Afex

What Afex does

Afex Agencia de Valores is a Chilean private securities agency founded in 1978 and headquartered at Burgos 80, Las Condes, Santiago. It is regulated by the Comisión para el Mercado Financiero (CMF) and operates within Chile's Formal Exchange Market under the supervision of the Central Bank of Chile, holding certification under Law 20.393 for anti-money laundering, counter-terrorism financing, bribery, and stolen-goods compliance. The company's core capability is SWIFT-based international bank-to-bank transfer execution from Chile to more than 60 countries in 150+ currencies at a flat USD 25 transaction fee, extended by domestic foreign-currency transfers, USD-denominated credit card payment services, FX forward hedging, received-order/export-return handling, and securities brokerage. Its platform comprises a web-based client portal (portalcliente.afexav.com), a payment portal (portal.afexav.com), and the AfexAV Pass mobile application on iOS and Android, with banking correspondent relationships visible with JP Morgan, Deutsche Bank, and BNY Mellon.

Afex serves primarily Chilean businesses engaged in import/export (cargo and logistics, automotive parts, digital advertising with LATAM branches, and similar verticals), supported by more than 5,000 business clients in the foreign trade sector, with a secondary segment of individuals using international transfers and USD credit card payment services. The go-to-market is a hybrid: account-manager-led sales for enterprise import/export operators combined with a fully digital self-service path supported by a dedicated trading desk (mesa de dinero) for exchange-rate quoting and execution. Average SWIFT transfer processing time is approximately three hours, with a stated 24-hour ceiling for fund credit at destination.

The firm's revenue model is exclusively transaction-based: a flat USD 25 fee per international SWIFT transfer, FX spreads on currency conversion in CLP ↔ USD/EUR/CNY/INR and 150+ other currencies, FX hedging through forward contracts, USD credit card payment spread capture, and securities brokerage intermediation. There are no subscription lines and no public API, and the company has not disclosed external funding rounds or institutional investors. Reported strategic milestones include a May 2020 import-training initiative with Cámara Asia Pacífico, a May 2021 co-developed launch of the first AMEX corporate card payment portal in Chile with the Cámara Chilena Norteamericana de Comercio, and a July 2025 transition absorbing AMEX card-payment volume onto Afex AV's SWIFT infrastructure after American Express discontinued direct card-payment services in Chile.

Name

Afex

Legal name

Afex Agencia de Valores

Website

https://afexav.cl

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

51–100 employees

Short description

Afex Agencia de Valores is a CMF-regulated Chilean securities agency founded in 1978 that executes international SWIFT bank transfers to 60+ countries in 150+ currencies at a flat USD 25 fee, plus FX exchange, forward hedging, USD credit card payments, and securities brokerage, serving more than 5,000 business clients in Chile's import/export sector and individual clients through digital portals and an expert trading desk.

Ownership category

akta.pro rank

Product category

Cross-Border Payments and Foreign Exchange Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Credit Intermediation and Related Activities (522)

SIC

International Affairs (9721), Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

International Wire Transfer Processing (SWIFT/Correspondent Banking) (FSAMAHAB)

akta.pro secondary industry

Cross-Border & FX Payments Platforms (BPAMAFAK)

Keywords

• International money transfers
• Foreign currency exchange
• FX hedging services
• Cross-border payments
• Securities brokerage services

Headquarters

HQ city

Las Condes

HQ country

Chile

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. International Transfer Fees: Flat fee of USD 25 per international transfer, regardless of amount, destination, or currency. Revenue is generated through transaction fees on SWIFT-based cross-border payments.
2. Currency Exchange Spread: Revenue generated from the spread between the exchange rate offered to clients and the market rate when converting CLP to foreign currencies (USD, EUR, CNY, INR, and 150+ other currencies). The exchange rate is agreed upon at the time of quoting via the trading desk or portal.
3. Forward Contracts: FX hedging tool allowing clients to secure today's exchange rate for future operations. Provided as part of the service offering to attract and retain businesses managing import/export currency exposure.
4. Credit Card Payment Processing: Clients pay their USD-billed Chilean credit cards through Afex AV. Revenue is derived from a favorable exchange rate spread compared to what banks offer.
5. Securities Brokerage: Intermediation of equity transactions, connecting buyers and sellers of securities with personalized service from financial market specialists.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Afex is a CMF-regulated Chilean securities agency (Agencia de Valores) that delivers cross-border payments and foreign currency services for businesses and individuals. The company executes international SWIFT bank-to-bank transfers from Chile to 60+ countries in 150+ currencies at a flat USD 25 fee, provides FX exchange and forward contracts for hedging, processes USD credit card payments, and offers securities brokerage, all accessible through a self-service portal, mobile app, or dedicated account managers.

