How do I open an account with AFEX?
Opening an account with AFEX is simple. Please set up account to download the account application form and more information.
Will I be charged any fees?
There are no charges to set up an account with AFEX or to use our online payment system. The only fees you will ever pay are those associated with the overseas transfer of currency. The exact fee you pay will depend on the number, size, and destination of your payments.
How do I transfer funds to AFEX?
Once you instruct AFEX to exchange your currency, you will receive a confirmation with the details of the order and our bank details. You can either arrange a bank transfer to AFEX or arrange a Direct Debit facility for your funds to be transferred automatically after each trade.
Can I track the status of my payments?
Yes. AFEX can track your funds globally once we have initiated the sending of funds to your beneficiary, and we can provide you with official SWIFT confirmations on request.
Is money I send to AFEX secure?
Yes. AFEX is licensed and regulated in all of the jurisdictions in which it operates, including the New York and California State Banking Commissions in the US, and HM Revenue & Customs in the UK. We operate “client accounts” into which our clients send their settlement payments, which offer security to all clients since they are separate from our operational accounts, and would not be accessible in the event of AFEX’s liquidation. AFEX is also subject to federal money remittance laws and the USA Patriot Act. As a financial institution, AFEX is required by law to conduct business in a manner consistent with the best interest of its clients and in accordance with all national regulations governing foreign exchange companies and money transmitters.In the UK, AFEX also offers Direct Debit as a payment method to all clients, which indemnifies the transaction for both parties. All organizations using the Direct Debit system are checked for integrity, sound financial standing, and administrative capability before being permitted to offer Direct Debit to their customers. The Direct Debit guarantee is operated by all banks and building societies that take part in the Direct Debit Scheme. The efficiency and security of the scheme is monitored and protected by clients’ own bank or building society. If an error is made by AFEX or your bank or building society, you are guaranteed a full and immediate refund of the amount paid from your branch. Your bank or building society then takes on the task of recovering funds as appropriate.