Afex Money Transfer Review

This review for the Afex money transfer company is intended to explain the pros and cons of using it for your money transfer needs. We focus on the important aspects like fees and exchange rates, the quality of the online trading platform, and the level of service provided. To view other posts like this Afex review, check our top money transfer companies list.

📝 Afex is not among one of the top rated money transfer companies for August 2021, based on our editorial rankings. Afex is indeed very well known, but we encourage you to have a look at Afex recommended alternatives here.
LogoAfex logo
🏛️ Established1979
🌎 International ClientsAccepted
💱 Currencies Offered78
💷 Minimum TransferNo Limits
📲 Trading viaOnline Platform or Telephone
🏢 Offices InAustralia, Canada, Channel Islands, Indonesia, Italy, Ireland, Norway, Spain, Sweden, Switzerland, United Kingdom and United States
⚖️ Regulation

IRS, New York State Banking Department, California Department of Financial Institutions (US)

FCA (UK)

VQF (Switzerland)

ASIC and AUSTRAC (Australia)

MiFID (EU)

🤯 FeesNo Fees above $5,000, $10 per transfer below the mark.
Promotional CodeNone
👨‍👩‍👧‍👦 Client ReviewsNone we could find about the Money Transfer Service
⭐ Client RatingUnknown
Websitewww.afex.com
👍 Advantages

Many Worldwide Offices

Veteran in the Market

US 15bn traded each year

👎 Disadvantages

No Client Feedback Online on the Money Transfer Services

Small Selection of Currencies

Fees incurred on smaller transfers

No App or other Unique Value Propositions


View Recommended Alternatives:

Afex competitors presented in the table below. You should consider the following alternatives before moving forward:

For Clients in UK, Europe, Australia or Asia:

moneycorp
  • Supported Currencies: 120.
  • Clients From: Globally with offices in UK, USA, France, Spain, Ireland, Australia, HK, UAE, Brazil, Gibraltar and Romania.
  • Authorised? Yes, by the FCA.
  • Guidance / Dedicated Dealer: Yes.
  • Online System: Yes, including an app.
  • Strong Point: Credibility, Reputation, Liquidity, Level of Service, Best Credit Rating among Peers.
  • Operating Since 1979 and Maintaining Excellent Reputation Since. An Industry Leader.
  • Rating:
    4.6 /5 on Feefo
    Editorial (Corporate): 97.4%
TorFX Logo
  • Supported Currencies: 59.
  • Clients From: Globally , with the exception of certain U.S states. Offices in UK and Australia.
  • Authorised? Yes, by the FCA.
  • Guidance / Dedicated Dealer: Yes.
  • Online System: Yes, including an app.
  • Strong Point: Experienced Dealers , Employee Retention, Strong Guidance.
  • FastTrack 100 Listed. Prominent Employer in Cornwall.
  • Rating:
    9.4 / 10 on TrustPilot
    Editorial: 94.2%
  • Supported Currencies: 121.
  • Clients From: Only accepts corporate clients & does not accept U.S businesses.
  • Authorised? Yes, by the FCA.
  • Guidance / Dedicated Dealer: Yes.
  • Online System: Yes, including an app.
  • Strong Point: Exchange Rate Margins of 0.25%-0.15% for Large Turnovers.
  • Trading more than $7bn each year.
  • Rating:
    9.8 /10 on Feefo
    Editorial: 91.4%

For North American Clients:

USA CANADA The Industry Veteran
Local USA Offices:
4500 Park Granada UNIT 239, Calabasas, CA 91302
93.2% Editorial rating
7,000 Client Reviews
Minimum transfer:
$250
Why Them?
  • Operating Since 1970 - First Commercial FX Firm
  • Corporate FX Specialists
  • Great Online Platform
  • Many Consumer and Business Awards
USA CANADA Money Transfers Giant, Traded Publicly
Local USA Offices:
T49 Stevenson Street, 13th Floor, San Francisco, CA 94105
90.4% Editorial rating
1,500 Client Reviews
Minimum transfer:
$100
Why Them?
  • Traded Publicly
  • $20bn+ Turnover per Year
  • Ultra Professional Service
  • Very Tight Margins even for Smaller Transfers
USA CANADA The Hottest Money Transfer Startup Today
Local USA Offices:
19 W 24th Street, Floor 9, New York City, NY 10010
86.8% Editorial rating
32,000 Client Reviews
Minimum transfer:
$1
Why Them?
  • Most Recognizable Brand in Money Transfers Today
  • Boast 1,000+ Employees and $4bn in Monthly Turnover
  • Transparent Pricing on the Site
  • Easy to Use

