AFEX Chile

Name

AFEX Chile

Legal name

Afex Transferencias y Cambios Ltda

Website

https://afex.cl

Company type

Private

Founded year

1978

Operating status

Operating

Ownership category

akta.pro rank

Product category

Foreign Exchange & Remittance Services

SIC

Finance Services (6199)

akta.pro primary industry

Cross-Border & FX Payments Platforms (BPAMAFAK)

Keywords

• International money transfers
• Currency exchange services
• Cross-border remittances
• Corporate SWIFT transfers
• Bureau de change

Headquarters

HQ city

Santiago

HQ country

Chile

HQ region

Latin America

Offices51 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. International Money Transfer Fees: Transaction-based fees charged on international money transfers. Standard rate from 1.3% per international transaction, with promotional rates and special corridor pricing. Additional revenue from payment method fees (credit/debit cards).
2. Currency Exchange Spread: Revenue generated from the bid-ask spread on buying and selling foreign currencies. Exchange rates vary by branch based on local supply and demand. No minimum/maximum transaction amounts, allowing both micro and macro transactions.
3. Card Payment Processing Fees: Fees charged when customers use credit (2%) or debit (1%) cards for currency purchases and money transfers via Transbank.
4. Corporate SWIFT Transfer Services: International wire transfer services for corporate clients (importers/exporters) with faster processing than banks and transparent pricing.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

AFEX Chile is a non-bank financial services provider specializing in international money transfers and foreign currency exchange. The company operates a 46-branch physical network across Chile alongside a digital platform (Afex Connect app and web), enabling retail customers and businesses to send remittances to 200+ countries, exchange 100+ currencies, and execute corporate SWIFT transfers via its dedicated Afex AV division.

Product overview

AFEX Chile operates as a financial services company offering currency exchange and international money transfer services with over 45 years of market experience. The product portfolio centers on three core offerings: (1) Afex Connect - a digital platform for money transfers to 200+ countries and currency exchange; (2) Afex AV (Agencia de Valores) - a corporate SWIFT transfer service for business payments; and (3) Physical branch network for in-person currency exchange and remittance services. Additional products include USD purchase, credit card payment in USD, and GEA assistance packages. The company processes over 15,000 daily transactions across 50+ branches, supporting 100+ currencies and transfers to 200+ countries.

Differentiator

Problem solved

Functional benefit

Products and services

• Afex Connect Digital platform (web and mobile app) for international money transfers, enabling users to send money to 200+ countries with real-time exchange rates, transaction tracking, and multiple payment options including WebPay, bank transfer, and Sencillito. Designed for retail and small-business senders needing self-service access.
• Afex AV (Agencia de Valores) Corporate transfer service via SWIFT for international payments to 60+ countries, designed for import/export business payments with personalized service and credit within 24 business hours. Features a dedicated web portal and assigned account executives.
• Currency Exchange (Cambio de Divisas) Purchase and sale of foreign currencies at branch locations. Offers 100+ currencies with exchange rates varying by branch based on local supply and demand throughout the day. Available at 46+ branches nationwide, no commission charged, no minimum or maximum transaction amounts.
• Money Remittance (Envíos de Dinero) International money transfer service to 300,000+ payout points worldwide. Supports transfers to Peru, Colombia, Bolivia, Argentina, and 200+ other countries via agent network and bank deposits, with multiple payment methods (cash, debit/credit cards, bank transfer, Sencillito).
• Remittance Receiving (Remesas) Service for receiving international remittances in Chile. Supports payments to beneficiary bank accounts or cash withdrawal at Afex branches upon presentation of ID and 8-digit reference number.
• USD Purchase (Compra USD) Online dollar purchasing service with competitive exchange rates. Process is fast, secure, and backed by 45+ years of Afex experience in currency markets. Enables customers to buy USD for travel, savings, or payment of dollar-denominated obligations.
• Credit Card Payment in USD (Pago de Tarjeta de Crédito en USD) Service for paying credit card debts denominated in USD. Customer purchases dollars at optimal exchange rate and Afex processes payment to the specified card to avoid unfavorable bank rates. Requests must be submitted at least 24 hours before the card due date.
• GEA Assistance Package (Paquete de Asistencia GEA) Supplementary assistance service product offering various support packages. Sold as an add-on through retail locations and branches with one-time payment access to different assistance levels.

Quantifiable outcome

• Fast international money transfers with most countries receiving funds on the same day
• +4 more outcomes

