FAQs for micro, small, and medium-sized enterprises

Please take a moment to read a selection of FAQs that we have put together for SMEs. If you require any assistance, please get in touch.

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 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. AFEX considers all funds received from its clients, with the exception of initial margin and variation margin, to be for payment services.

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?

AFEX is a member of the global SWIFT network. This means that, unlike many brokers who rely on banks to transfer the funds on their behalf, AFEX delivers 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 prefer to discuss any questions you might have with our team, please get in touch.