No, you should not send money through your bank. Compared to OFX, local banks typically have more expensive rates and transfer fees. This is because they have a physical storefront and staff, and they add these costs to their money transfer rates.
Customers will also be charged a ‘convenient tax’ – which is the cost of sending money internationally easily. The rates offered by banks for foreign currency are closer to the exchange rates listed by the RBA than the rate on Google.
Like all reputable money exchanges, we are registered with AUSTRAC and regulated by the Australian Securities and Investment Commission (ASIC).
S Money complies with the relevant laws pertaining to privacy, anti-money laundering and counter-terrorism finance. This means you are required to provide I.D. when you place an order. It also means the order must be paid for by the same person ordering the currency and you must show your identification again when receiving your order.
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