Frequently asked questions - FairFX Currency Card

Q. Is my FairFX Currency Card like a normal bank debit card or credit card?

A. Your FairFX Currency Card is not a credit card or charge card but it works like a debit card. It is a MasterCard® Card that carries a variable amount of money dependent on how much has been loaded on to it. Each time you use the card to purchase something or withdraw cash at an ATM, the purchase amount is deducted from the available balance.

Q. Is there a need to sign an agreement?

A. No. Each FairFX Currency Card is sent to you in a card carrier that fully explains the terms and conditions regarding the use of the card. You accept the terms and conditions by either signing the back of the card or using the card. The terms and conditions can also be accessed via the following link www.fairfxcard.com

Q. When do I get my card?

A. Unless we notify you otherwise, we will issue your card within 7-10 working days of receiving your order.

Q. What do I need to do when I receive my card?

A. You must sign your FairFX Currency Card as soon as it is received. You must then activate it before you can access your account. You can activate your card online at www.fairfxcard.com

Q. Can I add further funds to my FairFX Currency Card?

A. Yes, you can reload your FairFX Currency Card account free of charge by clicking on the 'load card' section of the website.

Q. I have just topped-up my FairFX Currency Card, how long does it take for you to apply funds to my card?

A. Once loaded, funds will normally be available for use on the FairFX Currency Card within 2 hours.

Q. When do I get my PIN number?

A. We never issue your PIN number with your card. It will be sent to you separately once your order has been confirmed.

Q. I have just received my card and it does not work, why?

A. You will need to activate your card when you receive it. Please go to the 'activate card' section of the website to do this.

Q. My card has suddenly stopped working, why?

A. This could be for a number of reasons. 1. Your card is damaged, 2. You have no balance left on your FairFX Currency Card account and need to load some more 3. We have blocked the card for security purposes or on your instructions 4. The card has expired, please check the expiry date on the card itself.

Q. Do I receive a statement?

A. No. However, you can view your current balance and transactions online free of charge on the www.fairfxcard.com website.

Q. What happens if I need to return an item I have purchased?

A. Each retail store has its own return policies and will handle the returns in the same manner as any other MasterCard® transaction. They may credit your FairFX Currency Card, provide a cash refund or store credit.

Q. Will my card work abroad?

A. Yes, it will work in most ATM's worldwide and with any retailer with an electronic terminals that accept MasterCard®.

Q. Can I use the FairFX Currency Card in countries where Euros and Dollars are not the local currency? If so what exchange rate would I get? What percentage would I pay in commission and what other fees would apply for each purchase or ATM withdrawal?

A. The Euro and Dollar FairFX Currency cards can be used anywhere in the world or to spend in any currency wherever there is a MasterCard® acceptance mark, including shops, restaurants, online or on the telephone. If you were to use the cards in a country where Euros or Dollars are not the local currency, the exchange rate would be the wholesale MasterCard® market rate. FairFX do not take any further commissions or fees when you do this. Accordingly, the FairFX Currency cards represent fantastic value for use in any currency. If you are withdrawing currency at an ATM the standard FairFX fees apply (€1.50, $2.00), some ATM providers charge for using their cash points however they normally inform you of this before you make a withdrawal.

Q. Can I have the balance on my account refunded to me?

A. If you wish to withdraw your money, we recommend that you do so via any UK ATM that accepts MasterCard®. This is the cheapest way to withdraw your money as you only pay either EUR €1.50 or USD $2.00 per ATM withdrawal (depending on which card you have). The balance will be converted back into Sterling at the MasterCard® rate. This may leave a small residual balance on the FairFX Currency Card as ATMs are limited by the notes that they can dispense, but this is typically the most convenient and cheapest method.

If you prefer the money in one lump sum, we can arrange for any unused funds on your FairFX Currency Card to be refunded to you, once all transactions and fees have been deducted, including the refund fee, unless you have arranged to transfer any unused funds to another foreign currency card managed by us. We calculate the exchange rate based on the rate on that day. Our buy back rates are equally as competitive as the rates that we sell currency at. You will also have to pay a Refund Fee of £10.00.

We recommend that customers keep their FairFX Currency Card until it expires. It is valid for three years and can be used wherever there is a MasterCard® acceptance mark. You can still keep the FairFX Currency Card and there is no need to destroy it! We can transfer the money to you and you can still keep the card for future use. You would be able to top it up if and when needed via our website, www.fairfx.com or SMS text!

