FAQs for private individuals
Please review the following FAQs that we have received from private clients in the past. If you don’t find the answer you are looking for, or would just prefer to talk to somebody about your Foreign Exchange or Global Payment needs, please get in touch.
How do I save money from foreign exchange?
Quite simply, the exchange rates we can offer you are better than those offered to you by your bank. This means that whenever you exchange your funds, you will receive more currency with AFEX. It is equally important that you trade your funds at the right time, using the right service for your individual needs. Foreign Exchange is our business. The banks are not able to match our services or our expertise. View our Case studies and see how much you can save.
How do I open an Account with you?
You can open a free Account with us online or you can get in touch with our Account Executives. There is no obligation to trade with us if you open an Account, but doing so now means that there won’t be any unnecessary delays when the time to trade arrives.
Will I be charged any fees?
There are no charges to set up an Account with us or to use our global 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 destination and speed of your payments.
How do I transfer funds to you?
You can transfer funds to us by going to your bank and requesting a transfer, making a payment through your online bank account or by cheque. Once your Account is live and you have instructed AFEX to exchange your currency, you will receive confirmation with details of the order and the bank details for our secure account. You can then instruct your bank to transfer the funds to AFEX or if you have online banking, order the transfer yourself.
Is my money safe with you?
Yes, your money is very safe. We have been trading Foreign Exchange since 1979 and our client base continues to grow year on year. We are very reliable and have a strong reputation in the Foreign Exchange industry. In relation to your incoming funds, we operate ‘client accounts’ which are segregated from our operational accounts and are not accessible in the case of AFEX’s liquidation. We are also licenced and regulated as a Remittance Business by the Monetary Authority of Singapore (UEN 200921111C.).
How can you ensure quick delivery of funds to my beneficiary?
We are a member of the global SWIFT network. This means that, unlike many Foreign Exchange companies 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.
Can I track the status of my payments?
Yes. We 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. You will also be able to log in to our global online platform (AFEXDirect) to view the progress of your transaction.
What currencies can you provide?
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. Our global online payment solution AFEXDirect is available to all our clients and it’s free to make currency payments online.
Can I fix an exchange rate for a future date?
Yes, this is what’s called a Forward Contract. It will allow you to fix an exchange rate today for the purchase of currency at a future date. A Forward Contract helps to protect you against the risk of currency fluctuations, without having to use all of your savings to buy currency in advance.
Get in touch
If you would prefer to discuss your foreign exchange and global payment requirements with our team, please get in touch.