FairFX has a decade of experience in terms of currency exchange and international money transfer provider. The company’s strategic report implies that its principal focus is providing payment solutions to both individuals and business.

To learn more and determine the pros and cons of FairFX read this review. We focus on the significant information for you to get the full details of what you should know about this company. You can also compare money transfer provider HERE.

FairFX Company Information 

FairFX offers services to clients in the UK since 2007. The company has exhibited a cloud-based payment platform between peers, which enables both individuals and businesses to ensure affordable multi-currency payments in a wide range of currencies and countries and across a range of FX products via one integrated system. Let’s take a look at further on the size and regulatory compliance of the company.

Company Size

FairFX is a growing company in London. The company was established in 2007 and handling 41 currencies. Though they have been in business for less than ten years, the company was able to manage and cater to 460 000 retail clients until the first half of 2015, garnering a turnover of more than £300 Million for the period. 

Moreover, the company was able to increase its turnover by more than 40% promoting a smoother online experience for clients.

The company receives the Moneynet award at the end of 2014 for its technological innovation. Additionally, FairFX platform aids payments either straight to bank accounts or at over 30 million dealers and over 30 million ATMs in a wide range of countries globally through:

  • Mobile apps
  • Internet
  • Wire transfer
  • Mastercard/VISA debit cards

Regulatory Compliance

EasyFX is regulated by the FCA or Financial Conduct Authority

Awards And Recognition

  • Best Currency Exchange Service 2015 for ADVFN International Financial Awards
  • Money Transfer Innovation Award at the Moneynet awards 2014

EasyFX Reach And Coverage

Though FairFX fulfils to render good service by dealing with major currency pairs handling 41 currencies, they don’t exceed on this specific aspect. They accept clients worldwide with the exception of USA-based clients.

FairFX is not close to its competitors like Currencies Direct with a single UK office, no website translations, and exception for US clients. The company’s support team can be contacted via email, telephone, call-back form, and through their online platform.

Exchange Rates And Fees

FairFX only gains its profit from the margin of the exchange rate. The company’s principle allows its clients to shun all sorts of fees apart for third party fees, which FairFX cannot control

Transfer Fees

FairPay is the label of FairFX for their currency transfer service. There are no commissions, fixed charges or any other fees involved. However, you need to look out are the fees for payment methods.

Exchange Rates

You can identify the exchange rate that you can get from FairFX: your currency pair and amount that you’ll transfer. This means if you will transfer a larger rate, you’ll get higher rates. For instance, if you transfer £1,000, you will have a 2% exchange rate margin. When transferring £10,000, the exchange rate margin will drop to 0.45%.

Additional Fees

There might be fees for transfer that involves bank transfers. Intermediary and landing fees are charges that are imposed by the bank of your recipient. FairFX does not have any control over these fees.

Pros and Cons Of FairFX

Pros

Transparent Thumbs Up Icon Png - Thumbs Up Icon Green, Png ...Easy and simple online services

Transparent Thumbs Up Icon Png - Thumbs Up Icon Green, Png ...Facilitates travel cash and travel cards

Transparent Thumbs Up Icon Png - Thumbs Up Icon Green, Png ...Possible for phone transfers

Transparent Thumbs Up Icon Png - Thumbs Up Icon Green, Png ...Availability of preloaded cards that can be used the same way as your debit card

Transparent Thumbs Up Icon Png - Thumbs Up Icon Green, Png ...Zero transfer fees as they do not charge for transfers

Cons

Thumbs Down Transparent Background | PNG MartLow sending limit as it allows you to send £100

Thumbs Down Transparent Background | PNG MartRates is less competitive when transferring small amounts

Thumbs Down Transparent Background | PNG MartCard withdrawals through cash ATMs have £2 fee per transaction

Transfer Types Offered By FairFX

How you can pay for your transfer will determine the speed of your transfer. The following are the types of transfers that are offered by FairFX. These includes:

  • Online bank transfer
  • Credit card
  • Debit card

If you will pay using a credit card, you will incur charges. The additional fees are being paid by the sender. Besides, some banks may also charge some fees for utilising the online banking service. You must establish all the relevant fees before you obtain any transfer responsibilities.

How To Use FairFX?

Moving money abroad should not be hard, with FairFX it can take for a few minutes so register and start your transfer. Here are the steps on how you can start using FairFX:

Step 1: OPEN AN ACCOUNT. You will have to complete your account details, personal details, contact details, and security information.

Step 2: VERIFY YOUR DETAILS. You need to verify yoru details and make sure that all information is accurate and valid.

Step 3: FUND TRANSFER. You can click on the ‘Money Transfer’ icon, under the ‘Products’ section. Once you’re there, enter your currency pair and the expense you want to send to your recipient.

Step 4: CONFIRM YOUR TRANSFER. You have to confrm the sum that you need to transfer. If you need assistance or if you have inquiries about it, you can contact their support team on 0239203920.

Step 5: RECIPIENT’S DETAILS. Fill in the recipient details that include their bank account information of your recipient and the purpose of your transfer.

Step 6: PAY FOR THE TRANSFER. You can pay for the transfer and click on ‘Send’. You can get a confirmation of your transfer via email and track your transfer online.

Customers Feedback

Positive

  • Service was helpful and respectful.
  • Money got on time and to the right address with no hassle.
  • Quick and efficient process.
  • Clarity of fees and transparency of exchange rates for all services.

Negative

  • Lack of response from a certain member of the team to sort down a certain issue.
  • Prepaid debit cards not accepted at certain locations.

Looking For Tavel Money Alternatives

FINANCE.CO .UK

Finance.co.uk offers the best products and services that suit your needs. We provide the exact product and services you need with convenience and affordability. One of the many products we offer includes travel money and prepaid cards. For more information about Prepaid Cards as well as the different Travel Money Providers, do not hesitate to call us on on 0800 677 1003 or email us at enquiries@finance.co.uk.


Other Money Transfer Service Provider

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TransferWise

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WorldRemit

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Frontierpay

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FAQs About FairFX Currency

How can I top up my card?

You can top up your card online or through their mobile app. Payments can be made with a debit or credit card, or via bank transfer.

Is there a FairFX mobile app?

They have a free FairFX downloadable app that is available on both Android and iOS.

Is it secure to use FairFX?

FairFX is regulated by the FCA or Financial Conduct Authority in the UK.

Can I get charged when using credit card?

If you will pay using a credit card, you will incur charges. The additional fees are being paid by the sender. Besides, some banks may also charge some fees for utilising the online banking service. You must establish all the relevant fees before you obtain any transfer responsibilities.