FairFX is a currency exchange and international money transfer provider with over a decade of experience in the industry. The company provides three main services which are international money transfer, transfer cash and travel cards.
Judging from the online reviews the company is receiving, there are lots of positive comments and feedback from customers. What excites many of the customers is the fact that FairFX guarantees them of a refund of the difference if they find a better rate elsewhere.
The exchange rates the company gives are very competitive especially when transferring large amounts of money. However, when transferring small amounts, customers may be limited by the £100 minimum amount and the lower rates.
FairFX has a unique combination of products which are worth looking at if you want to make the most of this provider. Read through the rest of the sections below.
FairFX exchange rates and costs
FairFX only makes money from exchange rate margins. The business model saves its customers from all sorts of fees apart for third party fees that the provider cannot control.
Transfer Fees- FairFX labels its currency transfer service as FairPay. There are no commissions, fixed fees or any other sort of fees that are charged. The only fees you need to be cautious about are payment method fees such as card fees.
Exchange Rates- There are two factors that determine the exchange rate you will get on FairFX. The currency pair that is involved and the size of your transfer. The larger the transfer the higher the rates. For instance, when you transfer £1,000, you are charged an exchange rate margin of about 2%. When you transfer £10,000, the margin drops to 0.45%.
Other Fees-Transfers to banks may be subject to other fees such as intermediary fees and landing fees charged by the recipient bank. These third-party fees are not listed by FairFX.
Compared to banks that charge upward of 5% exchange rate margins, FairFX rates are very competitive.
Top countries to send money with FairFX
FairFX serves 210+ countries and territories. Because of the diversified nature of FairFX’s product offering, there is almost no specific corridor that dominates the other and if there is, it may not be for long before they even out.
Pros and cons of FairFX
FairFX leverages its portfolio of product offerings to create a formidable value chain to the ultimate customers. These products complement and that is why FairFX has enjoyed such phenomenal success.
- Comparably large range of services- FairFX has gone beyond facilitating international transfers to include travel cash and travel cards.
- Simple and intuitive online services- Customers don’t struggle to figure out how to navigate the FairFX platform.
- Phone transfers are possible-When making large transfers, having someone to speak to, gives you reassurance as to the reliability of the provider
- Preloaded cards- Customers can preload their cards and use them just like they would any debit card. This convenience is not a common feature with most international money transfer providers.
- Zero Transfer fees- FairFX doesn’t charge any transfer fees
- Lowest Sending Limit- The lowest amount you can send through FairFX is £100. Customers who regularly send small amounts to their families may have to look elsewhere.
- Less competitive rates for smaller amounts
- Card withdrawals come at an additional ATM fee of £2 per transaction
Transfer types offered by FairFX
There are two main transfers you can do with FairFX: online transfer and phone transfer.
- Online Transfer-This transfer is recommended for lower amounts sent regularly.
- Telephone transfers-This transfer option is recommended for large transfers
Transfers are made directly to the recipient's bank account. Customers also have an option of loading the prepaid Mastercard and either withdraw cash at an ATM or spend just like a debit card.
Speed of FairFX money transfer
The length of time it takes for money to get to the recipient depends on how fast it gets credited into the provider's account. Public holidays, weekends, and out-of-office hours may delay such payments.
On average, it takes up to 3 working days for the payment to get to FairFX. If the bank you transfer from has a faster payment service, FairFX may receive the funds within 24 hours. To get to the recipient, the funds may take an extra day. The total duration for FairFX transfers is about 3-4 days.
The currency pair you are transacting in may also affect the speed of transfer delivery. Paying using a debit or credit card is the best option because funds are transferred within the shortest possible time.
FairFX payment methods
How you pay for your transfer or the options available will determine how fast the funds get to the recipient. There are three main payment options that FairFX accepts.
- Online bank transfer
- Credit card
- Debit card
Paying through credit cards is a bit costly. The extra fees are paid for by the sender. The bank may also charge some fees for the online banking service. It is important that you confirm all the applicable fees before you make any transfer commitments.
Best reasons to use FairFX
By virtue of their extensive and innovative product range, FairFX has lots of use cases both for personal transfers and business payment solutions. Below are some of the best reasons you can use FairFX for:
Whether you are in the middle of a business trip or seated at your desk crunching numbers, you can take control of your business spending through FairFX.
- Business Expense Management cards- Using these cards, you can set spending limits, the spending category and even limit the time of spending. These controls can help you manage your cashflow
- Paying international suppliers and other vendors
- Pay overseas employees, business partners, freelancers and contractors
- Receive payments from customers in other countries
- Move funds from foreign branches to the head office and vice versa
Just like businesses, individuals can enjoy simple, fast and convenient transfers to their families and friends through the FairFX platform. The transfers can be done on the telephone or online.
