Vina Money Review

We offer this review of Vina Money Transfer services to help you decide which type of transfer service is right for you. Consider your own preferences and how they compare to Vina’s offerings.

Vina Money is a company providing foreign currency exchange, prepaid MasterCard Travel Cards, and, especially, money transfers within Australia and overseas. As a company, Vina Money is a Super-Agent of MoneyGram, a large money transfer and bill pay service headquartered in the United States. As a MoneyGram Agent, Vina Money has access to an extensive network of transfer destinations and can offer services at competitive rates.

 

The information in this review comes from Vina Money. For information not provided, Vina encourages you to contact them directly.

Pros
  • Six locations in Australia plus eight agent locations within other businesses to serve you locally
  • Transfer services to more than 200,000 locales in over 100 countries
  • Efficient and fast, often with same-day transfers
  • Competitive fees and exchange rates
Cons
  • Transactions must be completed in person at a brick-and-mortar location as online transfer services aren’t available
  • Support is offered only during business hours
  • Very simple, limited website means that nearly everything, even inquiries, but be done in person or, sometimes, via telephone

How It Works

You must visit one of six Vina locations in Australia or find an agent in one of eight alternate Australian sites to complete your transaction. Vina is a Super Agent for MoneyGram, so from any of Vina’s locations you can send to or receive from MoneyGram’s network of over 200,000 locations.

 

Whether you are sending or receiving funds, you do it in person with a teller or agent. You can select delivery in one of three ways:

  1. Cash pick-up involves the recipient accepting cash from a Vina or MoneyGram location.
  2. Funds may be transferred to an account, but only in select countries.
  3. Door-to-door delivery is available in some countries, with cash delivered to a specified address.

How Safe Is It?

Vina guarantees safe and secure transfers. They offer an online transaction tracker so you can monitor your money as it travels across the globe. You can catch a problem immediately and report it for prompt investigation.

 

Your information is secure with Vina Money, too. Vina offers privacy protection and neither shares nor discloses your information to anyone. The exception to this is for data reports required or allowed by law.

How Much Does It Cost?

Vina Money prides itself on its low cost, claiming that their fees are less than that of banks and larger money transfer specialists. To receive specific cost information, one must speak directly to a Vina Money agent or teller.

 

In general, fees will vary according to your transfer destination. The greater the distance, the higher the cost. There is no fee to transfer to nearby Australian locations. You pay fees at the time of your transfer, and there are no charges at the receiving end of the transaction.

 

Protect yourself from exorbitant fees when making international money transfers. Learn how to transfer money overseas without high fees.

 

What Exchange Rate Will I Get?

Exchange rates are neither provided on the website nor guaranteed as they change frequently. Vina Money continually updates their rates throughout each day as the market fluctuates.

 

Vina’s exchange rates are competitive. Typically, their rates are lower than rates of large banks and money specialty companies.

 

See how you can convert the Australian Dollar to foreign currencies to give you an idea of what to expect when inquiring about a transfer service’s exchange rates.

How Do I Send or Receive Money from Overseas?

When sending money internationally, you will make arrangements in person, directly with a teller or an agent. You provide required information about the recipient and destination, pay for the transactions, remit the money, and leave confidently, knowing that your money will arrive at its recipient safely and securely.

 

Anyone receiving money, you or your recipient, has three choices in how to get it. As described above, you may receive money by picking it up at a branch or from an agent, by direct transfer into your bank account, or by having it delivered to a specified location.

How Do I Pay?

You pay your teller or agent directly during your in-person transaction.

 

Can I Pay by Credit Card?

Vina Money does not indicate whether or not you can pay with a credit card. Their website contains references to cash payments, but it is unclear whether their policy is cash-only.

What Currencies Can I Transfer?

Because of their connection to MoneyGram, Vina Money offers more than 30 different transfer destinations. Among some of their frequently used currencies:

 

  • CAD Canadian Dollar
  • EUR Euros
  • GBP British Pound
  • MXN Mexican Peso
  • NZD New Zealand Dollar
  • SGD Singapore Dollar
  • THB Thai Baht
  • USD United States Dollar
  • VND Vietnamese Dong

What Services Do They Offer for Businesses?

While businesses are presumably welcome to transfer money internationally and nationally through Vina Money, the company doesn’t offer business-specific specialised services. The cost and the process are the same for individuals as well as businesses.

 

Vina Money offers international transfer services a bit differently than large banks and other money transfer specialists. Everything must be done in person, and cash is predominately used. You don’t have a savings or checking account with Vina as you do with a bank, so your money is never stored with Vina.

 

Because Vina Money is a Super Agent for MoneyGram, they offer competitive fees and rates. Further, they have a sizeable network of countries and currencies for your sending and receiving convenience.

 

This collection of guides will help you determine how to best transfer your money to foreign destinations. Vina Money, like other services, has strengths and weaknesses. By doing some basic research, you’ll ultimately choose the service that’s right for you.

Compare money transfer services like Vina Money

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,987.86Exchange Rate0.7182Transfer Fees$64.16Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,987.86Rate Updated less than 3 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7182 will cost you $13,987.86 which includes a fee of $64.16

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

Pros

  • 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

Cons

  • 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 3 mins ago
TorFXRead ReviewTotal (AUD)$13,993.67$5.81 more expensive Exchange Rate0.7146 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,993.67$5.81 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7146 will cost you $13,993.67 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.

Pros

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

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$14,004.93$17.07 more expensive Exchange Rate0.7140 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,004.93$17.07 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7140 will cost you $14,004.93 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

Pros

  • 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.

Cons

  • 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.
WorldFirstRead ReviewTotal (AUD)$14,007.74$19.88 more expensive Exchange Rate0.7139 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,007.74$19.88 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7139 will cost you $14,007.74 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

Pros

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

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,077.40$89.54 more expensive Exchange Rate0.7106 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,077.40$89.54 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7106 will cost you $14,077.40 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,192.45$204.59 more expensive Exchange Rate0.7046 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,192.45$204.59 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7046 will cost you $14,192.45 with no 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.

Pros

  • 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

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,324.60$336.74 more expensive Exchange Rate0.6981 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,324.60$336.74 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6981 will cost you $14,324.60 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,791.78$803.92 more expensive Exchange Rate0.6766 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,791.78$803.92 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6766 will cost you $14,791.78 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates