Has anyone used AFEX AV to transfer money abroad?

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CHR15T14N
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Joined: Wed Oct 25, 2017 5:25 am

Has anyone used AFEX AV to transfer money abroad?

Post by CHR15T14N » Wed Oct 25, 2017 5:35 am

Hi guys, I am looking at transferring a decent amount of money from Chile to England. To make the process more efficient, I am looking at using AFEX AV: I will basically transfer circa 30M pesos from my Chilean bank account (Scotiabank) to AFEX who will then make a SWIFT transfer to my destination bank (Lloyds). Exchange rates are decent compared to banks and/or WU (!!) plus their fees are also VERY reasonable. My question is: is AFEX AV trustworthy? I have not found many reviews on the web, which I guess could be seen as a good thing but I want to double-check with some of you here, mainly if you have used their services. My main concern is when I transfer my money to them from my Chilean bank account, where does the money go? The account I was given is a company rut, which at least I know the money is not being transferred by an individual... I am not a financial expert however I know that a company such as AFEX should have a segregated client account where the money is deposited so in case of bankruptcy, your money is not lose in the bad luck creditors make action on the day you transfer. A segregated account for clients also prevents fraud from individuals... Anyhow, any feedback on using them to transfer large amounts abroad please? Thank you for reading and thank you in advance for your feedback.

at46
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Re: Has anyone used AFEX AV to transfer money abroad?

Post by at46 » Wed Oct 25, 2017 9:06 am

I've had good experiences with Afex transferring cash. Never used their online system, but I'd do a trial run for a small amount before going all in.

CHR15T14N
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Joined: Wed Oct 25, 2017 5:25 am

Re: Has anyone used AFEX AV to transfer money abroad?

Post by CHR15T14N » Wed Oct 25, 2017 4:59 pm

Thank you at46. Did yo transfer amounts over 1M pesos? or was it only smaller amounts, and did you transfer those from Chile to abroad?

malma
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Re: Has anyone used AFEX AV to transfer money abroad?

Post by malma » Wed Oct 25, 2017 7:37 pm

I used afex to transfer cash out of Chile on a number of occasions, with amounts up to 3.5M, though I never used the online system. They asked for a contract to show where the money came from. I would go into one of their offices and discuss with them, 30M might trigger some extra requirements.

at46
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Re: Has anyone used AFEX AV to transfer money abroad?

Post by at46 » Wed Oct 25, 2017 10:42 pm

CHR15T14N wrote:
Wed Oct 25, 2017 4:59 pm
Thank you at46. Did yo transfer amounts over 1M pesos? or was it only smaller amounts, and did you transfer those from Chile to abroad?
Yes, amounts around a couple thousand US dollars and from Chile to abroad. Last time I tried doing that a couple of weeks ago here in Vina, the guy refused me though saying I gotta do it online. Apparently, they don't accept cash any more for transfers to abroad. I'm planning to verify that though at another branch some time coz every bird seems to sing its own song here :)

CHR15T14N
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Joined: Wed Oct 25, 2017 5:25 am

Re: Has anyone used AFEX AV to transfer money abroad?

