The FairFX Press Releases Blog
“Traders are currently backing the Australian dollar, Euro and Sterling over the US dollar.
“The US dollar is trading lower across the board as global stock markets start the week on a positive note on the back of increasing investor risk appetite. The G20 meeting held over the weekend concluded that global stimulus efforts should remain in place. The Federal Reserve is expected to keep interest rates low for some time which will keep the pressure on the US dollar. Trading was interesting after Friday’s horrific US employment data lead to dollar buying pushing cable down to 1.6515 however any gains were swiftly lost as cable finished the day back above 1.66. This morning’s cable has traded to a high of 1.6843.
“Sterling is also holding its ground against the Euro, currently above 1.12. This week, on Wednesday, the Bank of England will publish its quarterly inflation report and analysts are expecting a more positive note for UK economic growth after last week’s extension of the bond purchase programme by only £25 billion.”
Wednesday 11 November 2009, 11:05am
Rishi Patel, analyst at FairFX.com, commenting on the MPC’s latest decision to boost the UK’s quantitative easing programme, said, “The Bank of England has raised the bond purchase plan by £25 billion to £200 billion. Sterling has spiked on the news from 1.65 to 1.66 against the US dollar and against the Euro, we’ve seen a similar move from 1.1110 to 1.1180. This is contrary to most analysts’ expectations, who were expecting a more substantial increase of £50 billion to the programme and is now the third increase since March – however, this represents a decrease in the rate at which the bank has been injecting money into the economy.
“Policymakers are desperately trying to revive the economy through quantitative easing - the fundamental concern is if an increase of £25 billion will be sufficient. As expected, benchmark interest rates have been held at a record low of 0.5% and against the major currencies, Sterling is continuing to hold firm at higher levels.”
FairFX.com is an internet based foreign exchange business with a technology platform that allows it to provide UK travellers with the best foreign exchange rates in the market.
Friday 06 November 2009, 04:02pm
Rishi Patel, Head of FX trading at FairFX.com, commenting today, said, “The Global equity sell off has prompted safe haven buying in currency markets. The US dollar rally has kept the pressure on the Euro and Sterling and investors will be taking a cautious stance ahead of the major central bank meetings. This morning the pound failed to find any real direction, and there is still some ambiguity as to whether the Bank of England will expand the quantitative easing programme and if so, how far?
"This week is likely to set the scene for where financial markets will finish the year as traders await key decisions from the Federal Reserve, the Bank of England and the European Central Bank. Although markets are not currently expecting a change in base rate by the Federal Reserve, all eyes are watching as traders begin to speculate on the direction of monetary policy.
"If the markets stay cautious we would expect the dollar to appreciate as the ‘safe haven’ currency of choice. And in the UK we could see pressure firmly back on Sterling if the widely debated extension to the Asset Purchase Facility is significant."
FairFX.com is an internet based foreign exchange business with a technology platform that allows it to provide UK travellers with the best foreign exchange rates in the market.
Tuesday 03 November 2009, 10:05am
• Luton and Birmingham UK’s most expensive airports for foreign currency purchases
• Holidaymakers could save up to 14% by purchasing their cash online
Travellers planning on hitting the slopes this October should beware when purchasing foreign currency, FairFX.com reveals. Holidaymakers who buy their foreign currency from the airport risk paying as much as 14 per cent more for their money if they leave it to the last minute.
Luton and Birmingham airports have been revealed to be the most expensive foreign exchange bureaux, charging unwitting travellers up to 14% more for their holiday money than if they had purchased it online.
FairFX.com’s analysis reveals the UK’s most expensive foreign exchange bureaux:
- Luton Airport- ICE
- Birmingham Airport- Travelex
- Stansted Airport- MoneyCorp
Many travel money providers claim they offer travellers 0 per cent commission but this hides the true margins they add – meaning travellers aren’t in the know and could end up sliding down a slippery slope of confusing charges and misleading advertising.
