Forexfix FAQ

Who can use Forexfix?

Forexfix was developed for general and financial managers as well as accountants of small and medium sized enterprises. Via the Forexfix platform, you can carry out foreign currency payment transactions at better rates than via traditional banks. At the same time, you protect yourself from currency fluctuations (via hedging transactions)

  • All EU Member States: Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom & Northern Ireland, United Kingdom, United Kingdom, United Kingdom, United Kingdom,
  • Other countries: Australia, Canada, China, Hong Kong, India, Iceland, Israel, Japan, Liechtenstein, New Zealand, Norway, Singapore, South Africa, South Korea, Switzerland, Taiwan, USA

Companies from the above-mentioned countries can use Forexfix to send payments to almost 200 countries worldwide - without minimum or limits.

Private individuals can use Forexfix from a transaction volume of at least 100,000 euros per year.

Who is Forexfix?

Forexfix is a Berlin-based Fintech Startup. Forexfix was founded in 2016 by a team of highly experienced bankers and developers. The executive management has gained experience for more than 30 years within large companies like the KfW bank, the management consultancy McKinsey and the financial provider Hypoport. For further information, click here

Which documents do i need for the registration of Forexfix

For the registration process, all you need to do is scan both sides of your passport and upload them on our website. We take care of the rest of the required documents (in most cases this includes a proof of address, a company registry extract and a credit check) - from your side, no further action is needed.

Do I need a LEI number for exchange rate hedging?

Unlike banks, Forexfix does not require a LEI number for exchange rate hedging. "("legal entity identifier"). This saves you the time-consuming, complicated and costly application for a LEI. With Forexfix you do not need a LEI, as the processing is carried out by our partner Currencycloud Ltd. in Great Britain and this is not necessary according to the legal requirements there.

How much does the registration and verification at Forefix cost?

The registration and verification process is completely free of charge.

How exactly does Forexfix handle the hedge of currency rate risks?

Forexfix offers direct transfers, as well as hedging exchange rates in the future. Currently, in most cases, those are forward exchange transactions.

How can I delete my Forexfix account?

If you are not satisfied with us anymore, just send us a formless notice via email.

Are there limits per transaction?

For security reasons, we set a limit of 100,000.00 EUR per transaction for all registered accounts. Client admins (for example managing directors) can independently set separate limits for other users of those client accounts (such as account managers).
In order to increase the limit per transaction please send a short, informal email to our support team including the desired limit.

When can I use my Forefix account?

Once the registration process is completed, you will receive an email-confirmation. You will now have access to your account.

How long does it take to register and get verified?

We take the customer verification process and existing anti-money laundering laws very seriously, so the approval process takes between 1-5 days.

How do I incorporate foreign currencies bought through Forexfix in my annual statements?

Forexfix sends a confirmation of balance to every customer at the end of each year, so that they can incorporate purchased (but not yet disbursed) foreign currencies or forwards contracts scheduled for the next year into their annual statements.

What costs will I be facing as a customer?

In general all costs are included in the transaction price - along with our commission. The markup on top of the mid-market rate varies between 0.1 and 0.5 %, making Forexfix significantly less expensive than other providers.

Is there a minimum sum or a minimum amount per transaction?

No, unlike other financial service providers we do not require a minimum sum per transaction. As well, there are no guidelines regarding the amount of transactions. With Forexfix you transfer or hedge only the specific sum you need.

What happens if the hedged rate is below the future market rate?

Our mission is to protect enterprises from currency rate fluctuations. We want to provide our customers with a stable and foreseeable cash flow, as far as foreign currencies are concerned, and are not a platform for speculative activities. This is why, when booking forwards, the hedged rates remain regardless of market movements.

What is the difference between wire and ACH payments to the US?

In the US some banks use two different systems to receive money, ACH for national payments and wire for international payments, and some banks have separate routing numbers for these systems. Forexfix sends funds always through the ACH system and the corresponding routing numbers, as far as this is possible.

How long does a transaction via Forexfix take?

The exact transaction time depends on the country and bank account of the receiver. Past experience shows that it takes between 1-3 days until the transaction is booked on the account of the beneficiary.

How can I release the payment to Forexfix?

You can choose between 2 different methods to release the payment: 
Payment release directly from the Forexfix Account: Via your Forexfix account you have access to your online banking system (only for DACH customers). With a few clicks you can trigger the payment - there is no need to leave the Forexfix account. To this, just click on the button "Pay now". 
SEPA bank transfer: Alternatively, you can make the transfer in a separate step, in your online banking account. Under the menu "account information" "open orders" you have access to the bank account details of the partner bank.

What information do you need regarding the receiver’s bank account?

We need to know the name of the recipient of the payment so that we know which bank account the payment will be transferred to. The exact requirements depend on the guidelines of the country to which the money will be transferred. Regarding this, please check the specific requirements under the point "order overview."

