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.



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

4,667 customer reviews on FairFX on Trustpilot


17 hours ago
by Alix Merriman

1 stars

Misleading Information and Bad Customer Service

Misleading/incomplete information on your website led me to purchase one of your prepaid MasterCards to load with US dollars for a family holiday....Read more

Misleading/incomplete information on your website led me to purchase one of your prepaid MasterCards to load with US dollars for a family holiday. However, despite searching and checking everywhere on every salient web page I could find prior to making my purchase, it wasn't until I had actually made the purchase that I was cheerfully informed that I wouldn't be able to get my card for at least another ten working days (we were due to leave the week after, plus there was a Bank Holiday Monday to add to the delay). Despite me emailing your 'team' IMMEDIATELY (and I mean two or three minutes after my purchase had been completed) to tell them of my predicament and asking to please arrange a refund of £975 to my current account otherwise we would have no money to take on our holiday, I had to go back and forth several times in order to get this simple task completed, and even then, after over a dozen emails all requesting different information and that I email to confirm this and phone this person to authorise that, STILL I did not receive my refund for another 8 days. So not only do you take customers' money straight away with apparently no problem whatsoever but then fail to supply the same speedy approach when it comes to refunding their money, but you also provide absolutely appalling customer service to boot. Both Alex Heath and Abu Yeashah were pretty unhelpful, and kept asking me to "just do this one more thing" even though I had already jumped through all the necessary hoops and supplied the same infomation previously. Basically, nobody at your end seemed to appreciate the severity of my situation, and therefore made zero effort to assist me in getting what was rightfully owed to me. Good customer service is the very cornerstone of business, and unfortunately, the (in)actions of these two gentleman have put me off ever using FairFX for future travels. in fact, your very name is NOT a good fit, because I do not feel that I have been treated very fairly.

17 hours ago
by Jacqueline MacDonald

5 stars

Best rate we could find and really fast …

Best rate we could find and really fast free delivery

17 hours ago
by Alan Matthiae

5 stars

US $ card review Aug 17

The card is excellent in USA. I have used on multiple occasions without issue. This year even the garages have been easy. Great product, thank you


More reviews

1 day ago
by Vivienne Graham

4 stars

Very new subscriber so have limited …

Very new subscriber so have limited experience so far. All ok to date.

1 day ago
by Christopher Worstencroft

5 stars

Dollar Card

Nice and easy and good rates

1 day ago
by Nicola Noice smith

5 stars

Really love the ease of using this …

Really love the ease of using this card. Topping up is simple as is checking balance using the Ap. I love the fact fairfx notifies me if the exchange...Read more

Really love the ease of using this card. Topping up is simple as is checking balance using the Ap. I love the fact fairfx notifies me if the exchange rate improves so I can top up if needed at the right time

1 day ago
by Nicholas Hooley

4 stars

wouldnt be without it

Great service ..very simple to use no complaints .However I have noticed that exchange rates not always as good as some other companies e.g. no1 currency

1 day ago
by Merzai

5 stars

A good product when going into the Euro …

A good product when going into the Euro area, especially if you are security conscious about carrying large amounts of cash. The service provided by...Read more

A good product when going into the Euro area, especially if you are security conscious about carrying large amounts of cash. The service provided by FairFX, although at arms length, is excellent and their service is a good foundation for trusting them.

1 day ago
by Mark G.

4 stars

Any issues sorted promptly thanks

Any issues sorted promptly thanks

1 day ago
by Norman Malcolm

5 stars

easy to use in every way good service …

easy to use in every way good service have now got my adult children using fairfx

1 day ago
by bruce thompson

4 stars

Easy to use, great service …

This company provides an excellent service and it's simple to use. Easy to set up initially and arrange top ups from abroad as I did recently on a road...Read more

This company provides an excellent service and it's simple to use. Easy to set up initially and arrange top ups from abroad as I did recently on a road trip in North America. Disappointed I was unable to download the statement to analyse expenditure as it meant looking at my iPhone to do it but on balance I think it's very good and you can purchase currency at a rate you choose and not one selected by your bank. I also have a Euro account I plan to use when going to Europe, certainly worth getting a card, so simple to operate.

2 days ago
by Cheryl White

2 stars

DIFFICULT TO RENEW CARD

I found it very difficult to simply renew my card as it was approaching expiry. There does not seem to order a straight forward renewal of an existing...Read more

I found it very difficult to simply renew my card as it was approaching expiry. There does not seem to order a straight forward renewal of an existing card. Very frustrating as I ended up with 2 cards! One card has had to be cancelled and the balance of £50 will only be transferred to my existing account when I make my next order. Staff do not seem to READ emails outlining problems which is evident by the quality of response from them.

