FairFX - Independent review

All you need to know before sending money with FairFX

A complete range of international payment and money transfer services. Extremely well-regarded by customers and praised for speed, efficiency, and ease-of-use. Slightly less competitive exchange rates for smaller transfer amounts.

7.10/10 Good
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FairFX review by Monito

FairFX is a specialized, UK-based money transfer and currency exchange provider that offers three main services — currency cards, international payments, and travel cash. They have been in business since 2007 and provide currency exchange and money transfer services for people funding transactions in pounds sterling.

Their extensive range of services makes them very popular with customers, with over 90% of their reviews being extremely positive. They provide both an online transfer service and a currency exchange call center for money transfer needs. They also have a price promise for their currency exchange, offering to refund the difference if you find a better deal elsewhere.

FairFX do not charge any extra fees for their FairPay international currency exchange service. Their exchange rates are competitive if you are transferring higher amounts, but for lower amounts another currency provider could get you a slightly better deal.

We recommend FairFX for convenience, speed, and excellent customer service. Although you may pay slightly more in exchange rates, their lack of fees combined with their range of services make them an excellent choice for your currency transfer needs.


PROS
  • A larger range of services than most other currency providers — currency cards, international payments, and travel cash.
  • Easy to use online service for international payments, travel cash, and currency cards.
  • Currency exchange service center available by phone, good for reassurance when transferring larger amounts.
  • FairFX provides a price promise.
  • Currency cards can be preloaded in the local currency and used like credit or debit cards anywhere that takes Mastercard.
  • Travel money can be ordered for secure delivery the next day.
CONS
  • There are a limited number of countries you can transfer money to.
  • The lowest amount you can send is £100.
  • Exchange rates do vary based on the amount sent.
  • Sending lower amounts means exchange rates are less competitive.




Transferring a Large Amount Abroad?

Make the Most of Your Currency Exchange



Reviews powered by

5,358 customer reviews on FairFX on Trustpilot


01/29/2018
by Gary Jameson

4 stars

Would recommend

Easy to use and had no issues using at any outlets/shops or theme parks, but only downside is getting charged to withdraw cash from ATM's,

01/28/2018
by Sari Armitage

4 stars

Excellent ,it's easy and simple

Excellent ,it's easy and simple

02/05/2018
by Susan Baker-Bates

5 stars

Stress free money transactions.

I am a small money transactor yet each and every transaction I am served with courteously, efficiently and speed. There is always someone on hand to...Read more

I am a small money transactor yet each and every transaction I am served with courteously, efficiently and speed. There is always someone on hand to respond to any enquiries.


More reviews

02/04/2018
by Mr Hall

5 stars

Great service

Great service, good fx rates

02/03/2018
by s allan

5 stars

Would strongly recommend this card

We got this card after my debit card got cloned when used abroad. It was easy to set up and we have had no problem using it. The exchange rate has been...Read more

We got this card after my debit card got cloned when used abroad. It was easy to set up and we have had no problem using it. The exchange rate has been very competitive when we have topped up. It feels a very secure way to take euros abroad.

02/02/2018
by Betty

5 stars

It's the best currency card I've had..

It's the best currency card I've had. No problem using it abroad. Accepted in all places I have been.

02/02/2018
by Simon Butler

5 stars

Very easy to use!

Ordered an FX Card immediately after the Brexit vote as it was the only way to secure some euros at a decent rate. Been using it since, topping up when...Read more

Ordered an FX Card immediately after the Brexit vote as it was the only way to secure some euros at a decent rate. Been using it since, topping up when the rate is favourable. Easy to use and top up and has been accepted everywhere I have used it.

02/02/2018
by Drew cansfield

5 stars

Useful card for far flung places!

Card was used with no problems due to card in India.

02/02/2018
by Robert

5 stars

Excellent

Excellent – no reservations, I would recommend this service to anyone.

01/31/2018
by Andrew Greenland

5 stars

Excellent company

Excellent company, I have had the need to ring them several times in the past to sort out a particuarlly difficult problem and they were excellent,...Read more

Excellent company, I have had the need to ring them several times in the past to sort out a particuarlly difficult problem and they were excellent, making the extra effort that many companies wouldnt in order to reach a more than satisfactory conclusion. Ease of use of cards wonderful. Top Marks

01/31/2018
by Janice Bliszczak

5 stars

Great service and competitive rates.

