FAQs for private individuals

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, personalized attention, competitive exchange rates, and reduced wire fees. With your free account you pay no monthly maintenance fees, and there is no minimum balance or frequency of trading required.

How do I know my funds are secure?

As a money services business, we are licensed all over the world and are fully compliant with all local regulations in every jurisdiction where we operate. We are required by law to keep clients’ funds separate from our operational accounts.

Our back-end systems meet the highest industry standards of encryption and security, and are monitored and continually updated.

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 incoming 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.

AFEX never charges fees for incoming payments. Further, your AFEX account gives you access to all our currency accounts around the world at no additional charge. If you are receiving foreign funds, you can hold those funds against a future payment or convert them to another currency you need, saving you the expense and headache of double conversions.