2 days ago
by jonathan Marsh

1 stars

The card was automatically refused 3 …

The card was automatically refused 3 or 4 times in France. PIN accepted transaction refused.No reason given. In a petrol station, supermarket...Read more

The card was automatically refused 3 or 4 times in France. PIN accepted transaction refused.No reason given. In a petrol station, supermarket etc. Accepted in other places on the same day. would have been embarrassing if I had not had another credit card.

2 days ago
by Julian

5 stars

I replaced my Travelex € card to FairFX …

I replaced my Travelex € card to FairFX after issues withdrawing funds and their total lack of customer service. I find the FairFX card far superior,...Read more

I replaced my Travelex € card to FairFX after issues withdrawing funds and their total lack of customer service. I find the FairFX card far superior, it's easy to use and loading is seamless using either the app on the go or internet. The rate is also competitive compared to other merchants, all in all I'm very happy with FairFX

2 days ago
by Marc

4 stars

Simple and easy

Simple, convenient and easy to use

2 days ago
by Keith Gratton

5 stars

Good Currency Card

Good Website, Easy to access and use wherever you are in the world. The rate of exchange is competitive and in a lot of cases better,

2 days ago
by GW

5 stars

Just fine

Just fine, completely happy.

2 days ago
by Richard

4 stars

Very efficient service

Very efficient service but not always best rates. Card sometimes refused but generally works pretty well.

2 days ago
by Lisa Paris

4 stars

Not recieved the rate that was advertised

I have just signed up for a dollar currency card through Moneysupermarket.com . The rate advertised on their site for the Fairfx dollar currency card is...Read more

I have just signed up for a dollar currency card through Moneysupermarket.com . The rate advertised on their site for the Fairfx dollar currency card is £1 = $1.2938. After purchasing the card I have realised the rate I have been given is £1 = $1.2680. Not the best start . Not happy. My husband was just about to sign up too but has held back . I do hope this can be resolved and I am reimbursed the remaining rate.

2 days ago
by mel

5 stars

recommend for travel

easy to top up, easy to use abroad. perfect travel card. no issues when using in america.

3 days ago
by Mo

5 stars

Very useful and easy to use.

Very useful and easy to use.

4 days ago
by Tracey Barraclough

5 stars

Excellent

Excellent, so glad that I used FairFX and wouldn't hesitate to recommend this company

4 days ago
by Claire

2 stars

Very bad service

Used previously and no issues. Ordered a dollar card two weeks ago and was told would receive in 3-5 days. Still not arrived. No way to contact by...Read more

Used previously and no issues. Ordered a dollar card two weeks ago and was told would receive in 3-5 days. Still not arrived. No way to contact by phone, they don't reply to their emails or tweets. So now I am left just before going on holiday with no card and they have my money. Very poor. Don't use

4 days ago
by Nicola Barwell

4 stars

Always good service and prompt help

Always good service and prompt help. Only complaint is that my email requesting moving money from one card to another has taken several goes to get it...Read more

Always good service and prompt help. Only complaint is that my email requesting moving money from one card to another has taken several goes to get it done as requested.

4 days ago
by jim walker

4 stars

Easy to top up and no problems using it.

Easy to top up and no problems using it.

5 days ago
by Adrian

4 stars

Very Reassuring

I find your service very reassuring, it's like someone is looking out for you. Previous cards, I have used, change their conditions without any notice,...Read more

I find your service very reassuring, it's like someone is looking out for you. Previous cards, I have used, change their conditions without any notice, leaving you wishing that you never should have used them. The fact that one has easy access to their account on line is also a great bonus. My wife and I both have an FairFX card, and find it's the best card we have ever used. Keep up the good work.

6 days ago
by Anne Everingham

5 stars

Easy to log in and check balance top up …

Easy to log in and check balance top up card. No complicated sequence to top up. Definitely recommend

1 week ago
by Diana

4 stars

Happy so far.

I haven't used the card yet but got a good exchange rate when I loaded the card. It was free which was an added bonus.

1 week ago
by John

1 stars

You can better elswhere

Firstly, you can easily get a better exchange rate than FairFX offer at a number of places. Secondly, the Halifax Clarity Credit card charges no fees on...Read more

Firstly, you can easily get a better exchange rate than FairFX offer at a number of places. Secondly, the Halifax Clarity Credit card charges no fees on using it abroad and has a better exchange rate as well.

1 week ago
by Tom

4 stars

Great

Great, Quick, efficient service - no problems at all. Took out an international currency card and a family card to go with it. Worked everywhere and...Read more

Great, Quick, efficient service - no problems at all. Took out an international currency card and a family card to go with it. Worked everywhere and adding currency easy via the app. The one comment I would make is that it would be nice if both cards could access the same 'pot' of cash rather than having to transfer money between the two card accounts - but i'm nitpicking


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

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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


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