 


 Our Rating: 88%

One of the biggest and most significant payment and risk solutions specialists worldwide”

View Rating Breakdown


Read More:

Company Information and Credibility


Company Size:  

Associated Foreign Exchange, Inc. is an outlier in the currency exchange industry. Founded in California in 1979, AFEX has multiple offices around the United States, Europe, and Australia, with plans to expand into Asia and beyond. The company also has dozens of physical locations in metropolitan areas like New York City, where people can walk in off the street and trade dozens of currencies instantly.

AFEX also serves corporate and even international treasury clients. AFEX is on the cutting edge of making international currencies increasingly fluid, for every financial purpose. The company trades more than $15 billion each year and employs hundreds of people all around the world.

On the other hand, there’s little evidence to the quality of their retail money transfer services. There are very few reviews in general about the company, which makes us believe they specialise in  corporate FX, and cash currency exchanges. The only objective information we got on the company is from Glass door reviews like this one,  discussing about how archaic and non-agile the company is.


Regulated By: 

IRS, New York State Banking Department, California Department of Financial Institutions (US); FCA (UK); VQF (Switzerland); ASIC and AUSTRAC (Australia); MiFID (EU)


Awards: 

Deutsche Bank “Straight Through Processing Award”, five years in a row


Conclusion: 

AFEX is a large and varied currency transfer company. They work at every level of finance, but mostly on currency exchanges and national treasuries FX. One of the largest companies in the world in their niche.

On the other hand, there are some negative opinions about the company by former employees, and absolutely no client reviews attesting for the quality of service they provide retail customers.

 

 

Client Feedback


Research:

For many years all the reviews we could find about Afex foreign exchange were sporadic. Nothing more than a few old Afex customer reviews on  Yelp . In recent years, Afex started using TrustPilot for its customer reviews and they are quite positive with an average of 4.6 stars out 5, with more than 600 reviews to date. That represents 95% satisfaction.

While this is a good start, it’s a far cry from companies like Moneycorp who have been accumulated customer reviews for years now and have more than 7,000 of those available online. Even more difficult to compare against more retail-customer clientele like Wise that has hundreds of thousands of reviews.

Update: One negative review on our website.


Positive:

Great service.

Easy to sign up with.

Happy with the execution of orders.

Negative:

Issues with delivery of physical bills (another service Afex provides).

Payment details.

Orders not fulfilled.

Didn’t have currency available.


Conclusion:

The button line is that Afex reviews are generally pretty good and most disgruntled customers complain about the currency delivery services provided by Afex (as opposed to international money transfer service or business FX). With that being said, 600 customer reviews for a company at the scale of Afex is not sufficient enough, and there are a few negative customer reviews on this website too in the comment section.

 

 

Exchange Rate & Fees


Research:

Fees: Nothing is stated on the site, but we have found information (that we need to verify) that there are no fees above the $5,000 mark, and $10 per transfer below it.

Exchange Rates: We’re using our intuitive knowledge of the industry to assume Afex has the potential of offering anyone with superb rates. A company of this size, with $15Bn exchanged every year, working with national treasuries, banks, and multinational corporations, have very wide flexibility. With clients this size, they are presumably able to profit from even ultra-tight margins.

Limits: Unknown but we assume they would deal with any size of the transfer.


Conclusion:

Has the potential to be the cheapest bar none for very large transfers, but we have not enough client feedback to testify for that.

