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

4,460 customer reviews on FairFX on Trustpilot


13 hours ago
by Jay

5 stars

Great Card!!

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still...Read more

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still Working! The rates are very good, highly recommend for travelling.

13 hours ago
by Ryan

5 stars

Must have for anyone travelling!

Simple, easy to use and hassel free! Brilliant service too!

1 day ago
by Jay

5 stars

Great Card!

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still...Read more

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still Working! The rates are very good, highly recommend for travelling.


More reviews

1 day ago
by HJR

5 stars

Fantastic card

Fantastic card, accepted everywhere I've been in Europe and US. Use just like a bank card. Great rates too. I have had both euro and dollar cards for 10...Read more

Fantastic card, accepted everywhere I've been in Europe and US. Use just like a bank card. Great rates too. I have had both euro and dollar cards for 10 years and found them the best compared to other cards. Use current FairFX code foq1z to save the £10 reg fee

1 day ago
by Julia Harb

5 stars

Easy to use transferring money quick …

Easy to use transferring money quick and easy with a good rate of exchange

1 day ago
by roger murphy

4 stars

Good Service

Good Service

2 days ago
by Jay

5 stars

Brilliant Card!

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still...Read more

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still Working! The rates are very good, highly recommend for travelling.

2 days ago
by HJR

5 stars

Fantastic card

Fantastic card, accepted everywhere I've been in Europe and US. Use just like a bank card. Great rates too. I have had both euro and dollar cards for 10...Read more

Fantastic card, accepted everywhere I've been in Europe and US. Use just like a bank card. Great rates too. I have had both euro and dollar cards for 10 years and found them the best compared to other cards. Use current FairFX code foq1z to save the £10 reg fee

2 days ago
by IAIN

5 stars

Really find Faifx useful on three …

Really find Faifx useful on three levels! Very safe way to keep your holiday cash. Always good exchange rates. Easy to top up with the app. I have...Read more

Really find Faifx useful on three levels! Very safe way to keep your holiday cash. Always good exchange rates. Easy to top up with the app. I have recommended the card to friends!

2 days ago
by Ivy Gray

3 stars

Dissatisfied customer

On two recent visits to Spain I have been unable to use my Fairfx card. There is a lot of money on this card and I cannot afford not to be able to use...Read more

On two recent visits to Spain I have been unable to use my Fairfx card. There is a lot of money on this card and I cannot afford not to be able to use it. I am totally disgusted with the service provided on these two occasions.

2 days ago
by Milly

3 stars

Would be better if you could put …

Would be better if you could put smaller amounts on the card when you wanted.

3 days ago
by Jay

5 stars

Brilliant Card!

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still...Read more

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still Working! The rates are very good, highly recommend for travelling.

3 days ago
by Ian Bridgestock

1 stars

Tried to load my FX Card they have …

Tried to load my FX Card they have taken my payment but haven't loaded my card. Due to go away Wednesday and I'm now left £380 out of pocket. Spoken to...Read more

Tried to load my FX Card they have taken my payment but haven't loaded my card. Due to go away Wednesday and I'm now left £380 out of pocket. Spoken to Barclays and they have confirmed that the transaction has been processed from their end.

3 days ago
by HJR

5 stars

Fantastic card

Fantastic card, accepted everywhere I've been in Europe and US. Use just like a bank card. Great rates too. I have had both euro and dollar cards for 10...Read more

Fantastic card, accepted everywhere I've been in Europe and US. Use just like a bank card. Great rates too. I have had both euro and dollar cards for 10 years and found them the best compared to other cards. Use current FairFX code foq1z to save the £10 reg fee

3 days ago
by Louise

5 stars

Always prompt excellent service & best …

Always prompt excellent service & best currency rates

3 days ago
by David Gillard

5 stars

Too good not to have

Purchased a couple of years ago and only wished that I had done so earlier. Just like a credit card easy to use without the charges when used abroad. Also...Read more

Purchased a couple of years ago and only wished that I had done so earlier. Just like a credit card easy to use without the charges when used abroad. Also very easy to charge and the web site is easy to navigate. Not forgetting the competitive rate of exchange regardless of amount. Brilliant addition and I wouldn't be without it.

