FAQs for corporate and treasury
We have selected a range of questions that we have received from our corporate and treasury clients. Please review the answers below, or if you would prefer, please get in touch and we will be happy to answer any question you might have.
How do I open an Account with AFEX?
Opening an Account is simple. Please visit the set up an Account page to complete it online or you can download the Account application form if you would like to email or fax it to us.
Will I be charged any fees?
There are no charges to set up an Account or to use our online payment system, AFEXDirect. 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 us to exchange your currency, you will receive a confirmation with 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. We 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 and Customs in the UK. We operate “client accounts” into which our clients send their settlement payments, which offer security to all customers since they are separate from our operational accounts, and are not accessible in the case 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 interests of its clients and in accordance with all national regulations governing Foreign Exchange companies and money transmitters. Associated Foreign Exchange, Inc. dba AFEX is registered as a Money Services Business (“MSB”) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Associated Foreign Exchange Limited is a company registered in England and Wales (Reg. 4848033). Associated Foreign Exchange is also registered with HM Revenue and Customs MLR 1215900 and Authorized by the Financial Services Authority under the Payment Services Regulations 2000 for the provision of Payment Services FRN 502593.
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 from your branch of the amount paid. Your bank or building society then takes on the task of recovering funds as appropriate.
I travel extensively. Can I deal with AFEX outside business hours?
Yes. AFEXDirect, our global online payment system, is available to you 24 hours a day to exchange currency, book spot and forward deals and arrange funds to be transferred globally, all in one secure platform. AFEXDirect also gives you full transparency and control with detailed trading history, live currency rates and beneficiary account templates.
How can AFEX ensure quick delivery of funds to my beneficiary?
We are a member of the global SWIFT network. This means that, unlike many brokers who rely on banks to transfer the funds on their behalf, we deliver these funds directly through SWIFT. This also means we can monitor and track your funds and provide you with instant official payment confirmations.
What currencies can AFEX deal in?
We are able to deal in all major and many exotic currencies traded globally, except those embargoed internationally.
Can I make payments and exchange currency online?
Yes. AFEXDirect is available to all AFEX clients free of charge to exchange currency and make payments online.
Get in touch
If you would like to explore working with one of the most trusted global payment and risk management teams in the world, please get in touch.