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AFEX review

A fast, secure way to send money overseas.

AFEXDirect is an online platform designed to make it as simple as possible to manage your global payments. It also claims to offer competitive exchange rates — but you can’t find out how much it costs until you sign up.

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24 hours

Fastest Transfer Speed

$1

Minimum Transfer Amount

How much will I be charged to send with AFEX?

The fees you will be charged for sending money overseas with AFEXDirect depend on a number of factors. While it is free to set up an account and there are no fees to use AFEXDirect, you will be charged fees when you perform international money transfers.

However, the exact fee you will pay depends on where you’re sending the money and how fast you need it to arrive. The fees that apply for different destinations and transfer speeds are not freely available on the AFEX website.

How are AFEX’s exchange rates?

AFEX isn’t very transparent about their rates, so it’s hard to tell. According to their website, you’ll receive a confirmation email with details about exchange rates after you book your trade — but there aren’t any tools to check live rates without signing up.

What types of transfers does AFEX support?

AFEX offers spot transactions, or one-off transfers, and forward contracts, which let you make a transfer at a future date when the exchange rate is more favorable. It also offers:

  • Corporate and treasury solutions. AFEX provides a range of corporate and treasury solutions for large corporations. The company adopts an integrated approach to help companies manage their risk and take advantage of opportunities that arise on foreign currency markets.
  • SME solutions. Small to medium-sized enterprises can manage their exposure to fluctuations in the currency market by utilizing payment services and risk management plans offered by AFEX. Solutions include forward contracts, rate orders, spot transactions and the AFEXDirect system.
  • Industry solutions. AFEX also offers foreign currency solutions specially tailored to meet the needs of business in a range of industries, including imports and exports, claims management and real estate.

Benefits and drawbacks

Pros

  • Forward contracts. The ability to take out forward contracts means you can take advantage of attractive exchange rates and avoid market fluctuations.
  • Easy access. With an AFEXDirect account it’s quick and easy to manage all your foreign currency payments online 24/7.
  • Trusted company. AFEX has a reputation as a reliable provider of international money transfers and has been in the global payments industry since 1979.

Cons

  • Limited information. There is a limited amount of information available on the AFEX website for customers seeking further details about the company’s services and features.

Compare AFEX to other transfer services

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

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OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

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Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

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Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE
Within minutes
$3

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XE has fast transfers with low fees and a range of foreign currency tools.
WorldRemit
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Wise (TransferWise)
Within an hour
From $2.26

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Instarem
Within an hour
$1

View details
Exclusive: Use code GET60 and save $30 on each transaction over $200. Valid for the first two transactions and till 31st July 2021. T&Cs apply.
Instarem offers zero transfer fees on all transfers.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

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Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Western Union
Within an hour
From $0

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Western Union sends money online to friends and family in 200+ countries around the world.
MoneyGram
Within an hour
From $0

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MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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Compare up to 4 providers

How do I send money through AFEX?

You can apply for an account online or by getting in touch with an AFEX account executive. You’ll need to provide your Social Security number and a government-issued ID, as well as answer a series of questions about the type and amount of transfers you plan on lodging via AFEXDirect.

Once your account has been opened, you can transfer funds to AFEX online or by calling your account executive. Once your transfer has been initiated, you’ll receive a confirmation email with details about your transfer.

How do I track my transfer?

You can track your transfer by logging into your account. AFEX also offers official SWIFT confirmations upon request.

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Bottom line

AFEX offers international money transfers for both private citizens and businesses. But it isn’t very transparent about pricing, so it’s a good idea to compare other transfer providers to make sure you’re getting the best deal

Frequently asked questions

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