3 days ago
by Mr Tim Saville

3 stars

Not so cheap any more

As FairFX appears to have grown over recent years, they seem to have become a little arrogant which is expressed in their exchange rate. A few years back...Read more

As FairFX appears to have grown over recent years, they seem to have become a little arrogant which is expressed in their exchange rate. A few years back they were amongst the cheapest and are now among the most expensive. I will be looking for new cards.

4 days ago
by Christine Gazzi

3 stars

very Expensive

Now being charged 1.80 by the banks to make a withdrawal so with yr 1 Euro very expensive

4 days ago
by Mr Whitbread

3 stars

Would be a good idea if you told people …now it works now it doesnt

Would be a good idea if you told people where the cards do not work ! USA, no problem at all never had one declined, only due to lack of funds. EUROPE, A...Read more

Would be a good idea if you told people where the cards do not work ! USA, no problem at all never had one declined, only due to lack of funds. EUROPE, A "nightmare", especially petrol stations,we do a lot of motorcycle touring. When I rang to confirm why, " oh yes some Countries do not accept them. ??? Belgium no. Germany sometimes. Holland 2of us with same cards one accepted, one declined. To be honest it's easiest to load the card up and Just draw cash and use that. Other advantage good way to save for your holidays.

4 days ago
by Robin Wright

5 stars

Excellent service

Excellent service

4 days ago
by Stephen

5 stars

FairFX is a must for travellers

FairFX is a great way of travelling with the added security that your money is safe should anything untoward happens. It is also a useful way of saving...Read more

FairFX is a great way of travelling with the added security that your money is safe should anything untoward happens. It is also a useful way of saving for your holiday spending by buying the currencies such as Euros when the rates are good. They always alert you when there has been significant movements in exchange rates. The family and friends card is also an excellent way of managing your trip and sharing the benefits to the ones close to you. The App is excellent and the statement usually updates within minutes.

4 days ago
by Jay

5 stars

Great Card!

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still...Read more

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still Working! The rates are very good, highly recommend for travelling.

4 days ago
by Mrs Carole O'Hare

4 stars

Generally a great useful card to have

Generally a great useful card to have. The charges for euro cashpoint withdrawal is fine at 1.5 euros. It's great that there is no charge on...Read more

Generally a great useful card to have. The charges for euro cashpoint withdrawal is fine at 1.5 euros. It's great that there is no charge on purchases. The only comment I would make is that in a European country where the currency is local but tied to the euro, such aa Bulgaria, the charges to withdraw there are higher than using a normal English debit card.

4 days ago
by Peter

5 stars

Easy to use

Easy to use, top up when it's needed. Faverable exchange rates.

4 days ago
by Charlotte

3 stars

Ok....

1 year ago I would have given this card 5/5 , easy to use , best rate on market etc but for me the drop in review was when they charged me £12 because I...Read more

1 year ago I would have given this card 5/5 , easy to use , best rate on market etc but for me the drop in review was when they charged me £12 because I had gotten married and asked to change my name. I had no choice but to pay it as you get asked for passport or driving license in the USA when using this card. No other company charges you for a name change on a card and for me this is disappointing and the customer service was rather rude.

5 days ago
by Jay

5 stars

Brilliant Card!

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still...Read more

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still Working! The rates are very good, highly recommend for travelling.

5 days ago
by stephen bolton

3 stars

Very good most of the time but I've had …

Very good most of the time but I've had trouble loading my card a number of times and not accepted in all banks in Amsterdam

5 days ago
by Andrew C

5 stars

For the (relatively) frequent traveller in the Euro Zone

Easy to use. Helpful tools incluing mobile application mean that rates and charges are transparent. Your balance and statement are available at all...Read more

Easy to use. Helpful tools incluing mobile application mean that rates and charges are transparent. Your balance and statement are available at all times. Excellent service and very good value for money

6 days ago
by A KHAN

5 stars

Excellent service

Excellent service

6 days ago
by Jay

5 stars

Brilliant Card!

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still...Read more

Used in Netherlands, Germany, Czech Republic, Hungary, Croatia, and Uk with absolutely no problems. USE asqzpvsm TO AVOID £10 SIGN UP FEE, Still Working! The rates are very good, highly recommend for travelling.


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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