AFEX is a staple in the international money transfer market with a strong industry presence since 1979. It trades more than $15 billion in foreign exchange each year. AFEX has ten office locations globally and specialises in providing expert knowledge, management solutions and forward planning for businesses, industries, and individuals.
Rates and fees verified as correct at 29 May, 2020. Other information correct at the time of writing.
Because AFEX’s reach is so enormous internationally, it can get its hands on pretty much all currencies major and exotic, except those embargoed internationally. Compare today’s rates in the table below and head to AFEX for further details:
|Currency||At today's AFEX Rate, 1 AUD buys*||For 10,000 AUD recipient will get|
|United States Dollars (USD) USD||USD 0.659||USD 6,590|
|Euros (EUR) EUR||EUR 0.5944||EUR 5,944|
|Great Britain Pounds (GBP) GBP||GBP 0.534||GBP 5,340|
|Canadian Dollars (CAD) CAD||CAD 0.9072||CAD 9,072|
|Hong Kong Dollars (HKD) HKD||HKD 5.1605||HKD 51,605|
|Japanese Yen (JPY) JPY||JPY 70.9313||JPY 709,313|
|New Zealand Dollars (NZD) NZD||NZD 1.059||NZD 10,590|
|Singapore Dollars (SGD) SGD||SGD 0.9427||SGD 9,427|
|South African Rand (ZAR) ZAR||ZAR 11.6196||ZAR 116,196|
|Swiss Francs (CHF) CHF||CHF 0.6349||CHF 6,349|
AFEX have a range of IMT products for you to choose from for transferring and exchanging funds overseas. We’ve broken it down for you here below, but of course keep in mind that your Account Executive can give you plenty of advice on each type of transfer over the phone too.
|Spot Value Contracts: Spot Value Contracts:|
These are the most popular contracts people use to transfer money overseas because they are quick and easy. Spot contracts or spot value contracts involve locking in the current rate AFEX are offering called a “spot rate”. You transfer the funds to AFEX by 3pm that day and within two days, your funds in appear in your nominated currency and bank account overseas. People use spot value contracts for things like paying international tuition fees, shifting funds when emigrating to another country and buying property overseas.
|Exotic Currency Spot Value Contracts: Exotic Currency Spot Value Contracts:|
AFEX also offers spot contracts for exotic currencies, but there is a risk it won’t go ahead.
|AFEX Forward Contracts: AFEX Forward Contracts:|
FX forward contracts are contracts to use if you want to plan ahead and spot a good rate now. Say you are emigrating to the UK in 6 months and the Aussie dollar is really strong against the GBP but tipped to weaken. You could enter into a forward contract with AFEX and take advantage of the current rate. To calculate your quote, AFEX will add something called “forward points” to the rate, which is a slight added percentage figure based on an estimate of how much the exchange rate will fluctuate between now and the transfer date. Keep in mind that sometimes these types of contracts require you pay a 10% deposit initially. Then on the agreed forward contract expiry date, you pay the rest. AFEX then exchanges the fund and sends them in the nominated currency to the bank account of your choice.
|Exotic Forward Contracts: Exotic Forward Contracts:|
AFEX also offers forward contracts for exotic currencies, but there is a risk it won’t go ahead.
As you’ve probably realised by now, AFEX is an expert in the field of IMT with plenty of options and contracts for all your FX needs. As well as having so many currencies regular and exotic to choose from and getting your very own Account Executive, AFEX has offices you can visit and expert staff to help you with management solutions. All these extras make AFEX a big player in the money transfer industry in Australia and internationally. Here are some other reasons why you might want to choose AFEX to exchange and transfer your money:
It’s easy to open an AFEX account. All you need to do is to fill out the online form which requires copies of your ID documents. An Account Executive will call you once you set up an account, but you have no obligation to proceed with an international money transfer. Once you’re account is up and running, you can login to AFEXDirect to start your FX transactions.