Named customers7 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

Integration7 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• GEA (Asistencias)minorStrategic or Co-development Partner · 20 February 2026GEA is an assistance service product (asurance/assistance package) offered as a complementary product in retail and corporate settings. Afex launched a promotional campaign at its Estación Central branch to incentivize GEA product subscriptions among remittance customers. The campaign awarded supermarket gift cards to customers who subscribed to GEA assistance services during the promotion period (February-March 2026).
• Banco Ganadero (Bolivia)coreChannel Partner/ Reseller/ Distributor · 15 January 2026Banco Ganadero is the designated paying agent for Afex's money transfer service to Bolivia. Special promotional rate of $0.99 USD per transfer exclusively via Banco Ganadero, valid from January 15 to December 31, 2026. This agent partnership enables the Bolivia remittance corridor with competitive pricing.
• Mercado Urbano Tobalaba (MUT)minorStrategic or Co-development Partner · 11 November 2025Mercado Urbano Tobalaba (MUT) is a shopping center in Santiago. Afex co-organized a children's drawing contest ('La Amistad No Tiene Fronteras') with MUT, targeting children aged 4-12. Afex's new branch (S-301-10) at the MUT mall's Level -3 was featured as the prize collection point and exhibition venue for winning drawings. Winners received tablet and gift card prizes.
• PIX (Brazilian Instant Payment System)coreTechnology or Integration · 8 July 2025PIX is Brazil's instant payment system operated by the Banco Central do Brasil. Afex accepts PIX as a payment method for exchanging Brazilian Reais for Chilean Pesos at 15 branches in Chile, including Costanera Center (both locations), Parque Arauco, Providencia, El Bosque, El Faro, Agustinas, Catedral, Matías Cousiño, Moneda, Mall del Centro, Los Dominicos, Puerto Montt, Puerto Varas, and Mall Puerto Montt. No fee charged for PIX transactions. Customers present ID, scan Afex's QR code, and complete the transfer via their bank's PIX app.
• SencillitocoreChannel Partner/ Reseller/ Distributor · 28 October 2024Sencillito is a nationwide payment network in Chile enabling cash payments for money transfers. Afex partnered with Sencillito to allow customers who initiate transfers digitally (via Afex Connect app or web) to pay in cash at any Sencillito point across Chile. This partnership extends Afex's offline reach while enabling cash-preferring customers to access digital services. A promotional period with zero payment commission ran until May 1, 2025.
• Nequi (Bancolombia)coreTechnology or Integration · 28 August 2024Nequi is Bancolombia's popular electronic wallet in Colombia. Afex enables direct remittance transfers from Chile to Nequi accounts, with recipients needing 'abono automático' (auto-credit) enabled. The beneficiary receives a notification when a transfer arrives and must accept it to complete the credit. This integration targets the Colombia-Chile remittance corridor.
• YapecoreTechnology or Integration · 17 January 2024Yape is Peru's leading digital wallet with over 14.5 million users and 250+ million monthly transactions. Afex integrated Yape as a payment and receipt option for Peru remittances, enabling transfers to Yape wallets (in soles or USD) and supporting bimoneda (dual-currency) wallet functionality. Transfers are credited directly to the recipient's Yape app with an operation number for tracking.
• KPMGcoreOthers · 7 September 2023KPMG conducts annual financial audits of Afex's financial statements, providing independent external validation of the company's financial health and corporate governance as part of its regulatory compliance framework.
• BH CompliancecoreOthers · 7 September 2023BH Compliance provides certification of Afex's anti-money laundering and counter-terrorism financing (AML/FT) prevention model in compliance with Chilean Law N°20.393 (Corporate Criminal Liability). The certification is current and provides institutional credibility for Afex's compliance framework.
• TransbankcoreTechnology or Integration · 6 September 2023Transbank is Chile's principal payment processor for card transactions. Afex processes credit card (2% fee) and debit card (1% fee) payments for currency exchange purchases and money transfers through Transbank's infrastructure. All card fees are subject to VAT and apply to both in-branch and digital channel transactions.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Western Union: Global money transfer and currency exchange operator with extensive agent network. Most directly comparable to AFEX Chile given overlapping remittance + FX business model and physical retail agent distribution, though serving vastly broader geography.
• MoneyGram: Global MTO and remittance provider with comparable cross-border consumer transfer and FX services. Direct competitor in Chilean outbound remittance corridors, especially to Latin America.
• Ria Money Transfer: Money transfer service owned by Euronet Worldwide, operating a global agent network similar to AFEX. Competes on similar corridors with comparable pricing and retail pickup model.
• Wise: Digital-first cross-border payments company offering low-fee international transfers at mid-market FX rates. Direct competitive threat to AFEX's digital remittance offering given lower cost structure and strong brand among digitally native senders.
• Remitly: Digital remittance fintech focused on immigrant corridors globally. Active in Chile's outbound corridors with competitive pricing and app-first UX, positioning it as a direct digital competitor to Afex Connect.
• WorldRemit: Digital cross-border money transfer service operating across 130+ countries. Comparable in targeting immigrant remittance senders with mobile-first UX, competing directly with AFEX in major LatAm corridors.
• Xoom (PayPal): PayPal-owned digital remittance service enabling money transfers to bank accounts, mobile wallets, and cash pickup. Operates in similar corridors as AFEX with comparable digital-first service model.
• Small World Money Transfer: Specialized remittance provider with strong presence in LatAm and immigrant corridors globally. Directly comparable business model focused on retail money transfers with agent-based cash payout.

Emerging players

• Global66: Chilean-founded fintech offering multi-currency accounts and cross-border payments across LatAm. Emerging digital-native competitor targeting Chilean SMBs and individuals for FX and remittance — overlapping with AFEX's customer base but with a pure-digital model.
• DolarApp: Chilean-founded fintech offering USD-denominated digital accounts to LatAm users. Adjacent competitor that addresses the same Chilean consumer pain point (access to USD) without the cash-exchange overhead.

Market position

Strengths5 records

Weaknesses3 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• TikToktiktok.com/@afexchile
• Xx.com/afexchile
• LinkedInlinkedin.com/company/afex-chile

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

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 Chile