However, prepaid currency cards offer a different solution. They work just like a debit card but can be topped up via the internet or by text. The FairFX currency card offers rates for Euros and US dollars at less than one per cent margin above wholesale rates – i.e. giving all users ‘business’ level foreign exchange rates.
Stephen Heath, Chief Executive of FairFX.com, said: “To avoid the worst rates on the market, which are generally found in airports and train stations, travellers need to get organised. As Sterling continues sink against the Euro, exchange rates will continue to fluctuate, and as the pound is expected to be weak for some time to come it is more vital than ever that people take steps to get as much as they can. By preparing in advance and buying your currency online instead of using costly debit or credit cards for foreign spending, travellers will be able to get the most bang for their buck this half term.”
Wednesday 14 October 2009, 05:31pm
• Businesses can make substantial savings on employee spending overseas
FairFX, the online foreign currency provider, today announces the launch of its unique business expenses platform, bringing substantially better exchange rates and significant cost savings to the business travel market.
The business expenses platform will be offered in conjunction with the FairFX prepaid currency card (available in Euros and US Dollars). The Card is a MasterCard prepaid debit card that provides market leading foreign currency rates for UK travellers.
Stephen Heath, Chief Executive of FairFX, said: “We have almost reached parity between Sterling and the Euro, so it has never been more important that businesses get better value when spending overseas. The foreign exchange market has been opaque about costs for years. We launched FairFX.com in 2007 to challenge the status quo and bring better value and complete transparency to holidaymakers. Today’s launch, via FairFX.net, is about delivering the same promise to businesses.”
The Business Expenses platform provides the capability for employers to issue, load and monitor cards, as well as exercise better control over employees’ expenditure.
The key benefits of this platform vs. other Corporate Card services are:
• Substantial reduction in foreign exchange conversion charges
• Significantly lower expenditure on initial card acquisition and annual service fees, conventional cash advance fees and late payment penalties
• Large cost savings by eliminating uncontrolled employee expenditure
• Flexible reporting system including real time alerts/exception reporting
• Reduced resources and costs by streamlining expense control and reporting
The platform has been structured as a pyramid, allowing password controlled access to its functions and reporting as required by management. Thus, full or selective access can be provided at head office and departmental levels with tailored access at the individual level.
Stephen added: “It is the online reporting area that provides the real opportunities for reduction of wastage and improved cost control. The system provides online real-time detailed reporting by user and by transaction but also has the flexibility to provide real-time alerts on spending, cost centre allocation, expense reporting and client billing allocation.”
Typical corporate charge cards:
• £30 to £80 per card per annum
• Foreign exchange conversion fees of 2.75% to 4%
• ATM withdrawal fees of 2% to 4%
• Late payment charges based on very high interest rates
• Limited real time capabilities and general system flexibility
FairFX’s corporate card:
• A 1% foreign exchange cost
• A flat ATM withdrawal fee of €1.50 or $2 (levied by the ATM networks)
• A platform usage fee to be determined based on volume
• No late payment charges as cards are pre-funded
• No hidden charges
For further information, please visit www.fairfx.net
Thursday 01 October 2009, 10:59am
The pound has fallen significantly against the Euro and Dollar in the past 24 hours alone – falling from $1.6598 to £1 to $1.6479 to £1, and from €1.1366 to £1 to €1.1203 to £1.
Stephen Heath, Chief Executive of FairFX.com, said: “The value of Sterling fell dramatically yesterday morning after Mervyn King said the MPC will lower the deposit rates to free up lending between banks. We have now seen the pound take such a pummelling that you will get just $1.6479 or €1.1203 to £1.
“Anyone looking to buy their currency now should make sure they lock in the best rate for their holiday money or they could lose out on up to $95 or €70 for every £1,000 they spend.*”
FairFX offers customers market-leading exchange rates via either a pre-paid currency card or cash via their internet site: www.fairfx.com[http://www.fairfx.com].
