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

5,185 customer reviews on FairFX on Trustpilot


6 hours ago
by Mibley

5 stars

Very clear and easy to use

Very clear and easy to use. Would totally recommend FairFX

6 hours ago
by Eddie Hearne

5 stars

Fantastic company, with great customer service....

Have used many times in both Paris and Rome. Use this below money saving code when you sign up to save the £10 sign up charge. 02kdvies Great card...Read more

Have used many times in both Paris and Rome. Use this below money saving code when you sign up to save the £10 sign up charge. 02kdvies Great card that has worked both every time I have used it. Cyprus next ! :-)

6 hours ago
by christine mcdonald

5 stars

Reasonable rates

Reasonable rates. Easy card to use.


More reviews

6 hours ago
by Chris Hindle

4 stars

Convenient, safe and effective

Convenient, safe and cost effective when compared to similar pre-paid card services. Some credit card services offer better exchange facilities when used...Read more

Convenient, safe and cost effective when compared to similar pre-paid card services. Some credit card services offer better exchange facilities when used in Europe but security / cash safety may not be as good. Administration is straightforward and not over- complicated. Good support is provided. Currency exchange service is good and generally very competitive when compared with the market. Improved news service would help with forward planning holiday currency purchase.

1 day ago
by Eddie Hearne

5 stars

Fantastic company, with great customer service....

Have used many times in both Paris and Rome. Use this below money saving code when you sign up to save the £10 sign up charge. 02kdvies Great card...Read more

Have used many times in both Paris and Rome. Use this below money saving code when you sign up to save the £10 sign up charge. 02kdvies Great card that has worked both every time I have used it. Cyprus next ! :-)

1 day ago
by Jenny Collins

5 stars

Very happy with service

I have been using FairFX for severa years now and have always found them to be simple and straightforward to use. They offer generally good rates although...Read more

I have been using FairFX for severa years now and have always found them to be simple and straightforward to use. They offer generally good rates although sometimes they can be improved on elsewhere but only by a small margin.

2 days ago
by Don

5 stars

Simple, easy and reliable

Very straightforward and easy to use and top up on the go. Had a query when I first used it with regard what options to select when using an ATM in the...Read more

Very straightforward and easy to use and top up on the go. Had a query when I first used it with regard what options to select when using an ATM in the US, and a phone call resolved this quickly.

2 days ago
by Rebecca

5 stars

Easy to use and useful while travelling …

Easy to use and useful while travelling so you don’t have to carry lots of cash around with you and if necessary it’s simple to top up in the go too.

3 days ago
by Eddie Hearne

5 stars

This is the No1 Front Loaded Card...

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 at all.

3 days ago
by Graham Terry

3 stars

Would recommend FairFX easy access to …

Would recommend FairFX easy access to funds,good way to save for holiday spending money.still a few gremlins in systems keep taking card fees every month...Read more

Would recommend FairFX easy access to funds,good way to save for holiday spending money.still a few gremlins in systems keep taking card fees every month for no reason, easily refunded but annoying

3 days ago
by Susan

5 stars

FIRST CLASS PRODUCTS

I have had the Euro card for over a year now and have had no issues using it all over Europe. Transferring funds onto the card is so quick and easy on a...Read more

I have had the Euro card for over a year now and have had no issues using it all over Europe. Transferring funds onto the card is so quick and easy on a secure site which can hold your bank/card details to save time. One of the most attractive features to me is that transactions are shown pretty much instantaneously (I have used another card where transactions can take 24hrs to show up. This has lead me to believe I had more on the card than I thought and an embarrassing decline situation) Exchange rates are also usually very competitive. Although I have not had to talk to an actual person, should I ever need to the contact details are easy to find on the website and on the card. I would not hesitate to recommend this product or company. Very happy with the product

3 days ago
by paul melton

5 stars

Great service.

Thanks for the excellent service I have always received. I dont consider any changes or improvements needed.

3 days ago
by Alan WEIR

5 stars

Card easy to load

Card easy to load, keep track of and accepted everywhere. No problems st all

4 days ago
by Mark Restall

5 stars

5 stars

I have a euro and dollar card and find them extremely handy on my trips. Never had any issues topping up or using my card abroad. Always great rates when...Read more

I have a euro and dollar card and find them extremely handy on my trips. Never had any issues topping up or using my card abroad. Always great rates when topping up my cards. Always a five star service. Would not use anyone else.

4 days ago
by George

5 stars

Easy to use site

Easy to use site, very competitive rates, my euro card keeps me always in funds.

4 days ago
by Hannah

3 stars

Good service

It's annoying that there is a minimum top-up value but generally a good service

4 days ago
by G BURNETT

4 stars

it is fine

it is fine, web site is OK and i normally get what I ask for, being charged 9E for a replacement card was a a bit of a cheek

4 days ago
by Eddie Hearne

5 stars

This is the No1 Front Loaded Card...

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 at all.

4 days ago
by Ron

4 stars

Bit disappointed about the £2.50 …

Bit disappointed about the £2.50 monthly fee

4 days ago
by tom fox

4 stars

Great facility!

Easy to access and move money to and from family cards. Regular updates useful particularly when highlighting any increase in value of £ Against the Euro.

5 days ago
by William

4 stars

Great rates and efficient service

Great rates and efficient service

5 days ago
by Peter Mascarenhas

5 stars

not had a single problem in all the …

not had a single problem in all the years that i have been dealing with you.

5 days ago
by Dean Wilson

5 stars

FairFX card

Used FairFX for a couple of years now had no problems used it and I would recommend it to anyone excellent service

5 days ago
by Eddie Hearne

5 stars

This is the No1 Front Loaded Card...

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 at all.

5 days ago
by Barrie Millican

5 stars

never had a problem in many years

never had a problem in many years. Great system I have a € and $ card and get cash as well.

5 days ago
by Mr Adamson

5 stars

Excellent service!

Excellent service!

6 days ago
by Mr Langrish

5 stars

The Euro card is very good.

The Euro card is very good and good value for all transactions. The all currency card is ok but probably better to have a US dollar version.

6 days ago
by Ian Kilburn

5 stars

All transactions done easily and with …

All transactions done easily and with minimum problems

6 days ago
by Eddie Hearne

5 stars

This is the No1 Front Loaded Card...

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 at all.

6 days ago
by michael formella

5 stars

Brilliant

I have been using the FairFX doller card for a few years. It’s easy to load,accepted every where in America.The app makes checking your balance and...Read more

I have been using the FairFX doller card for a few years. It’s easy to load,accepted every where in America.The app makes checking your balance and receipts simple. Having this doller card is much safer and just as convenient as cash,which you can still get out of cash machines if you need to. Get one you can’t go wrong.


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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