FairFX is a currency exchange services platform that serves both individuals and businesses. The UK-based company provides three main services: international payments, currency cards, and travel cash.
While FairFX is not the most well-known company of its kind, it is very highly regarded by its customers. For your purposes, you’d be using their FairPay international currency exchange service.
When it comes to speed and customer service, FairFX is excellent. The company offers great service and easy-to-use interfaces, but they don’t offer the best rates. In this case, you get what you paid for, as FairFX has a lot to offer. The main drawback to using FairFX to transfer money abroad is their lack of availability in many countries.
What are their exchange rates?
FairFX doesn’t charge any upfront fees for using their FairPay service. Instead, they charge you exchange rate markups that change based on the currencies involved in the transaction and the amount of money you send. The more money you send at once, the better your exchange rates will be.
All ONLINE transfers facilitated by FairFX use the British Pound Sterling (GBP) as the currency the money is transferred from.
What FairFX costs to use?
There is no universal rate for using FairPay, but let’s use the example of sending money from the UK (GBP) to Australia (AUD).
|Money Sent (GBP)||Money Received (AUD)||Mid-market Rate|
The above rates are those quoted by FairFX. There are no flat fees put into these figures, as the only factors that matter are the two currencies and the volume being transferred.
*These rates are only applicable at the time of writing and are subject to change at any time.
How do I transfer money with them?
The first step to transferring money with FairFX is to register an account with the company. Creating an account is simple and once you’re done you’re almost ready to start sending money.
After your account is set up, you need to go to their homepage and select the “money transfer” icon. This will land you on a page that will allow you to input the details of your transfer. You use the widgets under the banners to select your currency, the amount you’re sending, and its destination. If the amount of money you're sending is between 600 and 250,000 GBP, the transfer won’t cost any fees.
Selecting the recipient is slightly more complex than it is on other platforms, but once you’re connected with them, sending money again is easy. Once the recipient is selected, all you need to do is pay FairFX through debit, credit, or bank transfer and they’ll handle the rest.
What other products do they offer?
On top of the currency exchange and money transfer options they provide, FairFX offers a few other products and services.
FairFX offers its own currency cards which you can use fee-free in shops and restaurants. They offer cards that hold US Dollars or Euros. They also offer a generic card that holds one of these two currencies but will convert them to another currency at a cost. These currency cards are all powered by MasterCard, so they can be used in most modern establishments in Europe and North America. One last thing you can use these cards for is a cheap method for transferring money. You can give the card to the recipient and top it up for them, which is certainly cheaper than a bank transfer.
Another product they offer is travel cash, banknote deliveries to a recipient’s front door. This service is available for 20 different currencies.
Forward contracts can be used to fix one day’s exchange rate for up to a year in advance. You can also set a target exchange rate so that money won’t be sent unless the rate you want is met. Lastly, FairFX provides economic and business news on anything that effects exchange rates.