Great service and competitive rates.

01/29/2018
by Stephen Bourne

5 stars

Efficient effective and easy

Simple to use web site, very low costs, great exchange rates an£ regular updates.

01/29/2018
by Carol

5 stars

No problems at all with card in USA.

No problems at all with card in USA.

01/28/2018
by George Streeting

5 stars

Absolutely brilliant

Absolutely brilliant especially when I'm travelling. Makes life easy when you can check your account and top it up as and when required.

01/28/2018
by Jeffrey

5 stars

The Card is a really useful addition to …

The Card is a really useful addition to any trip to Europe.

01/28/2018
by Reece Worsfold

5 stars

I've been using the FairFX card now for …

I've been using the FairFX card now for 4 month's in Nepal and China. I've had no problems with it.

01/28/2018
by Philip

5 stars

Highly efficient service always.

Highly efficient service always. The technology always works well to ensure your card is topped up and replaced when necessary.

01/27/2018
by D.A.

5 stars

Great service

I've used FairFX for over a year now and I'm super satisfied with them. No complaints, transactions are smooth and speedy and rates are just the best...Read more

I've used FairFX for over a year now and I'm super satisfied with them. No complaints, transactions are smooth and speedy and rates are just the best available.

01/27/2018
by David Redman

5 stars

All good so far

All good so far

01/24/2018
by carol McKirdy

5 stars

I think this card is great I have …

I think this card is great I have introduced a few of my friends and they all have one fantastic for shopping in US and always great tates

01/24/2018
by Mark Sandland

5 stars

Excellent Card andAlp

Excellent. Easy to use and meant we had no fees when we were in Vegas compared to using our standard bank cards.

01/24/2018
by Ken McDowell

5 stars

Easy to use

Easy to use, very good rates and no hidden fees

01/23/2018
by Carly Hutton

5 stars

So convenient and user friendly :)

So convenient and user friendly :)

01/23/2018
by Richard Gray

1 stars

Absolutely terrible company to deal with

Absolutely terrible company, do not use their cards. We had trouble using the card in the USA. Emailed and phoned as directed without any help. In Essence...Read more

Absolutely terrible company, do not use their cards. We had trouble using the card in the USA. Emailed and phoned as directed without any help. In Essence PIN did not work. When asked to transfer money back into my account, we were told that a straight rate transfer would take place... loss £100.00. I had to use my AMEX... loss over 30.00. Then 4 to 5 days to get cash back.. asked to speak to complaints.. was told " we don't talk to customers about complaints, you have to write in" I asked to speak to a manager , I was denied as they are ALL in meetings... every single manager... well that's the last time I use this company... all I can say is that t this level of service, this company is doomed!

01/23/2018
by Douglas Macdonald

5 stars

A superb way to manage your foriegn …

A superb way to manage your foriegn cash always a great service

01/22/2018
by Michael

5 stars

Great way of paying bills and obtaining …

Great way of paying bills and obtaining cash around the world

01/21/2018
by Janet Hodge

5 stars

Using all cards

Very useful cards to have and easy to use. Reasonable rates as well.

01/20/2018
by Steven

1 stars

Zero customer support stay away

I have a Euro card plus a dollar card I have made a terrible error on extending to a worldwide GBPound card The pin does not work and customer service is...Read more

I have a Euro card plus a dollar card I have made a terrible error on extending to a worldwide GBPound card The pin does not work and customer service is hopeless I am in Rio without the use of my FairFX card and the support I am receiving is zero On my return to the UK I will be cancelling all my cards these people are not worth dealing with

01/20/2018
by Andrew Wilson

4 stars

Painles use in Singapore, NZ and Oz.

Operationally everything went completely smoothly. Card was issued in quick time, registration and starting use was easy. No issues in using card in the...Read more

Operationally everything went completely smoothly. Card was issued in quick time, registration and starting use was easy. No issues in using card in the countries we went to (Singapore, New Zealand and Australia). And I can finish off the balance in UK with minimal charge. I haven't directly compared exchange and usage rates but took the advice of MoneySavingExpert website which rates it highly.

