An alternating bimetallic {(H3O)[Ni(III)(cyclam)][Fe(II)(CN)6]·5H2O}n chain undergoes reversible dehydration at 40 °C accompanied by electron transfer which leads to Ni(II)-Fe(III) in about 50% of metal centres. The hydrated dark blue form is a paramagnet while the dehydrated yellowish-green form shows ferromagnetic coupling between neighbouring Ni(II) and Fe(III).