FairFX are an online currency specialist. They provide travel cash, currency cards, wire transfers and business expenses platforms to consumers and businesses throughout the UK. Since forming in 2007, FairFX have campaigned for transparency in the travel money sector and pride themselves on providing competitive services with no hidden fees to consumers.

FairFx and the Expat Community
FairFX launched FairPay, an online money transfer service, one year ago. Since then, they have experienced a 19 fold increase in small transfers, as expats turn to the fully online service.

Consumers are still using FairFX’s phone based transfer service for larger amounts, with the average user transferring £52,000 in comparison to the online FairPay service which sees an average transfer of £1,500. Over 80% of small payments are for paying mortgages or property servicing abroad.

Stephen Haydon is a 50 year old civil servant from Newtownabbey, Co Antrim. "I own two properties in USA, both used as either a holiday home or for renting. Most months I send out various amounts of money to cover mortgages and other payments. I have been doing this for 8 years now and started out using bank transfers and world pay systems. They both attracted fees and the rate was never what you expected it to be. I discovered the FairPay system and gave it a try, setting up an account which I found to be very easy to use. The rate I feel is always the best available and you know exactly what you are getting. I have at times completed a transaction first thing in the morning to see the funds in my US account the next day, sometimes even by the end of the same day. The transactions can be made from anywhere anytime, I have even made them using my phone and whilst in the USA."

FairFX have now launched a new range of currencies as part of its online transfer service FairPay. As well as Euros and Dollars, customers are now able to take advantage and transfer to Australia, New Zealand, South Africa, Canada and Switzerland.

FairFX CEO Stephen Heath said “There is still a place for personal contact and service for larger sums of money however, for smaller transfers it seems consumers are happier with online hassle-free services. They can see the actual amount that will land in the overseas account and can transfer anytime day or night without the need to speak to anyone.”

The FairFX Currency Cards
FairFX have 3 travel money cards available to consumers. The Euro and Dollar currency cards can be loaded with Euros or Dollars on the FairFX website at market leading rates. Those rates are then locked in on the cards and remain unaffected by FX market fluctuations.

FairFX also have the ‘Anywhere’ card which is loaded in Sterling and can be used anywhere that accepts MasterCard in the world. It has a low 1.4% foreign exchange fee meaning consumers get the best rates anywhere in the world. It is the most reccomended card by Martin Lewis’ Money Saving Expert and is the number 1 ranked currency card on Moneysupermarket.

(Client funds with FairFX.com are held in a special segregated account with Newcastle Building Society, governed by strict FSA rules. NBS cannot use this money for extending loans or for any purpose and it is 'ring-fenced' in the same way as money is protected in a solicitor's client account. Therefore, in the unlikely event of NBS running into financial difficulties, the money would be protected.)
 

Posted 21Nov2011