01/19/2018
by William Fraser

5 stars

Highly recommend

Highly recommend. Simple to use app, safe, secure, transparent. Used in many countries.


FairFX is viewed very favorably by its users, achieving a rating of 9.1 out of 10 (excellent) over 4,300 reviews on Trustpilot. 91% of reviewers rated FairFX at either four or five stars, one of the highest ratings we’ve seen for any currency exchange provider.

Users particularly enjoyed the convenience of the international currency cards and the speed and convenience of making international money transfers with FairFX. Typical comments included, “Website is refreshingly uncomplicated and works without hitch. Payments are credited to my account immediately and seem to become available to spend immediately” and “Using this card correctly has saved me from poor FX rates, commissions, fees, currency surcharges and "admin" fees - for several years now. Which would be enough, but the customer service is excellent and in every case where there has been a usage or logistical hiccup they have been there to sort it out. Rapidly, efficiently and without fuss. Problem seen. problem reported. Problem fixed.”

Of the very few negative reviews, a couple of examples are, “Exchange rates offered are usually competitive with those available locally, although for some minor currencies the rate seems disappointing.” and “The account balance is not viewable in local currency, so it is not possible to know how much is available to spend or withdraw.”

Overall though, customers are extremely pleased with FairFX’s exchange rates, speed, efficiency, convenience, and customer service.


Can I trust FairFX?

Yes. FairFX has been in business since 2007 and provides comprehensive currency exchange, money transfer, and other services to UK residents. They have a complete privacy policy and comprehensive terms and conditions. Customer reviews across multiple websites indicate that they are a trustworthy provider of international currency transfers.

They are regulated by the Financial Conduct Authority and use a secure online platform for money transfers. FairFX uses sophisticated security techniques and encryption software to protect customer data and transaction details. FairFX processes over £10 million worth of business currency card funding transactions every month with overall turnover of over £700 million a year. Their turnover is currently increasing by 45% year on year, so they are well funded, successful, and profitable.

FairFX also provides a “FairPay Price Guarantee.” They say that if you can find a cheaper online transfer (including the other provider’s fees) they will refund the difference. There are some terms and conditions for this price guarantee.

FairFX won the award for the “Best Corporate Prepaid Travel Card 2015” by Prepaid365 for their integrated Corporate Prepaid MasterCard and integrated expense platform.




How FairFX works

FairFX provides currency exchange under their “FairPay International Money Transfer” service. They allow you to fund your transfer online or over the phone and make international payments without fixed fees or commission fees.

Here’s how their currency exchange service works:

  1. Register and open an account with FairFX.
  2. Login to their online platform or call their service center.
  3. Choose where you want to send money and how much you want to send.
  4. FairFX provides an exchange rate.
  5. You fund the transfer.
  6. You can fund by bank transfer, debit card, or credit card.
  7. FairFX converts your money into the other currency.
  8. The money is deposited into the recipient's bank account.

 

The recipient details that FairFX needs include:

  • Euros — an IBAN and a BIC code.
  • Dollars — an account number and either a SWIFT code or the ABA routing number, including full bank address.


 

FairFX FairPay Fees

FairFX does not charge fixed fees or commission fees for sending money using FairPay.

  • Please note that using a credit card to fund a transfer may attract cash advance and additional fees from the credit card provider.
  • Please note that the receiving bank may charge account fees for receiving an international money transfer.
  • Check with your credit card provider and the receiving bank to understand the fees they may charge.

 

FairFX FairPay Exchange Rates

FairFX’s international payment exchange rates do vary based on a few factors:

  • The currency you are converting to.
  • The amount you are sending (larger amounts have better exchange rates).

Here’s a comparison of converting British pounds sterling to US dollars (exchange rates are correct as at 27th March 2017).

Converting £1,000 to US dollars

  • Mid-market exchange rate (baseline) — 1.254 USD per GBP — $1,254.
  • Exchange rate offered by FairFX — 1.229 USD per GBP — $1,229.
  • Difference between baseline and FairFX rate for £1,000 — $25.
  • Percentage in extra costs for using FairFX compared to baseline — 2%.

