FairFX is an international money-transfer provider and currency exchange provider with more than ten years’ practice, for persons dealing in sterling pound transactions. This UK-based company offers three primary services: transfer cash, travel cards, and international money transfer.
The company’s versatility makes them very user-friendly, judging by the most online reviews by users. FairFX offers both currency exchange and transfer service call centers for initiating transfers. Besides, most users like the fact that FairFX has a money-back policy for currency exchange if they secure better rates elsewhere.
For the FairPay overseas currency exchange, FairFX doesn’t charge users extra fees. If you are initiating huge money transfers, the exchange rates are highly competitive, but users may be limited to the 100-Euro minimum for low-amount exchanges. We recommend FairFX for its speed, excellent customer support, and speed. Read through the rest of this article for a more comprehensive review.
Service & Coverage
FairFX Currency Cards
FairFX offers currency cards in dollars, sterling pounds, and euros. Users can preload or fund the currency cards with either of these currencies and use them anywhere MasterCard payments are accepted. MasterCard is accepted across 300 million localities in more than 200 countries. So, how does the FairFX currency card work?
- Let’s say fund your card with GBP.
- FairFX keeps the funds as GBP or converts them to USD or EUR.
- The funds are loaded on your card.
- Users can access account balance anytime through the FairFX webpage.
FairFX Currency Card and FairPay Exchange Rates
The exchange rates at FairFX vary according to the currency one in converting to. For FairPay users, the amount to be transferred is also a determining factor. Visit their website to check the current conversion rates.
FairFX charges some fees for currency card users. Fortunately, FairPay users are not charged any commission or fixed fees for using this service. However, using a credit card for funding can accrue some additional or advance fees from the credit card company. Also, the receiver’s bank may charge some fees for the overseas money transfer service. Thus, you should contact your credit card company and the receiving bank for these details.
FairFX Travel Money Service
FairFX also offer travel money service – they convert the money and deliver it anywhere you are. The exchange rates for this service are similar to those of currency cards. You can initiate funding online or through mobile. Any orders made before 1 pm can be delivered on the next business day. The associated charges are as follows;
- Any orders more than 750 Euros- Free.
- Any orders between 500-750 Euros- 5 euros.
- Any orders below 500 Euros- 7.50 euros.
Additional Services from FairFX
Aside from offering overseas currency transfers, travel money, and currency cards, FairFX provides other services. Check them out below;
- Forward contracts- You can use them to lock a current exchange rate for a payment to be made a year later from ‘today.’ FairFX requires a deposit payment for this service.
- Stop-loss orders are used to minimize customer risk if the market goes contrary to your prediction.
- Daily updates of the economic calendar and exchange rates.
- Email alerts when an exchange rate meets your anticipation. Limit orders come in handy to trigger transfer once this happens.
How Does FairFX Work?
After highlighting the services offered by this currency exchange company, how can one get started? The following is a step-by-step guide to how FairFX works.
- Create an account with FairFX through their webpage.
- Log in to the company’s homepage or contact customer support.
- Select your send-out destination, and the amount to transfer.
- FairFX offers you an exchange rate.
- Fund your order, either by debit/credit card or bank transfer.
- FairFX converts the money into the desired currency.
- The converted amount is deposited to the receiver’s account. Fir FX requires you to provide the recipient’s details, including a BIC Or IBAN code for Euros and ABA routing number or SWIFT code for dollar recipients, plus the complete bank address.
Pros and Cons of FairFX
- FairFX is more versatile than most currency exchange providers, offering travel money, overseas transfers, and currency cards.
- Their website is user-friendly.
- FairFX offers excellent customer service, accessible through telephone, making it convenient for a large transfer. If you wish to cancel a transfer and has not yet been delivered, it is easy.
- FairFX currency cards can be preloaded using the local currency and function like debit/credit cards at any location accepting MasterCard.
- Financial Conduct Authority regulates the company. Besides, they use special encrypted software and extra security features to protect user data.
- The FairFX mobile app is compatible with both iOS and Android devices.
- FairFX has a set transfer minimum of 100 euros.
- Users transferring lower amounts face a higher charge.
- FairFX is only limited to Dollar and Euro countries.
To sum up, FairFX is a user-convenient global money transfer provider. Payments can be made in as fast as one business day. Get started by visiting their website (click here) to learn more about the company.