Understanding Afriex Fees and Exchange Rates

At Afriex, we believe in complete transparency—you should always know exactly what you're paying and what your recipient receives. This guide explains our fee structure and exchange rates so you can transfer money with confidence.

The Zero-Fee Promise

Many Afriex transfers are completely free—no sending fees, no receiving fees, no hidden charges.

When transfers are zero-fee:

• Most person-to-person transfers to Africa
• Many standard transfer amounts
• Transfers during promotional periods
• Regular corridors with high volume

When small fees may apply:

• Very large transfer amounts
• Certain funding methods (instant debit card vs. ACH)
• Less common corridors
• Business account transfers

The key difference: Unlike traditional services charging $25-50 per transfer, Afriex's fees (when they exist) are minimal—typically $1-5 depending on amount and corridor.

Understanding Exchange Rates

Exchange rates determine how much local currency recipients receive for your dollars, pounds, or euros.

How Afriex rates work:

1. We start with mid-market rate: This is the "true" exchange rate—the rate banks trade currencies with each other, visible on Google or XE.com.
   
   
2. We add a small, transparent margin: This covers operational costs and allows us to offer zero or low fees. Our margin is significantly smaller than traditional services.
   
   
3. You see the final rate: Before confirming any transfer, you see exactly:
   
   
   
   • How much you're sending
   • The exchange rate
   • How much recipient receives
   • Any applicable fees

Example: Sending $100 from US to Nigeria:

• Mid-market rate: 1 USD = 800 NGN
• Afriex rate: 1 USD = 790 NGN
• Your $100 = 79,000 NGN for recipient
• Fee: $0

Compare to competitors charging similar rates PLUS $15-30 fees.

Real-Time Rate Updates

Exchange rates fluctuate constantly based on global forex markets. Afriex rates update in real-time to reflect current market conditions.

What this means:

• Rate when you open app may differ from rate when you confirm
• Rate locks at confirmation—that's what applies to your transfer
• You can monitor rates and transfer when favorable

Pro tip: If not urgent, watch rates over a few days. Small improvements can add meaningful value on larger transfers.

Fee Structure Breakdown

Sending fees: Most Afriex transfers: $0 Rare cases: $1-5 depending on corridor and amount

Funding method costs:

• ACH (bank transfer): Free (takes 1-3 business days)
• Debit card: Instant but may include small convenience fee
• Wire transfer: Free to receive into Afriex account

Receiving fees: Afriex charges recipients: $0 Note: Some local banks charge small receiving fees (outside Afriex's control)

Currency conversion: Included in exchange rate (no separate conversion fee)

Comparing Costs to Alternatives

Traditional bank wire:

• Sending fee: $25-50
• Receiving fee: $10-25
• Poor exchange rate (1-5% markup)
• Total cost: Often $50-100 on $500 transfer

Traditional money transfer services:

• Sending fee: $0-15 (advertised)
• Hidden in exchange rate: 2-4% markup
• Total cost: $10-30 on $500 transfer

Afriex:

• Sending fee: $0 (most transfers)
• Exchange rate: Fair, transparent margin
• Total cost: Often under $5-10 on $500 transfer

Savings example: Sending $500 monthly to Nigeria:

Traditional service: $300-600 annually in fees Afriex: $60-120 annually in total costs Annual savings: $240-540

Global Accounts Costs

Holding money:

• Free to maintain USD, GBP, EUR accounts
• No monthly fees
• No balance requirements

Converting between currencies:

• Fair exchange rates (like regular transfers)
• Small spread on conversions
• No hidden fees

Receiving money:

• Free to receive into your Global Accounts
• No incoming wire fees
• Free account details

Virtual Card Fees

Card issuance: Free Card maintenance: No monthly fees Transactions: Standard card network fees apply (minimal) Currency conversion: When spending different currency than balance, fair conversion rates apply

How to Minimize Costs

1. Use ACH funding when not urgent: Free funding method—just plan 1-3 days ahead

2. Monitor exchange rates: Transfer when rates favorable if timing is flexible

3. Save recipients: Avoid errors requiring costly recovery attempts

4. Use appropriate funding: ACH for planned transfers, debit card for emergencies

5. Transfer larger amounts less frequently: If sending money regularly, consider bi-weekly instead of weekly (fewer transactions)

Transparency Commitment

Before every transfer, you'll see:

• Exact amount you're sending
• Current exchange rate
• Any applicable fees
• Exact amount recipient receives

No surprises:

• What you see is what you pay
• No hidden charges appearing later
• No fine print changing costs
• No different rates at confirmation

Why Competitive Pricing Matters

Better rates and lower fees mean:

For you:

• More money stays in your pocket
• Or send more support with same budget
• Predictable costs for budgeting

For recipients:

• More money received
• Better support for their needs
• Improved quality of life

Example: Sending $300 monthly = $3,600 annually

With traditional service (3% markup + $15 fees):

• Annual cost: $540 + $180 = $720
• Recipients receive: $2,880

With Afriex (better rates, zero fees):

• Annual cost: ~$72
• Recipients receive: ~$3,528

Difference: $648 more reaches your loved ones annually

Exchange Rate Factors

Several factors influence exchange rates:

Market conditions: Global forex markets set baseline rates

Economic news: Major economic announcements affect currency values

Political events: Elections, policy changes impact currencies

Supply and demand: Currency trading volumes shift rates

Time of day: Markets more active certain hours

Afriex doesn't control these factors—we provide transparent access to real market rates with minimal markup.

Questions About Costs?

"Why does the rate differ from Google?" Google shows mid-market rate (what banks trade at). All consumer services add margin. Ours is transparent and competitive.

"Can I lock in a rate for future transfer?" Currently, rates lock at transaction confirmation. Contact support about rate lock features for business accounts.

"Do fees increase with amount?" Generally no—most transfers remain zero-fee regardless of amount. Very large transfers may have nominal fees for additional security verification.

"Why different rates to different countries?" Each currency pair has its own market rate and liquidity. Some corridors have higher operational costs.

Getting the Best Value

Compare total cost: Don't just look at advertised fees—factor in exchange rates. A zero-fee service with 4% worse rate costs more than Afriex with minimal fee and better rate.

Consider speed vs. cost: ACH takes longer but costs less. Debit card is instant but may have small convenience fee. Choose based on urgency.

Monitor and educate yourself: Understanding how exchange rates and fees work helps you maximize value on every transfer.

Our Promise

Afriex commits to:

• Complete transparency on all costs
• Competitive exchange rates
• Zero or minimal fees
• No hidden charges
• Clear before-transaction disclosure

You work hard for your money. We work hard to ensure more of it reaches the people who matter most.

Questions about specific transfer costs? Check the app for real-time pricing or contact hello@afriex.co.

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