Product overview

Afex AV is a unified financial services platform offering international and domestic money transfers, currency exchange, credit card payment services, FX hedging instruments, and securities brokerage. The core offering centers on international SWIFT transfers in 150+ currencies with a flat USD 25 fee, supported by a Mesa de Dinero (Trading Desk) for personalized service. Clients can operate through client and payment web portals (portalcliente.afexav.com, portal.afexav.com), a mobile app (iOS/Android), or assisted by account executives. Key products include International Transfers, Domestic Transfers in Foreign Currency, Currency Exchange, Credit Card Payments in USD, Forward Contracts, Received Orders/Export Returns, and Securities Brokerage. The company has operated since 1978, serving both corporate and individual clients in Chile.

Differentiator

Problem solved

Functional benefit

Products and services

• International Transfers (SWIFT) Bank-to-bank international money transfers from Chile to 60+ destinations via the SWIFT network, supporting 150+ currencies with a flat USD 25 fee per transaction regardless of amount or destination; available through the client portal, mobile app, or assisted execution by a dedicated account executive.
• Domestic Transfers in Foreign Currency Converts Chilean pesos to US dollars or euros and transfers funds to domestic foreign currency accounts, enabling payments to local suppliers in foreign currency or the funding of USD/EUR-denominated Chilean accounts.
• Currency Exchange (Compra y venta de divisas) Foreign currency buying and selling service supporting currency conversion for international payments, receipts, and FX risk management, executed 100% via bank transfer with no cash handling.
• Credit Card Payment in USD Service enabling clients to pay Chilean-issued credit cards billed in US dollars by transferring CLP to Afex AV, which converts and sends USD to the issuing bank, delivering a more competitive exchange rate than the banks offer directly.
• Forward Contracts / FX Hedging Currency forward contracts that allow clients to lock in today's exchange rate for future transactions, providing protection against FX volatility with no additional cost, supported by direct expert assistance.
• Received Orders / Export Returns Service for receiving international funds in foreign currency (USD, EUR) targeted at exporters, freelancers, and professionals, with conversion to CLP at competitive rates for deposit into Chilean bank accounts.
• Securities Brokerage Equity intermediation service connecting buyers and sellers of securities, backed by more than 40 years of market experience and personalized attention from financial market specialists.

