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 for foreign exchange and payment activity 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.
What activity can I conduct through my Account with AFEX?
You are able to carry out both foreign exchange transactions and payment transactions through your Account with AFEX.
Will I be charged any fees?
There are no charges to set up an Account or to use our online foreign exchange and 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 activity.
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 may be able to provide you with official SWIFT confirmations on request.
Is money I send to AFEX secure?
Yes, in the United Kingdom, AFEX is authorised as a payment institution by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 (PSRs) and registered as a Money Services Business (MSB) with HM Revenue & Customs.
You may provide AFEX with funds for either the execution of payments services or foreign exchange services. Regardless of the service rendered, AFEX takes best efforts to ensure the protection of all funds received by its clients. Funds received for payment services are afforded certain protections under the PSRs. Specifically, AFEX is required to segregate funds received for payment services in a designated account it maintains with an authorised credit institution. It is prohibited under the PSRs from including funds received for foreign exchange services in this designated account.
Funds are considered to be held for the execution of payment services when you provide AFEX with instructions to remit the funds to a third party on a future date. In the absence of instructions to remit funds to a third party, AFEX considers your funds to be held for the execution of foreign exchange services. Although these funds are not subject to the PSRs, AFEX will safely maintain all such funds in accounts with some of the most reputable financial institutions in the world, such as Bank of America, Barclays, and Citibank.
AFEX is also authorised and regulated by the FCA to advise on and execute trades in financial instruments. Financial instruments include FX options, swaps, and non-deliverable forwards. When you execute a financial instrument with AFEX, you may be required to exchange initial margin or variation margin. Both initial margin and variation margin as well as the net mark-to-market of any “In-the-Money” open financial instruments you execute with AFEX are segregated in strict accordance with the FCA’s Client Assets Sourcebook (CASS Rules). AFEX’s compliance with the CASS Rules is subject to an annual independent audit.
I travel extensively. Can I deal with AFEX outside business hours?
Yes. AFEXDirect, our global online foreign exchange and 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.
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.
Prefer to talk?
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.