Wednesday 16 September 2009, 10:55am
SO GET YOUR DOLLAR DEAL NOW BEFORE ITS GOING, GOING, GONE...
As the pound surges to a ten month high, anyone travelling to the States in the coming months could benefit from getting some of their travel money now, to lock in on the current rate of $1.67 for every £1 from FairFX.com.
Stephen Heath, Chief Executive of FairFX.com, said: “This surge in the value of the pound is good news not only for the UK economy, but also for British travellers planning to head across the pond. While still a long way below the $2 to £1 levels seen in July last year, the pound has rebounded 25% from the 23-year low of $1.35 it plummeted to in January this year.”
Don’t be fooled
Checking the exchange rate is very important as many travellers are misled by headline advertising for travel money such as “0% commission” or “no commission”, which often masks the true cost.
The true cost to consumers is not only the advertised commission rate, but also how many Dollars, Euros or other currencies they receive for each pound exchanged, namely the exchange rate. This can vary so much that some travellers, particularly if they use regional airports, could actually be paying up to 15% more than others.
Stephen Heath added: “No one likes to be fooled into buying something only to find out too late that they paid over the odds or that they have been stung by extra transaction costs when they return from their holiday. A good currency card gives travellers the choice about when they fund their trip, getting Dollars now could help someone to budget for a future holiday, or simply mean they’ve locked in the best rate available so far this year.”
FairFX offers customers market-leading exchange rates via either a pre-paid currency card or cash via their internet site: www.fairfx.com.
Tuesday 04 August 2009, 05:29pm
> Holiday makers could each lose out on over £120 this summer
> Regional airports rip off customers to the tune of 15%
Sun seekers heading abroad this summer could waste over £120* for every £1,000 of their holiday budget if they don’t buy their foreign currency from the cheapest provider.
As Britons look to stretch their holiday spending money that little bit further this year, FairFX.com are showing how using a prepaid currency card could give them an extra $209 or €143 for every £1,000 they spend.
Don’t be fooled
Unsurprisingly consumers are being misled by headline advertising for travel money such as “0% commission” or “no commission”, which often masks the true cost. Research shows that 44% of Britons think “0% commission” means the service is free, and almost six in 10 went on to base their travel money purchases on this misleading advertising.
The true cost to consumers is not only the advertised commission rate, but also how many Euros, Dollars or other currencies they receive for each pound exchanged, namely the exchange rate. In fact the true cost to consumers can range from 3% to 5% at High Street providers, 8% to 12% at London airports, and up to as much as 15% at some regional airports.
Stephen Heath, Chief Executive of FairFX.com, said: “No one likes to be fooled into buying something only to find out too late that they paid over the odds. ‘0%’ may well have become the standard advertising tag for currency providers, but savvy holidaymakers still have time to make the most of their holiday budget this summer.
“A prepaid card will give travellers not only the best rate available, but also added piece of mind. However, for those who want to take cash, make sure you shop around, by pre-ordering it online they could have an extra $209 or €143 with them when they jet off.”
Monday 29 June 2009, 05:30pm
> Stretch your gap year cash on a shoestring
> Save up to €300 or $400 with the FairFX.com currency card
Gap year travellers could be wasting up to €300 or $400 unknowingly by having the wrong foreign spending habits. A better choice of travel money could give their budget some much-needed extra stretch.
As more gap year travellers head abroad this year than ever before, due to university deferrals and redundancies, FairFX.com, the foreign currency specialist, provides some handy tips to make the most of their money:
1) Pre-trip research: research your trip before you go – it’ll be easier to work to a realistic budget. Look at approximately how much you'll need on a daily basis for food, accommodation and activities, and then multiply that by the number of days you will be away. It's often better to over-budget in case of emergencies.
2) Carrying cash: A pre-paid card is the most secure form of travel money, but take a wallet for loose change and everyday spending. Wear a secure money belt under clothing for your valuable documents and any other cash.
