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

5,041 customer reviews on FairFX on Trustpilot


23 hours ago
by Caroline

5 stars

Very pleasing

Very pleasing - just as my friends told me when they recommended you.

23 hours ago
by PJ

5 stars

Love the FairFX prepaid card

Love the FairFX prepaid card. Great for using out abroad and for Euro cash withdrawals

1 day ago
by Mohsin Zunzunia

5 stars

Great card I have used with no problems

Used this card both in Rome and Paris without fail... Use below to save the £9.95 signup fee 02kdvies Great card I have used with no problems


More reviews

1 day ago
by RM

5 stars

Very useful during my holiday in …

Very useful during my holiday in America. Very easy to credit from my current account, with funds immediately available.

1 day ago
by Amanda Gwilliam

5 stars

Absolutely loved they convenience and …

Absolutely loved they convenience and ease that this service offered me whilst on holiday. Telling everyone I know about it

1 day ago
by Peter

3 stars

Few niggles in a five star service

It would have been five stars apart from two small issues. The balance availale on the startinf pages of the app ofter displays not as the balance in the...Read more

It would have been five stars apart from two small issues. The balance availale on the startinf pages of the app ofter displays not as the balance in the accounts page. This meant I thought that I had enough currency to pay for a client dinner but in effect the payment was bounced. I paid for it with another card but this proved to be very expensive in terms of the costs of a foreign transaction for just a few hunfred quid. Additionally my bank which is barclays get me better rates than you offer it is the cost of the fx transaction that brings back the overall price. Why cant you always be competitive on your rates when you cost of transactions are always the same. Why don't you have a price differentiater for buying 3k gbp of currency rather than always pricing things at the small end of the transaction market and producing poor rates. And finally when will you cards become contact less? It is so much easier for small purchases and means on foreign trips you will get all the business and the customer does not need any cash in the wallet at all? Three negatives but actually I am a believer and like the service you offer I just would like you to be the best in the field without comparitor.

1 day ago
by MR STEPHENS

5 stars

Easiest way to pay in Dollars or Euro's

Easiest way to pay in Dollars or Euro's

1 day ago
by Mike Daniels

5 stars

Excellent exchange rates & service. It all just works!

Excellent exchange rates; easy to top up cards; good, secure phone app. Some confusion about pre-approvals reducing the balance on the card from time to...Read more

Excellent exchange rates; easy to top up cards; good, secure phone app. Some confusion about pre-approvals reducing the balance on the card from time to time, but to be fair, this is caused by the cc cos, not FairFX. Customer service very good and responsive when needed (not often).

1 day ago
by Pete

5 stars

Easy to use

Easy to use, fast service and good customer service

2 days ago
by Robert Graham

5 stars

Any time I've needed to call them

Any time I've needed to call them, FairFX have responded in a most positive fashion and always solved any problem (normally self-induced!) quickly and...Read more

Any time I've needed to call them, FairFX have responded in a most positive fashion and always solved any problem (normally self-induced!) quickly and efficiently.

2 days ago
by Steve Winter

5 stars

No problems at all.....

Fantastic company, with great customer service.... Brilliant company, Use this below when you sign up to save the £10 sign up fees. 02kdvies Great...Read more

Fantastic company, with great customer service.... Brilliant company, Use this below when you sign up to save the £10 sign up fees. 02kdvies Great card that has worked both in France and Italy for me with no problems. Cyprus next ! :-)..

2 days ago
by Mariya Dimitrova

5 stars

Very good rate

Very good rate, fast transfer. I whould recommended

2 days ago
by Diane Webster

4 stars

Good card but could be a bit better for cash withdrawal.

The card works in most places to pay for things. Doesn't always work at ATM's though. You need to find which bank in which country works and that the ATM...Read more

The card works in most places to pay for things. Doesn't always work at ATM's though. You need to find which bank in which country works and that the ATM is able to use the internet otherwise they won't work. Loading the card is easy and Fair FX sorted out a problem for me when an ATM didn't pay out but deducted funds from the card. Better value than credit or debit cards.