 

 

Global Reach & Service


Research:

  • Dedicated Dealer: Yes.
  • Offices: Australia, Canada, Channel Islands, Indonesia, Italy, Ireland, Norway, Spain, Sweden, Switzerland, United Kingdom and United States
  • Ways to approach: Email, Telephone (local in most countries), Callback form.
  • Translations:
    German, French, Spanish, Italian, Norwegian, Swedish, Indonesian.
  • Accepts clients: Internationally
  • Currencies Handled: 78.
  • Client reviews: No feedback

Conclusion:

One of the most global companies, with most translations, local service numbers,  and local offices. Service online and via dedicated dealers. Again had the potential to get a straight 100% score if there were client reviews to attest for its service.

 

 

Additional Functionalities

Afex has one of the most complete offering when it comes to business foreign exchange.

  • Spot FX
  • Forwards
  • Rate Orders
  • FX options
  • Risk management consultancy
  • Full-on treasury management
  • Integrated payment solutions system through a seamless API
  • Live FX News
  • Charting
  • Dedicated dealers
Afex Money Transfer Review Summary
88%
88 of 100 1 review
  • Credibility Score - 95%
    95%
  • Client Feedback - 82%
    82%
  • Assistance & Service - 80%
    80%
  • Global Reach - 90%
    90%
  • Added Values - 95%
    95%

Bottom Line

Afex is a significant player in the foreign exchange business. This multi-national U.S-based fx specialists works with an impressive array of largecorporate clients, and even national treasuries. The offering in terms of business FX is as complete as they come, and the overall impression of the company’s website is highly professional. With that being said there is not enough testimony or information online for how Afex deals with small businesses or retail customers – they are off to a good start with their first 600 reviews but it’s still hard to compare Afex with other foreign exchange specialists who have much wider presence online.

 

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Luz González
5 years ago

Hola Buenas tardes ,

Mi nombre es Luz Gonzalez

Mi intención es Saver si algún agente de su compañía , podría contactarme , para sever los requisitos para poder ser agente de su compañía en la ciudad de Garden City Kansas usa ..

Gracias
6205755796

Tony
5 years ago

Did a large Transaction did not bother to check the rate after realizing that they give the same rate as Banks keeep away from them.

Eric
5 years ago

I had the opposite experience from Tony above. We transfer Euros twice a year from US to Spain. We check with our bank’s international desk on the rate before doing, and have found AFEX to offer a better exchange rate each time. They make the process extremely easy.

Guness seewan
5 years ago

I send money to mauritius the money not yet send please send the money back to my visa card No {Removed by Admin for Security Reasons}

Rohan
4 years ago

They chased my business. Pushy and aggressive. Completely lacking in transparency in fees. Promised what it is impossible to deliver. They make you fill in the whole client application in order for you to see their proposal – then they try to pretend you are a customer so should start trading. Dodgy. Run a mile is my recommendation.

David
3 years ago

Afex customer care,, good morning… I need to find enquries about Afex transfer to Nigeria from USA.. If I may ask what are the names of the bank.the transaction might. Picked up in Lagos, Nigeria.. I want to be sure where is the Afex agent location to pick it up in, Lagos, Nigeria.. That’s all

Thank you

soohyunelf
3 years ago

Dear Admin,

I found out that the review you put in the link for glassdoor.com is actually a different company.
Change it, will you…?

Thanks

Susan
3 years ago

Can we pick up afex in Nigeria

Classic
2 years ago

I reflect similarly to other businesses here – they promise a certain rate/commission but aren’t very transparent about it and end up ripping you off. I guess it’s how they all work right? Keep a sharp eye on these leeches of society.

Assanatu Jalloh
2 years ago

Where can I collect cash sent through Afex in Sierra Leone?

Michael Taylor
2 years ago

where can I collect cash through Afex in Freetown, SIERRA LEONE?

Satar
2 years ago

I need a place to pick up my Afex transaction in Ghana

Germán Quiroga
1 year ago

En España donde se encuentran las oficinas para cobrar los envíos de dinero y si se pueden cobrar a través de otras agencias con las q tengan acuerdos para que se realice el pago