Quantifiable outcome

• Flat fee of USD 25 per international transfer regardless of amount, currency, or destination — significantly lower than bank fees for large transfers
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• American Express (AMEX)coreChannel Partner/ Reseller/ Distributor · 25 July 2025Afex AV partnered with American Express to enable clients to pay their AMEX corporate and personal credit card bills in USD through Afex AV's international transfer infrastructure. Starting July 25, 2025, AMEX ceased direct payment services in Chile, and Afex AV began offering payment via its SWIFT transfer service at a flat USD 25 fee. Afex AV previously co-developed and launched the first AMEX corporate card payment portal in Chile in May 2020 with the Cámara Chilena Norteamericana de Comercio.
• SWIFT (Society for Worldwide Interbank Financial Telecommunication)coreTechnology or IntegrationSWIFT is the core messaging and transfer network infrastructure used by Afex AV for all international bank-to-bank transfers. Afex AV operates as a SWIFT member institution, enabling it to send irrevocable international transfer messages and provide clients with SWIFT proof of transaction.
• KPMGminorOthersKPMG logo is displayed on the Afex AV website footer alongside other institutional partners, suggesting KPMG provides auditing, compliance, or advisory services to Afex AV.
• JP MorganminorOthersJP Morgan logo is displayed on the Afex AV website footer, suggesting a banking correspondent or settlement relationship supporting Afex AV's international transfer operations.
• Deutsche BankminorOthersDeutsche Bank logo is displayed on the Afex AV website footer, suggesting a banking correspondent or settlement relationship supporting Afex AV's international transfer operations.
• BNY MellonminorOthersBNY Mellon logo is displayed on the Afex AV website footer, suggesting a custodial or settlement banking relationship supporting Afex AV's international transfer and securities brokerage operations.
• BH ComplianceminorOthersBH Compliance certified Afex AV in compliance with Chile's Law 20.393, which establishes the criminal responsibility of legal persons for money laundering, terrorist financing, bribery, and handling of stolen goods.
• CMF (Comisión para el Mercado Financiero / Financial Market Commission)coreOthersCMF is Chile's financial regulator that oversees and regulates Afex AV as a registered securities agency (agencia de valores) and part of Chile's Formal Exchange Market. CMF is not a commercial partner but the primary regulatory authority.
• Central Bank of Chile (Banco Central de Chile)coreOthersAfex AV is part of Chile's Formal Exchange Market (Mercado Cambiario Formal), supervised by the Central Bank of Chile. The Central Bank establishes the regulatory framework within which Afex AV operates its foreign exchange business.
• Cámara Chilena Norteamericana de Comercio (AmCham Chile)minorStrategic or Co-development PartnerAfex AV participated in a joint event with the Cámara Chilena Norteamericana de Comercio to launch the AMEX corporate card payment portal in May 2020, with attendance from major companies such as DELL, PHILIPS, ESTEE LAUDER, and NOKIA.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Wise (formerly TransferWise): Wise offers international money transfers and multi-currency accounts with transparent fee structures across 150+ currencies. Directly comparable to Afex AV's core SWIFT-based international transfer and FX exchange offering, though at materially greater scale and geographic breadth.
• OFX: OFX is a global provider of international money transfers and FX services targeting businesses and individuals. Highly comparable to Afex AV in niche focus on FX and cross-border payments for SMB and enterprise clients, including forward contracts and hedging tools.
• Remitly: Remitly provides cross-border remittances and international money transfer services with a digital-first model. Overlaps with Afex AV's cross-border transfer and FX business, particularly for individual and SMB segments moving money between LATAM and other regions.

Regional players

• dLocal: dLocal is a LATAM-focused payments infrastructure provider enabling global merchants to accept and disburse payments across emerging markets including Chile. Comparable as a regional payments operator serving cross-border flows into and out of Chile, though more merchant-acquirer focused than Afex AV's B2B FX focus.
• Global66: Global66 is a LATAM-focused digital cross-border payments platform offering multi-currency accounts and transfers across South America including Chile. Directly comparable to Afex AV in serving Chilean SMBs and individuals needing cross-border LATAM payments.

Broad incumbents

• Western Union: Western Union is the global incumbent in cross-border money transfer, operating a vast agent network and digital channels worldwide. Overlaps with Afex AV's international transfer offering but at materially greater scale and with broader retail/consumer reach.
• Xoom (PayPal): Xoom is PayPal's international money transfer service offering digital cross-border remittances and bill payments. Comparable cross-border transfer functionality to Afex AV, with stronger brand recognition and digital infrastructure in LATAM.
• MoneyGram: MoneyGram is a global money transfer operator with digital and physical channels in 200+ countries. Comparable to Afex AV in cross-border transfer services, though Afex AV is more specialized for Chilean import/export B2B clients.

Emerging players

• Bitso: Bitso is a LATAM crypto-asset exchange and FX provider offering cross-border payment rails between Mexico, Argentina, Brazil, and Chile. Comparable to Afex AV in FX and cross-border payments within LATAM, though using digital-asset infrastructure.
• Conduit: Conduit is a LATAM-focused B2B payments platform enabling cross-border payouts for businesses operating in emerging markets. Comparable to Afex AV in serving import/export businesses with cross-border payment needs across LATAM, though focused on payout infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/AfexAV
• LinkedInlinkedin.com/company/afex-agencia-de-valores-ltda-
• Facebookfacebook.com/Afex-Agencia-de-Valores-105073798120009

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Afex