3) Extras: If you're planning to do any adrenaline-junkie sports or extra activities, you'll need to take this into account as they’re often quite pricey. Make sure you’ve covered this in your pre-trip budget.
Stephen Heath, Chief Executive of FairFX.com, said: "No one likes to find out too late they could have got a better deal. Anyone heading off now on a gap year could get an extra $426 or €307 if they use a FairFX.com pre-paid currency card (assuming an average spend of £4,000)."
Wednesday 17 June 2009, 02:03pm
-69% of people say “every penny counts” when it comes to buying foreign currency
-Yet only 2% use the cheapest payment method for foreign currency – pre-paid currency cards
Despite the credit crunch putting a squeeze on everyone’s wallets new research from FairFX.com reveals British holiday makers still aren’t spending prudently abroad. 69% of people might say every penny counts when buying their foreign currency, but 98% still don’t use pre-paid currency cards – the cheapest way to spend abroad.
Two thirds (66%) prefer to spend foreign cash taken abroad with them, and a further 29% choose to withdraw foreign currency from a hole in the wall once they get overseas. Despite the extortionate fees involved, 21% of holidaymakers still choose to spend on their credit cards.
Stephen Heath, Chief Executive of FairFX.com, said: “Will 2009 be the year that travellers wake up to the savings they can make by using a pre-paid card for all their holiday spending? Two thirds of people might say every penny counts, but then don’t actually ensure they have the right tools to make it happen.
“A family of four could have an extra $300 or €200 to spend on their holiday this summer if they used a pre-paid card, more than enough to pay for a days entry for the whole family to Disneyland in Paris or Orlando.* What’s more, the FairFX.com card is the only card with no global surcharge.”
For example, a family of four planning to exchange £1,500 for their holiday, would get $2,347.50 or €1,691.25 using a FairFX.com card compared to only $2,170.35 or €1,575.15 if they exchanged at Heathrow airport.**
Before buying their holiday money just 9% of people check a comparison site, and 16% of people don’t bother to do anything and simply use the card they already have in their wallet – a costly mistake which will only come to light when they check the statement the following month.
58% say they look for a supplier that charges 0% commission when they get their holiday money, but simply opting for deals based on “0% commission” or “commission-free” doesn’t ensure the best rate of exchange, in fact in some instances they could lose up to 19% of their holiday cash value.
Sadly, a misplaced belief that there is little difference between the best and the worst rates (one in ten consumers), or the view that foreign travel is costly already so there is no point in penny pinching (one in twenty consumers), mean many people are simply not willing to shop around for their foreign currency despite the extra money they could have with minimal effort.
Stephen Heath, Chief Executive of FairFX.com, continued: “There seems to be quite a large divide between consumers’ desires to make the most of their cash, and the reality of their foreign spending habits.
“Many of us might intend to look for the best deals, but when it comes to the crunch people aren’t making the effort to get the best bang for their buck. But they might think twice if they knew they could save up to 18% if they use the FairFX.com card instead of changing their money at the airport – savings not to be sniffed at.“
Tuesday 26 May 2009, 02:05pm
Latest Posts
11 November 2009, 11:05am
06 November 2009, 04:02pm
03 November 2009, 10:05am
14 October 2009, 05:31pm
01 October 2009, 10:59am
16 September 2009, 10:55am
04 August 2009, 05:29pm
29 June 2009, 05:30pm
17 June 2009, 02:03pm
26 May 2009, 02:05pm
Monthly Archives
2009
November (3 entries)
October (2 entries)
September (1 entry)
August (1 entry)
June (2 entries)
May (2 entries)
March (1 entry)
Febuary (2 entries)
January (5 entries)
2008
December (4 entries)
November (1 entry)
October (3 entries)
September (1 entry)
August (2 entries)
July (3 entries)
June (3 entries)
May (3 entries)
April (1 entry)
March (4 entries)
Febuary (1 entry)
2007
November (1 entry)
