FairFX

FairFX is a financial services company specialising in online foreign currency, set up in 2007 by Stephen Heath, Ian Strafford-Taylor, Jason Drummond and Ashley Levett. The London-based PLC offers a range of foreign currency products & services, including a prepaid currency card, travel cash, international money transfers as well as a corporate prepaid card integrated with a cloud-based platform.
In 2007 FairFX also started offering an FX dealing service for companies and individuals to trade foreign currency through a dedicated broker via telephone.
Company philosophy
Their primary means of supplying travel money is via a prepaid MasterCard.The company was founded in response to a need for transparent travel currency in more secure format. Previously holidaymakers were limited to cash, travellers cheques and debit/credit cards, but the FairFX Prepaid MasterCard® card created a new way of managing spend whilst abroad and benefitting from Chip & PIN security.
Financial security
Since the collapse of Crown Currency Exchange in October 2010 people have been cautious of online UK travel money providers. When purchasing currency on a FairFX card, however. the money is protected by ringfencing it in a client account to which FairFX do not have access.
Products
Euro and Dollar Cards
The Euro and Dollar Cards are currency cards that are loaded with sterling and will then dynamically convert to the appropriate currency at a fixed rate. They can be used abroad like a normal MasterCard. For ATM withdrawals there are fixed charges of €1.50 on the Euro card and $2 on the Dollar card.
Anywhere Card
The Anywhere Card works by topping it up with sterling and can then be used to withdraw money from anywhere around the world. There is currently a 1.5% fee on all card usage but the terms and conditions are going to be changed this year meaning a drop in the fee to 1.4% but there will be a £1 usage fee on all ATM withdrawals.
FairPay
Fairpay is a new product for FairFX and it is a system to transfer money to overseas bank accounts. FairPay Transfers allow money to be sent to overseas bank accounts solely online, and is available in over 10 currencies, including Australian Dollar, New Zealand Dollar, Canadian Dollar, US Dollar, Czech Koruna, Euros, Indian Rupees, Japanese Yen, Polish Zloty, South African Rand and Swiss Franc.

Main Menu

See Also

Main Menu