable amount of currencies, offering over 60 different options across more than 100 countries. While many of their competitors refuse to transfer to specific nations or small denominations, Exchange4Free provides the vast majority of the world's currencies without requiring you to request them from a dealer.

What Services Do They Offer for Businesses?

As a business, it’s easy to see why you would favour a service like Exchange4Free over your bank, the costs are much lower, and you can deal in multiple currencies without any a headache.


However, unlike personal customers you will be able to book fixed exchange rates ahead of time, allowing you to save money by buying currency before you need to send it. This option is vital for firms like yours that are regularly sending money abroad to their trading partners.

Compare money transfer services like Exchange4Free

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,930.44Exchange Rate1.3994Transfer Fees$45.42Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,930.44Rate Updated less than 2 mins ago
So, sending 10,000 USD to Australia comes to $13,930.44 including $45.42 in fees
So, sending 10,000 USD to Australia comes to $13,930.44 including $45.42 in fees

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review


  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products


  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 2 mins ago
XERead ReviewTotal (AUD)$13,926.83$3.61 more expensive Exchange Rate1.3927 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,926.83$3.61 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $13,926.83 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review


  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.


  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
TorFXRead ReviewTotal (AUD)$13,924.03$6.41 more expensive Exchange Rate1.3924 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,924.03$6.41 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $13,924.03 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.


  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options


  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
WorldFirstRead ReviewTotal (AUD)$13,910.04$20.40 more expensive Exchange Rate1.3910 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,910.04$20.40 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $13,910.04 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review


  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments


  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
OFXRead ReviewTotal (AUD)$13,724.13$206.31 more expensive Exchange Rate1.3731 Transfer Fees$5.00 Transfer Time1-3 DaysGet discounted rate $13,724.13$206.31 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $13,724.13 including $5.00 in fees

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.


  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
Take into account that we have not compared absolutely every bank and company in Australia. We compare the large, safe and reputable banks and foreign exchange companies that we have already researched, tested and approved. We also may receive a referral fee if you choose one of these banks or companies, but that wont affect the exchange rates or fees you get.