Why should I use AFEX rather than my bank?
Foreign exchange is all we do. As one of the world’s largest independent providers of foreign exchange solutions we source currencies at very efficient rates and pass the savings on to our clients.
We offer greater flexibility, personalised attention, competitive exchange rates, and reduced wire fees. With your free foreign exchange and payment account you pay no monthly maintenance fees, and there is no minimum frequency of trading required.
How do I know my funds are secure?
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. AFEX considers all funds received from its clients, with the exception of initial margin and variation margin, to be for payment services.
When I sent funds from my bank to pay my mortgage back home, I paid a wire fee to my bank and my local bank charges me an additional fee. How do I know the right amounts are being delivered?
Many banks abroad charge a “lifting” fee for funds coming from another country. With our extensive global banking network, most transactions we facilitate will be local ones, reducing or eliminating the transfer fees.
I’ve worked abroad for most of my career and have retired and moved back home. I receive monthly pension payments from my company, but my bank converts the funds immediately and charges me an incoming wire fee and a foreign transaction fee. If I have to pay an international invoice I have to convert the funds and pay the fees all over again.
Your AFEX foreign exchange and payment account gives you access to all our currency accounts around the world. If you are receiving foreign funds, you can subsequently use these funds for either a future foreign exchange transaction or payment, saving you the expense and headache of double conversions.