Which currencies are available at Forefix?

Currently we offer payments in 30+ currencies to 100+ countries. Below all offered currencies:
Australian Dollar
British Pound
Bulgarian Lev
Canadian Dollar
Czech Crown
Chinese Yuan
Croatian Kuna
Danish Krone
Hongkong Dollar
Israeli Shekel
Japanese Yen
Kenyan Shilling
Mexican Peso
New Zealand Dollar
Norwegian Krone
Omani Rial
Polish Zloty
Romanian Leu
Saudi Arabian Rial
Singapore Dollar
Schwedish Krone
South African Rand
Swiss Franc
Thai Bhat
Turkish Lira
Ugandan Shilling
Ungarian Forint
VAE Dirham
Qatar Riyal

Can I transfer US Dollars to China?

Yes! Via Forexfix you can send US Dollars to accounts in China without any limits or restrictions.

To which countries can Forexfix not yet transfer money?

Due to regulatory reasons Forefix can not transfer money to the countries and regions listed below:
North Korea
South Sudan
We ask Forexfix customers to refrain from attempting even indirect payments (through third party countries) to the above countries and regions.

What costs will I be facing when I have to cancel an order?

In exceptional cases we can cancel transactions posted in the past. On this occasion you have to bear the cost of the difference of the currency fluctuations between the time when placing and canceling the offer. Those costs only occur if the price movements are against your pay-in currency.

Within which timeline can I cancel my order?

In exceptional cases you can cancel your order, but only before the final payment is done.

What if I have to change the date for a future transaction?

In certain cases it is possible to change the date of posted future transactions. In this case, the difference between the market rate for the old and the new date has to be paid by the customer, in case this has worsened.

Which terms and conditions are subjected to the use of Forexfix?

Our clients accept the terms and conditions when registering at Forexfix. The terms and conditions that you accept are those from the payment engine Currencycloud. Outside of the registration process, these are also available on the Currencycloud website.

What is the regulatory setup and what does the relationship with Currencycloud mean?

The service is provided by The Currencycloud Limited, The Steward Building, 12 Steward Street, London, E1 6FQ, Great Britain. The Currencycloud Limited possesses a Financial Conduct Authority license. That means that they are authorised to provide payment services under FCA registration number 900199. Forexfix GmbH is contractually bounded with The Currencycloud Limited but does not possess an independent license.
Forexfix GmbH is registered in the commercial register of Charlottenburg under the number HRB 184521 B. It was founded in February 2017. The managing directors are Robert Kröber, Gerhard Maringer and Jonathan Loesing. The shareholders are the managing directors itself and a group of experienced investors.

Who takes on the responsibility for the federal bank regarding the reporting obligation?

Each payment that goes to a foreign country exceeding 12500 EUR has to be reported to the German Federal Bank. According to official law, the responsibility to do so remains on the customer, however, banks often take the responsibility for that already.
Forexfix does not get involved in this process - but this often not necessary, due to the fact that the completion of foreign payments and hedges is handled by accounts in London. That means, that as a first step all of the payments will be transferred from Germany to England. Consequently as a first step all the payments going from Germany to England are reported by German banks as foreign payment transactions.
If you would like Forexfix to take care of these reports, please write us a message under

How does Forefix cooperate with partner banks?

We use API technology to integrate partner banks. This allows us to publish the most current currency rates. Our algorithm chooses the best alternative depending on the sum, the currency pair, the timeline and the financial product.
At the moment, all transactions are routed via Currencycloud. For further information click here.

What exactly is API-Banking and what are the advantages?

Thanks to the use of API (application programming interface) we are able to provide faster access to a third party data bases. This ensures a cost-effective process and a fully automised booking with several partner banks in order to offer competitive products.
For further information regarding APIs, click on the link provided here.

Can I integrate Forexfix in the internal ERP or accounting system of my company?

Currently we are working on several integrations. If you are interested in API access from Forexfix, please contact us.

How does Forexfix guarantee the safekeeping of my funds?

Funds kept in Forexfix for forward contracts are handled by our payment engine (01.03: Currencyloud Ltd) and stored in separate accounts. This gives you assurance that your money is safe in the unlikely event of an insolvency or liquidation of Forexfix.

Which regulatory requirements is Forexfix subjected to?

Forexfix cooperates exclusively with European regulated financial institutions. Because we do not manage client’s money ourselves, but only handle the relationship between the customer and the partner financial institution, we are not required to have our own license.
For further information regarding our regulations, click here.

How does the Forefix Referral-Program work?

When recommending Forefix to other companies, you will receive a little gift as a "Thank you". Regarding to this, there are several options - just contact us to get more information.

Who can I contact if I have further questions?

Feel free to contact our customer service any time at or use the live chat on

Can I reach Forexfix as well via phone?

Yes, you can reach us during our office times from 9:00 am to 7:00 pm under the following number +49 30 1208 3151.