FairFX is a UK-based multicurrency card, business current account, currency exchange, travel cash, money transfer and international payments provider. FairFX is popular for its convenience, ease of use, excellent customer service, favorable fees, and speed. FairFX offers services to both individual and business clients.
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FairFX Sign up
You will need to sign up on FairFX website before using its services. Provide account details, personal details, security details, and contact details. Then, all details will be verified and your account will be ready for use. FairFX app is also available for both Android and iOS, which you can use for many things such as opening a FairFX account, load funds into your FairFX card, report a stolen or lost card, order a new currency card, and more.
FairFX Services
FairFX provides a wide range of services including:
- Currency cards. FairFX Everywhere Card is a multi-currency card you can in over 190 and in 15 currencies.
- International currency transfers. Send money abroad with zero fees and zero commission.
- Travel money (cash). Free cash deliveries in 40 currencies straight to your home.
- Money management for businesses. Pay suppliers, business partners or employees worldwide, global business money transfers, and manage business expenses.
- Business current account. The Fair Everywhere business account allows businesses to manage all ybusiness banking and international money transfers in one current account with balances in Sterling, Euro and US Dollar.
- Broker platform. Secure forex services for your clients under your own brand.
Other services include forward contracts, exchange rate alert emails, limit orders so you can set a target exchange rate, and stop loss contracts to minimize risks if the market goes against you.
FairFX Card Review
The FairFX prepaid card is a multi-currency card that allows you to hold balances in 15 major currencies, top up, move money between them, and spend around the world. FairFX provides currency cards in pounds sterling, euros, and dollars. You can fund and preload these cards with any of the three currencies and later use them anywhere Mastercard is accepted. FairFX currency cards are the Euro Card, Dollar Card, the Equals Go Card, and the FairFX Everywhere Card.
FairFX Linked Cards allow you to use the same balance in any of the 15 currencies with your children, family group, nannies, gardeners, etc.
FairFX Travel Money Services
FairFX converts and delivers travel money to you. You can fund your travel money purchase over the phone or online then FairFX delivers the money to you. If you place your order before 1PM, you may have your money delivered to you on the next working day.
FairPay International Money Transfer Service
FairFX’s FairPay International Money Transfer Service facilitates international money transfers. The service allows you to make international payments without any fixed fees or commission fees. To access this service, you will first need to open an account with FairFX and login to their online platform or call their service center. Then, choose where you want to send money including the recipient’s details and how much you want to send. FairFX will provide an exchange rate. Next, fund the transfer (by bank transfer, credit, or debit card) and FairFX will convert your money and deposit it into the recipient’s bank account.
Business Current Account
The Fair Everywhere business account is for businesses designed to make business banking easier. The account allows clients to handle all their banking and money transfers in a single multicurrency account. Businesses can spend in over 210 countries worldwide with a Fair Everywhere debit card and automate your bill payments through direct debits or standing orders directly from your account.
FairFX Supported Currencies
FairFX supports more than 100 currencies. Some of them include GBP, EUR, USD, CNY, BGN, AUD, DKK, INR, HKD, HUF, CZK, CAD, PLN, NOR, JPY, RON, SEK, ZAR, CHF, and NZD.
FairFX Supported Countries
FairFX is extensively used in Europe and around the world. It serves more than 210 countries including France, the United Kingdom, Canada, Japan, South Africa, Australia, Spain, India, Kenya, Kosovo, Kiribati, Kuwait, Latvia, Nepal, Lebanon, Liberia, Lesotho, Libya, Nicaragua, Yemen, Lithuania, Mozambique, Liechtenstein, Norway, Malawi, Zimbabwe, Malta, Mauritius, Philippines, Mexico, Monaco, Peru, Netherlands, among others.
FairFX Payment Methods for Money Transfer
Your payment method will determine how fast the recipient receives the funds. FairFX accepts three main payment options: credit card, debit card, and online bank transfer. FairFX money transfers are sent directly to the recipient’s bank account.
FairFX Fees and Exchange Rates
FairFX makes money from exchange rate margins. The other fees you incur are third party fees that FairFX cannot control.
FairFX FairPay Fees
FairFX’s currency transfer service is labeled as FairPay. FairFX does not charge any commission or any fixed fee for sending money with FairPay. However, using a credit card to fund a transfer may attract cash advance and additional fees from the credit card provider. Also, the receiving bank may charge account fees for receiving an international money transfer. It is advisable to check with the receiving bank and your credit card providers to be clear on the fees to be paid.
For travel money services, delivery is free for orders above £750 but you will pay £3.00 for Saturday deliveries. Also, FairFX charges £5.00 for orders between £500 and £750, and £7.50 for orders below £500 (you will pay £10.50 for Saturday deliveries). Purchasing a new prepaid card costs £9.95 while the family and friends card costs £6. Other costs are listed under the Fairfx’s FAQs page.
FairFX Exchange Rates
FairFX’s exchange rates differ because of two factors; the currency pair involved and the size of your transfer (smaller transfers attract higher rates). The company offers two types of rates; online transfer rate (usually fixed at around 1.5-2% spread) and telephone rate (around 0.1% to 2% depending on volume and type of contract). All the rates for FairFX services are posted on the FairFX site and it is advisable to check them keenly since this is where FairFX makes money.
Is FairFX Safe?
Yes. FairFX has a complete privacy policy and comprehensive terms and conditions for use. Also, it is regulated and authorized by the Financial Conduct Authority in the UK to provide payment services. These services are regulated under the Payment Services Regulations, 2009. Additionally, FairFX has a Money Service Provider License from HMRC. FairFX ensures that client funds are separated from company funds and in case the company goes bankrupt, customer funds will not be compromised. Also, FairFX has a Chief Information Officer responsible for data governance and data. To protect customer data and transaction details, FairFX uses sophisticated security techniques and encryption software.
FairFX Customer Reviews
FairFX is viewed positively by its users. Customers enjoy the speed and convenience of its international money transfers. FairFX also has a reliable customer support team that is always available 7 days a week, 365 days a year. The few complaints are about its competitive exchange rates and the inability to view your account balance. It has been rated 4.6 out of 5stars on Trustpilot. For general enquiries, you can contact the support team via email – enquiries@fairfx.com, for lost or stolen currency cards call +44 (0) 1753 775 961, and call +44 (0)1244 779 900 for currency card PIN services. If you are a customer from abroad, you can reach FairFX via email on abroad@fairfx.com and for international payment enquiries, call +44 (0)20 7778 9350.
FairFX Alternatives
FairFX is an excellent money transfer service provider offering a larger range of services than most other currency providers. However, it might not be suitable for your needs or its services may not be available in your country. In this case, you might want to check out some alternatives.
Final Thoughts on FairFX Review
FairFX is a competitive international services provider offering excellent services to both personal and business clients. It is currently the only Forex provider listed on the London Stock Exchange.