- Make direct-to-bank transfers to your family and friends back home
- Schedule transfers for such expenses as tuition fees or overseas rent
- Buy properties abroad
- Make investments in foreign accounts
- Rechannel your pension payments to your home bank account
- Negotiate currency transfers for your upcoming trip
There are lots of other benefits and use cases to which FairFX can play a pivotal role both at an individual and corporate level.
Can I trust FairFX?
FairFX is a public limited company incorporated on 18 August 2005. Its registered office is located at 3rd Floor, Vintners Place, 68 Upper Thames Street, London, EC4V 3BJ. Previously, FairFX was known as Bondco 1132 Limited.
According to the company’s strategic report, its principal business is in providing payment solutions to businesses and individuals in a simple, cost-effective and dynamic way.
The payment facilitations happen through any of the following channels:
- Direct to bank transfers
The transactions happen across a wide variety of interfaces and devices from mobile apps, SMS, internet, wire transfers, and Mastercard or VISA-branded debit cards.
FairPay, the money transfer service of FairFX was launched in 2011 as a fully-fledged, automated money transfer solution. In 2012, the company became the first UK money transfer service provider to come up with a mobile app. In 2012, FairFX gained full membership status in Mastercard. This is good news for the company as it will now be able to issue its own cards without having to rely on third-party card issuance companies.
In terms of regulation, FairFX has an FCA Registration No. 488396, having been authorised by the Financial Conduct Authority to provide payment services. Its services are regulated under the Payment Services Regulations, 2009. FairFX also has a Money Service Provider License No. 12236741 from HMRC.
The regulations and licences come with obligations on the part of FairFX to segregate clients funds from company funds. This separation ensures that there is no compromise even when the company goes through rough times.
FairFX banks with Barclays Bank PLC and its accounts are audited by KPMG LLP. This level of integrity and objectivity gives customers peace of mind that their funds are safe.
The provider has a strong revenue stream recording a gross turnover of more than £1 billion in 2018. The asset base is close £18 billion which gives both the shareholders and customers confidence in the business continuity of FairFX.
As part of the security risk management strategy, FairFX has a Chief Information Officer responsible for data governance and data security. The company also has a Security Council with participants picked from different functional areas of the company to monitor the various security aspects in the Group. Other measures include penetration testing, system access control, training and awareness and physical security.
What users have to say about FairFX?
FairFX has such a strong reputation among the millions of customers it has served. On Trustpilot, the company has glowing reviews. Out of the 9,576 reviews the company has gotten so far, 94% of them rate the company highly. Some of the comments include:
- Competitive Exchange Rates-Whether you are transferring large amounts or doing small transfers FairFX gives great rates
- Simple Process- Transferring money is easy and fast on the FairFX platform.
- Reliable- Transfer are delivered as promised
- Excellent and Friendly Service-The customer support team is efficient both on the phone and email
The thumbs-down gestures a few of the customers gave FairFX were due to occasional delays in transfers and longer response times for issues raised via customer support.
Getting started with FairFX
Transferring money overseas shouldn’t be a hassle. With FairFX, it takes a few minutes to sign up for an account and send money. Below are the steps involved.
Step 1: Sign up for an account. This is an easy-to-follow process where you’ll be asked to fill in your account details, personal details, contact details and security details.
Step 2: Detail verification-All details will be verified to ensure that every bit of information is valid.
Step 3: Funds Transfer- On ‘Money Transfer’ icon, click on the ‘Products’ drop-down. Once there, choose your currency pair and the amount you want to transfer.
Step 4: Confirm the amount and if you are in need of any help in between you can call the support team on 0239203920
Step 5: Fill in the beneficiary details including their bank account details and purpose of transfer
Step 6: Pay for the transfer and ‘Send’. You will get an email notification with the order details. You can track your transfer online.
Payments sent to FairFX will only be credited into the account if they get through during office hours. Public holidays and weekends are excluded.
Does FairFX have a mobile app?
Yes, FairFX has a free, downloadable app available on both Android and iOS platforms. The app has lots of functionalities. Below are some of the many things you can do through the application.
- Open a FairFX account
- Order for a new Currency Card
- Load funds to your card
- Check card balance and transactions that have gone through your account
- Move money to family and friends through their prepaid cards
- Make a bank transfer to an account abroad
- Report a stolen card
- Contact FairFX support
On Google Play, the app has 1,027 reviews and a rating of 4.8/5. On App Store, it has 536 ratings with an overall rating of 4.6/5.
Can I cancel my FairFX transfer?
Depending on the stage your transfer is in, you can get in touch with customer support and cancel your transfer. For instance if the money is still with FairFX or is on its way to the customer the transfer can be cancelled. However, if the transfer is completed, you may have to contact the recipient directly.
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