Ria Money Transfers
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Fact checked
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.
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.
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:
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.
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.
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.
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.
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.
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.
In order to open an account, an involved identification process is required, including agreeing to a third-party credit and ID check.
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.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
