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What is Afriex? A complete guide to how it works
If you need to send money from North America or Europe to a friend or loved one in Africa, you may have heard about Afriex. The Afriex app provides fast and low-cost transfers to a number of African and Asian countries from Europe, Canada, and the United States.¹
In addition to providing simple cross-border payments, Afriex also provides mobile wallet services, a rewards program, and an Afriex card for purchases.¹ Read on for a full overview of the Afriex app and learn about the Afriex exchange rate while you decide the best way to send money to Africa.
We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.
How does the Afriex app work?
To make an Afriex money transfer, you’ll have to follow these steps:¹²
- Download the Afriex app. You can get Afriex for iOS or Android.
- Sign up and confirm your identity. Afriex requires users to upload an ID to confirm their identity in order to use the app.
- Add funds to your Afriex balance. You can load your balance or pay for a transfer with your debit card.
- Set up your first transfer. Once you enter your recipient’s details, you can send your money to their Afriex wallet, another mobile wallet, or a bank account. Afriex allows you to send money to over 30 countries.
Afriex offers a number of services in addition to international money transfers to mobile wallets and bank accounts. The app also offers payment services for businesses and freelancers who operate abroad and/or in multiple currencies.
Eligible users can open region-specific USD, GBP, or EUR global accounts, and Afriex also offers payment cards. USD accounts are available in the US and in Nigeria, Ghana, Kenya, Egypt, Uganda, Ethiopia, Cameroon, and Ivory Coast.³
Afriex fees and exchange rates explained
When you use Afriex, most of your money transfers will have a low fee added to the transfer or none at all. Most Afriex transfers are free, while some have a small $1 fee. Afriex displays the applicable exchange rate and any fee before you confirm the transfer.¹
Afriex displays its applicable exchange rate and any fees on the Send screen before you confirm a transfer. To know how much you’re paying for your Afriex money transfer, you’ll have to compare the exchange rate they’re offering to the mid-market rate and calculate the difference.
The Afriex exchange rate will vary by transaction and will be provided to you before you complete your transfer.⁴
Is Afriex the best way to send money to Africa?
Afriex is a fast money transfer service with strong user ratings and generally low fees, especially when sending to specific geographies.¹ It’s helpful that Afriex allows bank transfers across Africa in addition to mobile wallet transfers. Afriex also helps businesses access currency conversion, spending, and payment services between Africa, Europe, and the United States.
Users looking to send money to regions other than Africa, Europe, North America, and supported parts of Asia may find Afriex’s services limiting To send money to Latin America and parts of Asia, you’ll need a more global money transfer service.
Looking for broader global reach? Try Wise
When you open an account with Wise, you can send funds to markets across the African continent. But that’s only the beginning. Wise lets you transfer to over 140 countries in the world.
Wise converts your money at the mid-market exchange rate and charges a low, transparent fee separately. That way you don’t have to puzzle through hidden markups and compare exchange rates. Use the Wise currency converter to compare the rates we offer.
Afriex is a money transfer fintech service that helps you send money to supported mobile wallets and bank accounts in Africa and other destinations. It’s also expanding its services for business owners and freelancers based in Africa who want to spend or receive USD.
But with Afriex, you’ll almost always be paying a hidden exchange rate markup, even when fees are low. And with the exception of China, India, and Pakistan,¹ you won’t be able to send money outside of Africa, the US and Canada, and Europe and the UK.
For transparent exchange rates and fees for transfers all over the world, consider Wise.
Sources
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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