FairFX Money Transfer Review

This is our comprehensive review of UK-based money transfer provider FairFX. We have compared the international remittance services to other operators in a bid to help our users make the best decision for their next cross-border transfer.

About FairFX

FairFX is a transfer service founded by Jason Drummond in 2007, in the UK. As the company name suggests, the ethos of this business model is to provide an online money transfer platform that specialises in fair, low-cost international payment services. FairFX provides three core financial services: international money transfers, foreign cash and multi-currency cards.

FairFX exchange rates, fees and costs

In this section you’ll find the exchange rate mark-up and transfer fees to help you evaluate the international money transfer service.

Exchange rates: There are two key factors that determine the fees on exchange rates: the currency pair and the size of the transfer.

If you are making a large transfer in a popular currency (like GBP), you will receive a more favourable exchange rate. For example, customers converting up to £1,000 will receive an exchange rate of 2%, whereas transfers above £10,000 incur a currency conversion rate no higher than 0.45%. Whether your transfer incurs a 0.45% or 2% markup, these profit margins are far lower than the exchange rates offered by banks.

Check out our guide to Exchange Rates

Transfer fees: FairFX does not charge transfer fees for sending money abroad using their service. The company makes their profits from the small margins applied to exchange rates for foreign currency transfers, which means they can get away with not having transfer fees.

Other fees: Additional fees may apply when making payment via credit card. Transfers to banks may incur costs charged by intermediary third parties.

Top destinations for sending money with FairFX

FairFX offers great global coverage across more than 210 countries, with 41 different currencies available. The main countries that use Fairfx are the United Kingdom, France, Spain, South Africa, Canada, India, Japan, and Australia.

Pros & Cons of using FairFX

Before signing up, it is important to learn the pros and cons of FairFX, since it will make it easier to decide if the online service is for you. Here is a list of the leading strengths and weaknesses associated with this international transfer provider:


Fee-free: There are zero transfer fees when using FairFX
The FairFX Currency Card: This prepaid multi-currency card offers 3.5% cashback from top UK online retailers, as well as low-cost overseas payments and ATM withdrawals
Travel money:Customers can order cash in over 40 currencies at competitive rates, online 24/7, with collection the following working day and on weekends
Flexible foreign payments: Sending money abroad is quick and easy with Fairfx. They offer multiple services, including spot or forward contracts, and same-day payments
Customer support: FairFX offers multiple customer service options; from live chat to email to calling the customer helpline


Long transfer times: Sending bank transfers can take 1-5 business days which is a drawback for customers who need to send cash fast
Minimum transfer limit: FairFX imposes a minimum transfer amount of £100; this can be an issue for those who regularly send small amounts to friends or family
Withdrawal fee: Although optimised for overseas spending, foreign ATM withdrawals incur a fee of £2 per transaction

What type of transfers can you make with FairFX?

FairFX offers the following fast and convenient online service for sending money overseas

  • Online transfer: This option lets customers transfer funds to either an E-Wallet or bank; transfer times differ, with E-Wallets taking up to 48 hours and bank transfers up to 5 days. After you send money the first time, recipient details will be saved, making it much faster to transfer money in the future.

How long will it take to receive money using FairFX?

The time it takes for money to reach the recipient's account depends on multiple factors such as currency pair, sending destination, and the day of the week. On average, it takes up to 3 working days for the transfer to be completed; but if the recipient's bank uses a faster payment service, then the funds may be deposited within 24 hours.

What payment methods can I use when sending money with FairFX?

FairFX supports two payment methods: bank transfer and debit or credit card.

Users in a hurry should opt for debit or credit card payment because this is the faster option. Payment via transfer will be processed as a wire transfer which could take 1-5 business days to clear; considerably longer than using a debit or credit card.

Check out our guide to International Wire Transfers

What are the best reasons to use FairFX?

Understanding a company’s best features will help you decide if the service is in line with your needs.

FairFX has no transfer fees which is great for those who send international payments often. Furthermore, FairFX offers travel money in 40 different currencies, at excellent rates. This foreign currency can be ordered at any time, which means you won't have to wait in line at busy bureaus.

Finally, if customer support is an important requirement, FairFX provides excellent help when it matters: clients can call, access live chat, or email to receive assistance. The live chat has short queue times and will provide answers quickly, or you can call their helpline and receive personal assistance.

Can I trust FairFX?

Clients of FairFX can trust the platform because it has a FCA license authorised by the Financial Conduct Authority. The regulations obligate FairFX to segregate client funds from company funds meaning customer money is safe even if the company faces bankruptcy. FairFX also uses SSL encryption, to protect account details.

Moreover, additional security is available in the form of two-step authentication. This means even if your account is breached, funds cannot be accessed without your authentication code.

What do users have to say about FairFX?

A great way to learn about a money transfer company is by reading reviews from existing or former customers. FairFX has 11,000 reviews on Trustpilot, with an average rating of 4.6 out of 5. This is an excellent rating and much of the 93% of positive feedback praises the company’s customer service, low fees and fast transfer speeds. The majority of negative reviews are unhappy about the minimum transfer limits of £100.

Find the right money transfers company for you with our comparison engine

How to get started with FairFX to send & receive money

In the next section we will present a step by step guide for sending and receiving money with FairFX, by running through how to create and set up a money transfer.

Sending money with FairFX

Sending money with FairFX is a straightforward process; it takes minutes to execute a transaction.

1.Step 1 Open an account
2.Step 2 Top up your account
3.Step 3 Send the money
4.Step 4 Enter recipient details
5.Step 5 Review

How to receive money using FairFX

Receiving payments from overseas is an easy process with FairFX:

1.Step 1 Access your account
2.Step 2 Find your details
3.Step 3 Await the funds

Does FairFX have a mobile app?

FairFX Plc is a free-to-download smartphone application available for Android and iOS devices. The mobile app has multiple features that include:

  • Overseeing your account balance and transactions

  • Setting up foreign transfers to overseas contacts

  • Customer service help and support

The FairFX mobile app has a rating of 3.2 on Google Play Store and 4.0 on the App Store with customers expressing praise for how easy the app is to navigate, even for less tech-savvy users.

Check out our guide to the Best Money Transfer Apps

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.