Post by CHR15T14N » Tue Nov 07, 2017 9:40 am

Ok an update on this as I want to make sure if anyone wants to move money from Chile to abroad they know what process to follow and how it has worked for me. As I was thousands of miles away I was worried something would go wrong but I am happy to report everything went according to plan. I basically had 33M pesos to transfer over to my bank account to the UK. It seemed cumbersome to do that with my bank in Chile which is Scotiabank, so I decided to enlist the services of AFEX AV. I needed to be there in person to open an account which I did as I traveled to Chile to sell a parcela that I had in the south of the country and needed to be there in person anyway to make the sell in from of the notary. To make a long story short, once the sale was made I deposited my money in the form of a vale vista (certified cheque) in my bank account. This was not the most efficient way by the way as having a savungs account Scotiabank told me their T&Cs specific that every deposit made to a savings account is frozen for 30 days. So for a faster transaction, bring the vale vista directly to AFEX AV. Anyway, 30 days later, Scotiabank transferred the monies to AFEX AV via a process called LBTR (Luiquidacion en Tiempo Real). This was setup by me at the bank, in person, I had to prove the source of the money which in my case it was a 'compraventa' document signed by all parties. It costed something like 35,000 pesos and I agreed with the bank they would transfer the monies on a specific date. Once the money was with AFEX AV, they transferred it to my bank account via the SWIFT process. For this I had to provide IBAN, SWIFT, SORT CODE, ACCOUNT NUMBER etc to AFEX AV when I had opened my account in person. Once AFEX AV had the money they quoted me on an exchange rate, tou agree the rate then they sent the money over, This was Friday afternoon and despite receiving a document showing me the SWIFT transaction, my bank here in England was closed so all weekend long I was in the dark not being able to see where my money was. However Monday morning shortly after the opening hours, around 10am-ish, the full amount agreed from the exchange rate was in my bank account. I just want to say AFEX AV was amazingly professional and efficient. Great customer service too.

bobserb
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Re: Has anyone used AFEX AV to transfer money abroad?

Post by bobserb » Tue Nov 07, 2017 11:40 am

CHR15T14N < NO EMAIL >
Thank you for explanation.

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tiagoabner
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Re: Has anyone used AFEX AV to transfer money abroad?

Post by tiagoabner » Thu Nov 09, 2017 1:35 pm

Nice report, CHR15T14N.

Did Afex charge you any flat fees? Have you compared the exchange rate they quoted with another source? (IE. xe.com)

papageno
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Re: Has anyone used AFEX AV to transfer money abroad?

Post by papageno » Thu Nov 09, 2017 2:52 pm

CHR15T14N wrote:
Tue Nov 07, 2017 9:40 am
Ok an update on this as I want to make sure if anyone wants to move money from Chile to abroad they know what process to follow and how it has worked for me. As I was thousands of miles away I was worried something would go wrong but I am happy to report everything went according to plan. I basically had 33M pesos to transfer over to my bank account to the UK. It seemed cumbersome to do that with my bank in Chile which is Scotiabank, so I decided to enlist the services of AFEX AV. I needed to be there in person to open an account which I did as I traveled to Chile to sell a parcela that I had in the south of the country and needed to be there in person anyway to make the sell in from of the notary. To make a long story short, once the sale was made I deposited my money in the form of a vale vista (certified cheque) in my bank account. This was not the most efficient way by the way as having a savungs account Scotiabank told me their T&Cs specific that every deposit made to a savings account is frozen for 30 days. So for a faster transaction, bring the vale vista directly to AFEX AV. Anyway, 30 days later, Scotiabank transferred the monies to AFEX AV via a process called LBTR (Luiquidacion en Tiempo Real). This was setup by me at the bank, in person, I had to prove the source of the money which in my case it was a 'compraventa' document signed by all parties. It costed something like 35,000 pesos and I agreed with the bank they would transfer the monies on a specific date. Once the money was with AFEX AV, they transferred it to my bank account via the SWIFT process. For this I had to provide IBAN, SWIFT, SORT CODE, ACCOUNT NUMBER etc to AFEX AV when I had opened my account in person. Once AFEX AV had the money they quoted me on an exchange rate, tou agree the rate then they sent the money over, This was Friday afternoon and despite receiving a document showing me the SWIFT transaction, my bank here in England was closed so all weekend long I was in the dark not being able to see where my money was. However Monday morning shortly after the opening hours, around 10am-ish, the full amount agreed from the exchange rate was in my bank account. I just want to say AFEX AV was amazingly professional and efficient. Great customer service too.
What about transferring money in? Such as to my landlord's account with Banco de Chile? I need an alternative to wire transferring from Bank of America.

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