FairFX ReviewWhen the number of investors come together to establish a company, you know it is a trusted name because it has a solid background. This is what happened with FairFX in 2007. It has 10 shareholders namely; Amati Global Investors Ltd., J.M. Finn & Co. Ltd., Jarvis Investment Management Ltd., Barclays Bank Plc (Private Banking), Smith & Williamson Investment Management LLP, Rathbone Investment Management Ltd., Walker Crips Stockbrokers Ltd., The Share Centre Ltd., HSBC Global Asset Management (UK) Ltd., and Hargreaves Lansdown Stockbrokers Ltd.
The company is based at 68 Upper Thames Street, London, United Kingdom. It generates 400-million revenues annually; where 290.8 million is the net income. FairFX offers services to more than 362,000 customers from different countries.

FairFX review

You simply register for a FairFX Card and enjoy their next day travel cash services. It has a service known as FairPay that you can use to pay for products and services. Similarly, you can make a FairFX money transfer from one currency to another.

fairfx team

The service supports a number of currencies namely; Euros, Australian dollars, Canadian dollars, Czech Koruna, Indian Rupees, Japanese Yen, New Zealand dollars, Polish Zloty, South African Rand , Swiss Francs, and US dollars.

Is it safe?

Having been registered in 2007, it is relatively new to the market as compared to seasoned money transfer systems. However, it has managed to shake off its newness to attract a considerable customer base within a short time. Its reliability stems from the fact that the financial regulators of England and Wales duly register it.

FairFX hidden feesThe FairFX Exchange rate of GBP to USD is 1.5300 USD but the rate is 1.56680 at Xe.com. Similarly, they charge me 1.2245 EUR when exchanging GBP for EUR. Surprisingly, the rate at Xe.com is 1.25087.

A FairFX PayPal comparison shows near parallel transaction charges.

 Advantages

Unlike other systems where money takes almost a week to be transferred, your cash will reach its destination in 1-3 days. There are three options of sending money at your disposal- bank transfer, credit card, and debit card. Similarly, there are three options for receiving money- FairFX anywhere card, home delivery, and payment to your foreign currency bank account.
Which is better, FairFX or Travelex? When using the FairPay option, FairFX rates guarantee you the best exchange rates when sending money abroad. In fact, you can inform them if you find better rates from other online money transfer systems. They will refund you the difference!

Disadvantages

The FairFX price guarantee is only extended to residents of the United Kingdom. Moreover, the refund system is unclear- it does not state whether the FairFX transaction fee is fixed on the amount you send or on the exchange rates inclusive of fees. Sadly, the website does not state any express payment option.
While the minimum transferable amounts are 850 USD and 600 EUR, the maximum amounts are not expressly stated. While other systems have a clear explanation of the fixed fee for small transfers, FairFX does not state this. After all, the fee structure is quite confusing.

FairFX feedback from customers

FairFX feedbackBased on customer ratings and opinion, I would say that FairFX is an average system. It is neither ranked highly nor too low. At Trustpilot, it enjoys a comfortable 6.7 rating.

  • “I heard of FairFX through a friend who had received one of their free frisbees from their Facebook page. It seemed a great idea, but I was due to go on holiday in 6 days. Thankfully, the card arrived really quickly, after just 3 days, and the rate was soooo much better than Travelex. Happy to recommend.”
  • “Have used Fairfax both in the states $ card and Europe for a few years now…had no problems and is a handy way to carry money around abroad safely. Would recommend this card and have done so to all my colleagues and family.”

FairFX Complaints

“I spent a lot of money on the phone to this company from the States when I lost my card. Was promised different things like being able to transfer the cash to a friend’s account who was staying with me…I have provided the company with the emails showing the false promises made to me, and I’ve yet to hear anything. For a financial company, this is quite appalling, having their card was more trouble than it is worth.”

Conclusion

ConclusionAlthough there is no referral program stated in the FairFX website, you could still take advantage of its relatively fair costs of sending money. After all, there seems to be hidden fees in all other payment options. Even when FairFX delivery time is extended, you are guaranteed that it will not get lost midway.

Categories: Reviews

One Response so far.

  1. Jeremy says:

    Yeah, I totally agree with that complaint because the same thing happened to me! It’s not worth waiting 3-4 days for that card when you could lose it at any time and they don’t help you in anyway if this happens. I was desperate for help when I lost mine and no one even cared. Their support is terrible and it seems they don’t give a damn about you. Never using this service again! CurrencyFair and especially there are much, much better services!

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