AFEX International Money Transfer 2018 Review

AFEX (Associated Foreign Exchange, Inc.), an international money transfer service, was founded in California in 1979. The company offers global money transfers and risk management services in 180 countries. It is one of the largest providers of foreign payment transfers not affiliated with a bank.

AFEX received the “Straight through Processing Award” from Deutsche Banks for five consecutive years.


AFEX has 25,000 commercial clients worldwide. Their client list includes small businesses, individuals, multinational corporations, importers, exporters, and educational institutions.

The company is regulated by the ASIC and AUSTRAC in Australia, the IRS in the United States, MiFID in the EU and the FCA in the United Kingdom. The company trades around $15 billion annually.


AFEX is the largest company in the world to provide non-bank foreign money transfers. This AFEX review will help you understand more about their service and help you decide if they have the right exchange rates for you.

  • AFEX has been in business since 1979
  • Offers better rates than banks
  • Free account setup
  • 24/7 online payment
  • Excellent customer service, especially at retail locations
  • Limited information on the company’s website
  • There are few online reviews from business clients
  • No mobile app
  • Cash pickup not available

How It Works

You can transfer money overseas or exchange your country’s currency for foreign currency (or vice-versa) without a transaction fee through AFEX. Retail locations worldwide offer these services for businesses and private individuals. In-person services may vary depending on location. Services at retail locations include wire transfers, travellers’ checks, bank drafts and precious metals exchange (gold and silver).

Individuals who want to buy property in another country, transfer a pension or pay for an international mortgage can use an online AFEX account for these transactions. But how does it work?


Register for an Account

Register for an account online or over the phone and start trading once it’s approved using your bank account or a cheque. You can also go to a retail location anywhere in the world and exchange currency or use the company’s other services. (You won’t need an account to exchange currency at a retail location for a personal trip.)


You will need to sign up for an AFEXDirect account if you want to compare AFEX exchange rates with your bank’s rates. Yelp reviews from some retail customers indicate that the company offers excellent rates when compared with banks or other non-bank providers.


There is no maximum limit on the amount you can send. The minimum in Australia is AUD 500. The minimum amount may be different in other countries.


Complete a form online and supply copies of various identification and banking documents. You can also fill out a PDF and fax it to the company if you want to apply offline.


Setting up an account and using the AFEX online payment system is free. The only fees involve the transfer of currency overseas. The charge for overseas transfers is determined by the destination, amount, and the number of payments.


Track Funds

AFEX tracks funds globally once international money transfers are sent to the destination. Customers can request SWIFT confirmation. You can use keep track of your payment history and payment status online, or contact the AFEX Client Team if you have questions.

How Safe is It?

AFEX offers anti-fraud monitoring with all accounts. Automated trade confirmations are sent to the customer’s designated email address after each trade with information about the amount of the transaction, destination, and other details. Always review any email you receive about your account before responding to it to avoid fraud.


Use the AFEX online platform 24/7 to send or receive payments securely. The online payment and retrieval system has TSL/SSL encryption to authenticate all transactions. Customers use a unique identifying key to guarantee a safe exchange and account security.


All accounts are monitored for suspicious activity, and AFEX will contact a customer if their security team sees any questionable account activity.


Report any suspicious email you receive to AFEX.

How Much Does It Cost?

There are no fees for transfers over $5,000. Money transfers below $5,000 cost $10. You can learn more about sending overseas money transfers at the best rate from online guides.


What Exchange Rate Will I Get?

You’ll need to sign up for an AFEXDirect account to check exact rates. AFEX rates are usually lower than the exchange rate you receive at a major bank.

How Do I Send or Receive Money from Overseas?

send and receive money with AFEXAFEX customers can send an international money transfer online, with help from a phone representative or in person at one of their retail locations.


Australian offices are located in Sydney, Melbourne, and Perth.


AFEX has retail locations in New York, Woodland Hills, CA, Chicago, Washington, D.C. and Beverly Hills in the U.S. The Beverly Hills and Seventh Avenue location in New York offer currency exchange services. Other U.S. locations provide corporate services only.


Other offices are located in Canada, Ireland, Italy, the Channel Islands, Norway, Switzerland, Indonesia, Singapore, Spain, Sweden, and the U.K. AFEX has plans to expand into the Middle East and Asia.

How Do I Pay?

Payment option includes bank account or cheque. There is a limited amount of information on the company's website regarding other payment methods, so there's no way of knowing if they take credit cards or debit cards. Contact the company by phone or email for this information.


Can I Pay by Credit Card?

There is no information on credit card payment on the company’s website.

What Currencies Can I Transfer?

You can transfer both major and exotic currencies. Exchange popular currencies, including the Euro, British Pound, U.S. Dollar, Australian Dollar, Japanese Yen, Swiss Franc and Canadian Dollar. AFEX also trades many exotic currencies, from countries such as Algeria, Costa Rica, Nigeria, Egypt, Jordan, Ghana, and Brazil.


Whether you use the online or retail option, use a currency converter to determine the best rate.

What Services Do They Offer for Businesses?

AFEX helps small to medium businesses by providing forward contracts to shield them from currency market fluctuations by locking in exchange rates. The company offers spot transactions, which allow customers to buy or sell currency at a live exchange rate and have it immediately sent to the beneficiary. Customers use online payments through AFEXDirect for spot transactions.


Risk management included corporate and treasury solutions, are available for large multinational corporations. Forward contracts and rate orders help large companies avoid sudden changes in exchange rates. The AFEXDirect platform lets large businesses manage global payments and spot transactions.

Other Corporate and Treasury Options


  • Same day transactions
  • SEPA electronic payments available in countries using the Euro
  • International wire transfers
  • Bank drafts and wire transfers that convert much faster than at a bank
  • AFEX can hold foreign currency for you and convert it when you want
  • Cross-currency trading services eliminate need to convert funds into a home currency first before sending the money to a third country



Customers can automate payments to save time. Integrate financial accounts with the AFEX payment network to convert funds and send them through their API automatically. You can also book trades in advance and distribute payments anywhere in the world with this automated system.


AFEX offers retail services as well as online transfer, which may be important for many customers. Compare AFEX with other services through online reviews to find the best overseas money transfer option for your needs.

Compare money transfer services like AFEX

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,930.44Exchange Rate1.3994Transfer Fees$45.42Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,930.44Rate Updated less than 5 mins ago
So, sending 10,000 USD to Australia comes to $13,930.44 including $45.42 in fees
So, sending 10,000 USD to Australia comes to $13,930.44 including $45.42 in fees

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review


  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products


  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 5 mins ago
XERead ReviewTotal (AUD)$13,926.83$3.61 more expensive Exchange Rate1.3927 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,926.83$3.61 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $13,926.83 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review


  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.


  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
TorFXRead ReviewTotal (AUD)$13,924.03$6.41 more expensive Exchange Rate1.3924 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,924.03$6.41 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $13,924.03 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.


  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options


  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
WorldFirstRead ReviewTotal (AUD)$13,910.04$20.40 more expensive Exchange Rate1.3910 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,910.04$20.40 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $13,910.04 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review


  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments


  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
OFXRead ReviewTotal (AUD)$13,724.13$206.31 more expensive Exchange Rate1.3731 Transfer Fees$5.00 Transfer Time1-3 DaysGet discounted rate $13,724.13$206.31 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $13,724.13 including $5.00 in fees

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.


  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
Take into account that we have not compared absolutely every bank and company in Australia. We compare the large, safe and reputable banks and foreign exchange companies that we have already researched, tested and approved. We also may receive a referral fee if you choose one of these banks or companies, but that wont affect the exchange rates or fees you get.