About Forex Worldwide
Company Overview
Forex Worldwide is a money transfer and currency exchange service based in Australia, established in 2019. The company operates from its registered office at Level 2, 100 Collins Street, Melbourne, Victoria. It presents itself as a cost-effective alternative to traditional banks for international payments.
Unlike a retail forex broker offering leveraged trading, Forex Worldwide focuses on facilitating cross-border money movements for individuals and businesses. Its core offering is currency conversion and remittance, not speculative trading.
Regulation and Licensing
The company claims to be regulated by the Australian Securities and Investments Commission (ASIC). However, our records show the regulatory status as unspecified, meaning it is unclear whether the firm holds an Australian Financial Services Licence (AFSL) for money transfer services. Traders and customers should verify the licence status directly with ASIC's register.
ASIC regulation typically imposes obligations related to client money handling, reporting, and dispute resolution, but for a money transfer business, the licensing requirements may differ. We advise caution and direct verification before entrusting funds.
Products and Services
Forex Worldwide offers currency conversion in over 40 currencies and transfers to more than 100 countries. Services are tailored for personal needs such as overseas education payments, travel, and remittances, as well as business requirements including asset purchases, supplier payments, and payment processing with invoice generation.
The company emphasizes competitive exchange rates and no transfer fees for amounts above $1,000. Its platform is web-based, and clients can request quotes and initiate transfers online. There is no mention of trading platforms, margin accounts, or leveraged products.
Target Audience
The service is aimed at individuals needing to send money abroad, expats, international students, businesses engaged in cross-border trade, and organisations making bulk payments. The website highlights cost savings compared to banks, making it appealing to cost-conscious users.
Forex Worldwide does not target active forex traders or speculators. Its value proposition is purely transactional: moving money efficiently rather than providing investment or trading opportunities.
Account Options
The website does not detail specific account tiers or types. Users can register online to start transferring money. There is no indication of demo accounts, multi-currency wallets, or interest-bearing balances. The focus is on one-off and recurring payment execution.
Given the nature of the service, accounts appear to be simple registration profiles for initiating transfers, rather than trading accounts with leverage or margin requirements.
Fees and Costs
Forex Worldwide claims to have no hidden fees and charges no transaction fees on transfers over $1,000. For smaller transfers, fees may apply but are not clearly stated. The company makes money from the spread on exchange rates, similar to other money transfer operators.
Customers are encouraged to compare rates with banks and competitors. The overall cost will depend on the exchange rate offered at the time of transfer. There is no mention of additional charges for express transfers or specific payment methods.
Customer Support and Contact
The company provides a contact form on its website and a phone number: 03 9008 1880. The office address listed is Level 6, 100 Collins Street, Melbourne, Victoria 3000. Social media presence includes Facebook, Twitter/X, and YouTube.
Support appears to be available during business hours, and the FAQ section attempts to address common queries. However, there is no live chat or 24/7 support indicated. Customer reviews are not yet available on independent platforms.
Overview compiled by FXCanary from regulatory records and public data. full Forex Worldwide review