S Money Review
Learn more about ordering currency online with S Money.
What is S Money?
S Money is an online only currency exchange.
You buy your foreign currency online, pay for it and then collect it in store or have it delivered if you live within 20km's of the store.
While they may have the best exchange rates, S Money charges a service fee. It starts at $9 for small amounts and goes up to 1.9% for larger orders.
Pros and cons of using S Money
- Excellent exchange rates
- Transparency - the exchange rates are the same as you see on Google or XE.com
- Faster than any other online currency exchange
- Their service fee is low, clear and easy to understand
- You can pay via bank transfer, PayID or card
- There’s no minimum amount
- They will be launching in Adelaide, Brisbane, Melbourne and Perth in 2021
- Can't pay for your currency via cash or cheque
- A maximum order size of $8,500 Australian dollars worth of currency
- They only sell US dollars, Euros, British Pounds, Japanese Yen and New Zealand Dollars
- Currently the only pick up location is in Sydney Parramatta
- You can't sell currency to them (in exchange for Australian dollars)
When to use (and avoid) S Money to buy foreign currency
S Money is one of the cheapest ways to buy currency in Australia, but they do have some limitations.
They are particularly good if you are comfortable buying and paying for it online. Their exchange rates and fees are transparent so you always know what you are paying for without having to worry about any hidden fees.
The real drawback of using S Money is in their service offering. You can only buy currency if you are willing to pick it up in Sydney. They also only offer delivery up to 20km from Sydney Parramatta.
So they are a cheap, fast and safe option if you are buying a popular currency in Sydney. If you are outside this city or need a less popular currency, there are better options.
S Money Exchange Rates
You should know
The rates displayed are the “interbank” or “wholesale” exchange rates that you can find on Google or XE.
S Money are the only online currency exchange that match these rates so there are no hidden exchange rate margins.
Compare S Money exchange rates to Australian banks and foreign exchange providers
How to use S Money
There are three main steps to ordering currency online with S Money
Step 1: Order
Choose the currency you need to buy, the amount you need and how you would like to collect it.
Step 2: ID and Payment
You'll need to provide some ID. Once the transaction is confirmed, pay for your order.
Step 3: Get your currency
Pick up from Sydney Parramatta or get it delivered to your door.
Is S Money safe?
S Money is safe and legitimate. They are partnered with Unimoni, owned by one of the worlds largest foreign exchange company, Finablr.
Like all registered money changers, S Money must comply with Australian Anti-Money Laundering and Counter Terrorism laws.
What does this mean?
Well, it means that you'll have to provide a valid ID if you want to order currency with them, and you'll have to use this same ID when you collect your order.
Learn more about how safe S Money is
How long does it take?
It depends on how quickly you pay them. Most orders are ready for collection or delivery within 24 hours of placing an order.
For example, if you ordered your currency at 1pm on Tuesday and paid for it straight away, your order should be ready to be picked up or delivered on Wednesday afternoon.
This is the one of the quickest ways of buying currency in Australia.
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