Q. Where can the FairFX Currency Card be used?

A. You can use the FairFX Card wherever there is a MasterCard® acceptance mark, including shops, restaurants, online or on the telephone. Before using the FairFX Card you need to make sure there are enough funds loaded on it. You will not be able to use your FairFX Card after its expiry date.

Q. Can I use my FairFX Currency Card to shop on the Internet?

A. Yes, wherever you see the MasterCard® acceptance mark.

Q. What about Internet Security?

A. Internet shopping is increasingly popular and most reputable retailers run sites that are safe and secure. However, if you are concerned about security, CardWatch (www.cardwatch.org.uk) offers some simple guidelines to follow when buying online. These should ensure that your shopping is as safe as it would be on the high street.

Q. What are my rights as a Consumer when shopping online?

A. Consumer protection rights apply to purchases made online, just as they do to those made on the high street. If you have problems with an online purchase or retailer, visit the Office of Fair Trading site - The Consumer Information Section has details of your rights.

Q. Will I earn interest on my FairFX Currency Card balance?

A. You will not earn any interest on any funds loaded on your FairFX Currency Card.

Q. What do I do if any of my personal details change?

A. You must let us know as soon as possible if you change name, address, phone number or e-mail address, please use the 'Contact Us' facility on the website. If we contact you in relation to your Currency Card, for example, to notify you that we have cancelled your Currency Card or to arrange a foreign currency buy-back, we will use the most recent contact details you have provided to us. Any e-mail to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not told us.

Q. How do I cancel my FairFX Card?

A. You have a legal right to cancel your FairFX Card for 14 days after you receive the card. Under these terms and conditions, you also have the right to cancel your FairFX Card at any time after this 14 day period. If your FairFX Card is cancelled, we will immediately block your FairFX Card so it cannot be used.

You will not be entitled to a refund of money you have already spent on transactions authorised or pending or any fees for use of the FairFX Card before the FairFX Card is cancelled or expires. The purchase price of your FairFX Card is never refundable. You can cancel your FairFX Card by sending an email to us using the "contact us" function on the Website and confirming that you have destroyed your FairFX Card by cutting it up.

If you cancel your FairFX Card, we will arrange for any unused funds on your cancelled FairFX Card to be refunded to you, once all transactions and fees have been deducted, including the refund fee, unless you have arranged to transfer any unused funds to another foreign currency card managed by us.

We may also cancel your FairFX Card immediately if we suspect fraud or misuse of the FairFX Card or we have any other security concerns or we need to do so to comply with the law. If we do this, we will tell you as soon as we can after we have taken these steps. If we cancel your FairFX Card, you must tell us what you want us to do with any unused funds within three months of the date we tell you your FairFX Card is cancelled.

Q. What happens when my FairFX card expires?

A. Your FairFX Card will be valid for 36 months. When it expires, you will no longer be able to use your FairFX Card and we will arrange for the balance of funds to be transferred to your new FairFX Card, after deducting any outstanding transactions and fees (including the replacement fee). However, we will not issue a new FairFX Card if you tell us in writing or by e-mail at least 28 days before the date your FairFX Card expires that you want a refund instead or if insufficient funds exists on the FairFX Card account to meet the replacement fee.

Q. What happens if my card is lost or stolen?

A. You should treat your FairFX Card like cash in a wallet. If it is lost or stolen, you may lose some or all of your money on your FairFX Card. As a result, you must keep your Currency Card safe and not let anyone else use it. If you are issued with a PIN, you must immediately memorise it and destroy the notification. You must keep your PIN secret at all times. Do not write it down or reveal it to anyone.

We recommend that you check the balance on your FairFX Card regularly online at the Website. You can see your FairFX Card balance and most recent statement of transactions online at any time by selecting the "balance" button on the Website and completing the security details.

If you lose your FairFX Card or it is stolen or you suspect that your FairFX Card has been used by someone, you must tell us as soon as you can by calling our 24 hour helpline on 01159 577420. We will then cancel your FairFX Card. If you ask us to do so, we will ask the police to investigate any suspected misuse of your FairFX Card and they may need more information and assistance from you.

We will refund the amount of any transactions which the investigations show are not authorised by you, provided you have kept your FairFX Card and PIN secure. However, if the investigations show that any disputed transaction was authorised by you or you have not kept your FairFX Card or PIN secure, we will not refund the transaction amount and will charge you an administration fee of £5.00.

Q. What are the fees for using my account?

A. We do not charge any monthly or quarterly fees or any fees for foreign exchange transactions, checking your on-line balance and statements or for purchase transactions. Please refer to your terms and conditions for detailed information regarding fees.