Converting £10,000 to US dollars

  • Mid-market exchange rate (baseline) — 1.254 USD per GBP — $12,536.
  • Exchange rate offered by FairFX — 1.248 USD per GBP — $12,483.
  • Difference between baseline and FairFX rate for £10,000 — $53.
  • Percentage in extra costs for using FairFX compared to baseline — 0.45%.


FairFX credit cards for international transactions


 

Currency Cards from FairFX

FairFX provides currency cards in euros, dollars, and pounds sterling. Customers can fund and preload the cards with one of these three currencies and then use the card anywhere that takes Mastercard payments. Mastercard is accepted in around 30 million locations and over 200 countries.

Here’s how the FairFX currency card works:

  1. You fund your card in pounds sterling.
  2. FairFX keeps those funds as pounds sterling or converts them to euros or dollars.
  3. Those funds are loaded on the card.
  4. You can use the card at any merchant who accepts Mastercard.
  5. Funds are deducted in euros, dollars, or are converted to pounds sterling and deducted.
  6. You can check your balance and top up your card at any time via FairFX’s website.

 

FairFX Currency Card Exchange Rates

FairFX’s currency card exchange rates do vary based on the currency you are converting to. Here’s a comparison of converting British pounds sterling to US dollars (exchange rates are correct as at 27th March 2017)..

Converting £1,000 to US dollars

  • Mid-market exchange rate (baseline) — 1.254 USD per GBP — $1,254
  • Exchange rate offered by FairFX — 1.226 USD per GBP — $1,226.
  • Difference between baseline and FairFX rate for £1,000 — $28.
  • Percentage in extra costs for using FairFX compared to baseline — 2.3%.

FairFX Currency Card Fees

There are a number of fees associated with using FairFX’s currency cards. You can find a full breakdown of fees here.


FairFX Travel Money Services

FairFX also provides travel money which they will convert and deliver to you. The exchange rates for their travel money are the same as charged for their currency cards. You can fund your travel money purchase online or over the phone and they will then send the money to you.

If you order before 1PM, you can have your money delivered the next working day. The fees associated with ordering travel money are:

  • Free delivery on orders over £750.
  • £5 fee for orders between £500 & £750.
  • £7.50 fee for orders below £500.

Additional Services from FairFX

In addition to providing international currency transfers, currency cards, and travel money, FairFX also offers the following services:

  • Forward contracts to “fix” today’s exchange rate for up to a year in advance. A deposit payment is needed.
  • Limit orders so you can set a “target” exchange rate — your transfer will only be processed if that exchange rate is met.
  • Stop loss contracts to minimize risk if the market goes against you.
  • Rate alert emails so you’ll be notified when the exchange rate meets a particular target.
  • Daily snapshots of news and economic events impacting exchange rates.

FairFX offices


United Kingdom

FairFX Plc, 3rd Floor
Vintners' Place
68 Upper Thames Street
London EC4V 3BJ


Contacting FairFX

  • General enquiries — email enquiries@fairfx.com
  • Customers abroad — email abroad@fairfx.com
  • International payment enquiries — call +44 (0)20 7778 9350
  • Lost or stolen currency cards — +44(0) 1753 775 961
  • Currency card PIN services — +44 (0)1244 779 900


Ask questions or share your comments on FairFX




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Key facts about FairFX

Service information

Time to open an account A few minutes
Pay-in options Credit card
Debit card
Bank Account
Pay-out options Bank account
Cash home delivery
Prepaid card
Minimum amount Yes
Maximum amount No
Available languages
English
Personnal transfers Yes
Business customers Yes
Advanced currency contracts Yes
Required documents ID

Company information

Type of service provider Foreign exchange companies
Active since 2008
Headquarter London
Offices in United Kingdom
Jurisdiction United Kingdom
Regulated by FCA

Contact information

Contact support -
Service hour Business Hours
Twitter @https://twitter.com/fairfx
Facebook https://www.facebook.com/fairfx
Youtube https://www.youtube.com/user/FairFXCurrencyCard