FairFX money transfers review

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Fast, affordable transfers for UK residents.

FairFX is a London-based financial company that’s 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 and it has many positive reviews online, many of them reflecting on the far stronger exchange rates offered by FairFX compared to those at the bank, airport currency kiosks or local currency exchange shops.

GBP 1

Min. Transfer Amount

No limit

Max. Transfer Amount

Same day

Transfer Speed

Details

Product NameFairFX International Money Transfer
Min. Transfer AmountGBP 1
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone
Transfer OptionsRegular payments, One off payments
Transfer Speed
Minimum transfer time
Same day
Customer ServicePhone, Chat, Email
Available CurrenciesAED, AUD, BHD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, OMR, PLN, QAR, RON, RUB, SAR, SEK, SGD, USD

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.
  • 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.
  • 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 its 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 30 April 2020.

Sending GBP to USD through FairFX

GBPUSDFairFX GBP-USD rateMid-market rateFairFX margin
£100$120.191.20191.264.61%
£500$609.751.21951.263.21%
£2,000$2,455.801.22791.262.55%
£10,000$12,3521.23521.261.97%
£300,000$371,8501.23951.261.63%

Sending GBP to EUR through FairFX

GBPEURFairFX GBP-EUR rateMid-market rateFairFX margin
£100€110.571.10571.153.85%
£500€560.951.12191.152.44%
£2,000€2,259.201.12961.151.77%
£10,000€11,3631.13631.151.19%
£250,000€285,0501.14021.150.85%

What currencies does FairFX support?

You can only pay for international money transfers in pound sterling and euros through FairFX. However, the currencies that you can send to are a bit more extensive, and include:

  • 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

Table: promoted deals sorted by a combination of service offering and the amount your recipient will receive

Check out our table below in order to compare multiple money transfer providers and find the best deal for you.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1 Same day GBP 0.00 1.085 EUR
1,085
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.077 EUR
1,075
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.085 EUR
1,085
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 10 Within an hour GBP 2.00 1.085 EUR
1,083
First two transfers free for new customers.
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points.
Go to site Show details
GBP 50 Same day GBP 2.99 1.08 EUR
1,077
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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How do I send money through FairFX?

To get started with FairFX, follow these quick steps:

  1. Create an account. Visit the company’s website to create a free account.
  2. 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 confirmation of your identity, such as your passport or driving licence.
  3. Choose your destination. Select the currency you want to send to and the currency you’ll pay in.
  4. Enter recipient information. You’ll need your recipient’s name, address, bank account information and the purpose of the transfer.
  5. Enter payment information. You can pay with credit or debit card, or by using an online bank transfer.
  6. 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 US dollars are accepted. There are no point-of-sale transaction fees when using this card in the US, 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 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.

To read more about how to get started with the FairFX Currency Card, read our guide to learn how to sign up, load your card and see which card is ideal for you.

Bottom line

FairFX offers competitive exchange rates on international transfers, especially if you want to send a large amount of money from the UK.

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