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What is FairFX?
FairFX is a London-based financial company that has been in operation since 2007 and focuses primarily on currency exchanging and money transfers originating in pounds sterling. UK customers often use FairFX for access to travel money while exploring Europe and beyond. FairFX has many positive reviews online, many of them reflecting on the far stronger rates offered by FairFX compared to those found at the bank, at airport currency kiosks or at local currency exchange shops.
Must read: FairFX is not available for US senders
You won’t be able to send money with FairFX from the UShat doesn’t rule out any possibility of it expanding here though.
In the meantime, compare providers that are available in the US.
Why should I consider FairFX?
Major pros of using FairFX include:
- Diverse services. FairFX offers a currency exchange, currency cards, travel cash and even has an option for businesses exchanging larger amounts of money.
- Ease of use. Online service helps simplify the process of exchanging money and loading a travel card for a trip to Europe.
- No fees. Currency exchanges through FairFX won’t have any fees, but be sure to check the exchange rate.
- Manage everything with the mobile app. Create transfers and add money to your travel card without having to talk to anyone.
What to be aware of with FairFX?
Major cons of using FairFX include:
- Limited currency support. When compared to competitors, FairFX’s list of supported currencies is rather small.
- High minimum sending amount. The lowest amount you can send is £100, no matter the destination.
- Inconsistent exchange rates. To benefit from stronger exchange rates you have to send higher amounts through FairFX, smaller transfers will suffer from weaker exchange rates.
FairFX rates
FairFX offers competitive exchange rates, along with a price match guarantee. If you find a better rate at another site within 30 minutes of sending your FairFX transfer, the company will refund the difference. That guarantee does come with terms and conditions, though, so it’s a good idea to check out the fine print on their website before getting started.
To get an idea of how FairFX’s rates improve when sending large amounts of money, review the tables below with FairFX rates and mid-market rates from October 7, 2020.
Sending GBP to USD through FairFX
| Send (GBP) | Receive (USD) | FairFX GBP-USD rate | Mid-market rate | FairFX Margin |
|---|---|---|---|---|
| £100 | $126.10 | 1.2610 | 1.29 | 4.61% |
| £500 | $630.50 | 1.2610 | 1.29 | 3.21% |
| £2,000 | $2,522 | 1.2610 | 1.29 | 2.55% |
| £10,000 | $12,610 | 1.2610 | 1.29 | 1.97% |
| £300,000 | $378,300 | 1.2610 | 1.29 | 1.63% |
Sending GBP to EUR through FairFX
| GBP | EUR | FairFX GBP-EUR rate | Mid-market rate | FairFX Margin |
|---|---|---|---|---|
| £100 | €107.15 | 1.0715 | 1.10 | 3.85% |
| £500 | €535.75 | 1.0715 | 1.10 | 2.44% |
| £2,000 | €2,143 | 1.0715 | 1.10 | 1.77% |
| £10,000 | €10,715 | 1.0715 | 1.10 | 1.19% |
| £250,000 | €267,875 | 1.0715 | 1.10 | 0.85% |
What currencies does FairFX support?
Sending international money transfers through FairFX can be only paid for with Euros and British Pound Sterling. However, the currencies that you can send to are a bit more extensive, including:
- Australian Dollar
- British Pound Sterling
- Bulgarian Lev
- Canadian Dollar
- Chinese Yuan
- Czech Koruna
- Danish Krone
- Euro
- Hong Kong Dollar
- Hungarian Forint
- Indian Rupee
- Japanese Yen
- New Zealand Dollar
- Norwegian Krone
- Polish Zloty
- Romanian New Leu
- South African Rand
- Swedish Krona
- Swiss Franc
- US Dollar
Compare FairFX to other providers
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
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How do I send money through FairFX?
To get started with FairFX, follow these quick steps:
- Create an account. Visit the company’s website to create a free account.
- Provide key details. You’ll need your full name, address, proof of identification, a payment method and possibly more. Depending on your information, FairFX may request additional documentation to confirm your identity.
- Select your destination. Select the currency you want to send to and the currency you’ll pay in.
- Enter recipient information. You’ll need your recipient’s name, address, bank account information and the purpose of the transfer.
- Enter payment information. You can pay with credit or debit card, or by using an online bank transfer.
- Send. Confirm all the details of your transfer, make sure you’re happy with the exchange rate and click send.
FairFX Currency Card explained
The FairFX Currency Card is a way to spend money while traveling abroad without having to worry about daily exchange rates or foreign transaction fees. FairFX Currency Cards are preloaded by you when ordering, or through the FairFX website and mobile app, and help you avoid costly foreign transaction fees and unfavorable exchange rates. The card comes in a few different varieties:
- Euro Card The FairFX Euro Card can be used anywhere MasterCard is accepted for payment in Euros.
- Dollar Card Similar to the Euro Card in function, the FairFX Dollar Card can be used where USD is accepted. There are no point-of-sale transaction fees when using this card in the USA, Guam, Puerto Rico and the US Virgin Islands.
- Everywhere Card This card is designed to be used everywhere else in the world where the previous two cards aren’t ideal.
Using any of the FairFX Currency Cards can make your international travel a bit easier, since you won’t have to worry about exchanging as much cash or whether or not your credit card will be charging you hefty international transaction fees. Be sure to use each card for its intended purpose, as using the Euro Card or Dollar Card outside of its designated network may lead to higher fees.
Bottom line
If you’re a UK resident, FairFX offers competitive exchange rates on international transfers. If you’re a US resident, compare other transfer providers to find one that’s available and fits your needs.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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