frequently asked questions
Frequently asked questions - FairFX
Q: Is my currency really commission free?
A: FairFX was established to offer the most competitive foreign exchange rates available in the market. We do not charge any commission. We are able to offer extremely competitive rates as we deal directly into a 'two-way' flow market. We are an internet based business saving on rents and rates for kiosks and bureau premises. We pass this saving on to our client.
Q: What is the difference between spot/interbank rates and tourist/travel rates?
A: Usually when searching for a foreign exchange rate you are presented with the 'interbank' rate this is the official rate for deals equivalent to millions of dollars between banks and large financial institutions. This is also known as the 'spot' FX rate.
The tourist/travel rate can be significantly different as volumes are much smaller and involve the physical delivery of cash. FairFX provide exceptional rates for both large and small transactions which are usually much closer to the spot rates than those offered by our competitors.
Q: Can I fix a travel money rate for a future date?
A: Unfortunately, at present we do not offer this facility however you can load your Currency Card at the current exchange rate and use your funds at a later stage. It is not mandatory for you to spend all your funds within a certain period of time. If you have not spent all your funds by the time your card expires we will send you a replacement card loaded with your remaining funds, (terms and conditions apply).
Q: After my order has been processed will my personal details be issued to any third parties?
A: FairFX will never release your details to third parties other than to payment providers and other parties for the purpose of facilitating transactions on your account. However, FairFX may contact you with further offers or products which we believe may be of interest to you.
Q: My order has been processed but I haven't received my email confirmation, what should I do?
A: This should never happen as the system is totally automated. However, in the unlikely event that you do not receive a confirmation by email, this may be an indication that your order has not been received or processed and we strongly advise you email our Customer Service department at e-mail enquiries@fairfx.com
Q: When is the Customer service department open?
A: Our Customer Service Centre is open: Monday - Friday 09:00 - 17:30.
Q: How do I open an account with FairFX?
A: Opening an account with FairFX is part of the initial foreign currency purchase process. When you place your first foreign currency order with FairFX an account is automatically opened and you'll be issued with a username and password. This will make future purchases quick and easy.
Q: How long does it take to open an account and how quickly can I exchange currency?
A: Opening an account is part of the initial purchase process it should take no longer than 5 minutes to complete.
Q: Are there any minimum/maximum limits per transaction?
A: Travel currency cash orders are subject to a minimum order of £200.00 and a maximum order of £2400.00. FairFX Currency Cards are subject to a minimum load of £20.00 and a maximum initial load of £2400.00. Once activated the maximum balance of a FairFX Currency Card is €7500 or $10000.
Q: Can corporate firms have an account?
A: We provide a specialist service for corporate clients. We can help you manage payments and receipts if you are dealing with overseas corporations. If you require currency conversions for overseas purchase for example property or vehicles we also provide this service, please contact us on 020 7778 9300 for further details.
Q: What if I forget my password?
A: Please contact our customer service department by e-mail at enquiries@fairfx.com
Q: What if I discover a discrepancy in my account history?
A: We make every effort to make sure all transactions are booked correctly however there may be occasions when you wish to query an entry on your account. If this is the case, send an e-mail with details of the discrepancy to enquiries@fairfx.com
Q: What type of credit cards/debit cards do you accept?
A: We accept payments by Maestro, MasterCard®, Visa, Visa Delta, Electron, Delta, Switch and Solo cards. All credit/debit card transactions are completed on a secure encrypted link between our head office and the clearing bank center. All credit card transactions will appear on your bank statement under FairFX.
Q. Can I use my credit card to purchase foreign currency?
A: Yes you can, but we strongly advise against it. We have to charge you a 1.5% purchase fee and your credit card provider is likely to charge a cash transaction fee which attracts interest straight away.
Q. Can I fund my FairFX account by bank transfer?
A: Yes you can, generally most high street banks do not charge for this service. If this is your preferred method of payment, please send your funds to the following account.
Barclays Bank PLC
7th Floor
United Kingdom House
180 Oxford Street
London W1D 1EA
Account Number: 80411027
Sort Code: 20-36-47
Account name: FairFX Plc