2 days ago
by Kenny R

5 stars

The future of holiday spending money

This is the first time I have used my euro card and I was a bit nervous but I should have believed the web site. It’s just like having a debit card...Read more

This is the first time I have used my euro card and I was a bit nervous but I should have believed the web site. It’s just like having a debit card except it is Euro based and you can’t overspend. Easy to get cash and easy to use it like normal plastic. Big thumbs up from me.

3 days ago
by Mark Gostling

2 stars

Okay for a debit card but that's just …

Okay for a debit card but that's just it, debit cards are so restrictive. The rate is not that great and the cost of a new card expensive.

3 days ago
by Mark Hampshire

5 stars

Fantastic company, with great customer service..

Brilliant company, Use this below money saving code when you sign up to save the £10 sign up fees. 02kdvies Great card that has worked both in France...Read more

Brilliant company, Use this below money saving code when you sign up to save the £10 sign up fees. 02kdvies Great card that has worked both in France and Italy for me with no problems. Cyprus next ! :-)

4 days ago
by Mark Hampshire

5 stars

Fantastic company, with great customer service..

Brilliant company, Use this below money saving code when you sign up to save the £10 sign up fees. 02kdvies Great card that has worked both in France...Read more

Brilliant company, Use this below money saving code when you sign up to save the £10 sign up fees. 02kdvies Great card that has worked both in France and Italy for me with no problems. Cyprus next ! :-)

4 days ago
by KM

5 stars

So easy

So easy, takes the worry out of unknown charges. Accepted everywhere.

4 days ago
by Catherine Delve

5 stars

I love FairFX

I love FairFX, always brilliant rates and SO practical.

4 days ago
by JASON KNOTTS

5 stars

Fantastic card which never let us down …

Fantastic card which never let us down as others have in the past, it’s also great having the live app to complement the card so it’s easy to see...Read more

Fantastic card which never let us down as others have in the past, it’s also great having the live app to complement the card so it’s easy to see spending and balance as well as an easy top up option. Massive thumbs up

5 days ago
by Gavin Reid

3 stars

Used to be the best rates

Used to be the best rates but now get beat by Ramsdens every time. So gonna run my card down to nothing and change.

5 days ago
by Tim Walter

5 stars

All good.

The system works well and rates are reasonable. What is not to like!

5 days ago
by Mark Hampshire

5 stars

Great company with fantastic customer service....

Fantastic company, Use this below money saving code when you sign up to save the £10 sign up fees. 02kdvies Great card that has worked both in France...Read more

Fantastic company, Use this below money saving code when you sign up to save the £10 sign up fees. 02kdvies Great card that has worked both in France and Italy for me with no problems. Cyprus next ! :-)

5 days ago
by John

1 stars

Second time my card was rejected but …

Second time my card was rejected but money authorised.

5 days ago
by Dean Wilkinson

5 stars

Worked well for me

Worked well, suited my needs. Easy to move money about whilst abroad. Better for me than carrying large sums of money around.

5 days ago
by Rich

4 stars

Very easy to use app and card accepted …

Very easy to use app and card accepted everywhere

6 days ago
by Customer

3 stars

Good but limited customer service

Loved the card and how easy it is to use, however I’m not impressed that you can’t transfer balances to another currency. This would necessitate me...Read more

Loved the card and how easy it is to use, however I’m not impressed that you can’t transfer balances to another currency. This would necessitate me having several different cards for different currencies and for that reason I won’t be using it again.

6 days ago
by Mr Eyden

5 stars

Safe secure easy

A very easy to use card quick for top up. Safe secure way to take money abroad for holidays or business. You can download the app and everything you...Read more

A very easy to use card quick for top up. Safe secure way to take money abroad for holidays or business. You can download the app and everything you need to know balance wise or statements is at hand. Use it every holiday pay in shops or restaurants no problem. If needed you can withdraw cash from local ATM. I have the Euro card and load before travel always get a reasonable exchange rate. Highly recommend

6 days ago
by Customer aka victim

1 stars

Security?!

Not happy that my entire fair fx balance is printed on my receipts for all to see!

6 days ago
by Bazza

5 stars

I live on the Northern Ireland border

I live on the Northern Ireland border, this a great way of changing and using money avoiding bank charges


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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