The FairFX Press Releases Blog
Brits have faced a tough summer amidst the credit crisis, rising cost of living, and the poor weather. Now, to compound the misery for anyone planning a late summer break to the Med the Pound has fallen to a record low against the Euro.
Stephen Heath, Chief Executive of FairFX.com, said: "With the Pound at a record low against the Euro, Brits looking forward to a late summer holiday in the sun are faced with a costly dilemma when it comes to getting their holiday money. Given the current poor exchange rate to the Euro and the possibility of further falls, Brits could be best off buying their travel money now.
"The FairFX.com pre-paid currency card will enable Brits to protect, or hedge, themselves against further currency volatility as they can buy at today’s rates and simply keep the Euros until they want to start spending. FairFX.com offers holidaymakers an incredibly cost-effective and secure way to make the most of their cash."
Wednesday 03 September 2008, 09:46am
As celebrities and media moguls flock to Venice, the ‘City of Water’, for the Annual Venice Film Festival starting 27th August, how they will pay their way during the celebrations is unlikely to worry to them.
However, mere mortals escaping to the city would be wise to ensure they’ve secured the best currency deal available to help them get the most out of their Euros while enjoying the festival.
FairFX.com offers Brits the best return on their cash, and any extra Euros are sure to come in handy when stretching their spending money as far as possible – especially as the Euro remains so strong against the Pound. Indeed, festival-goers could get an extra €41.10 for every £500 they spend if they use the FairFX.com currency card instead of waiting until they hit the airport to get their spending money.
Stephen Heath, Chief Executive of FairFX.com, said: “Anyone heading to Venice for the film festival this summer should make sure they pack their FairFX.com currency card if they want to stretch their Euros as far as possible.
“Brits will be keen to get the best rate possible for any trips to Europe at the moment. The spiralling cost of living combined with the strength of the Euro against the Pound has made the traditional cheap European mini-break increasingly expensive. Indeed, for many people a last minute jaunt to the Med might be out of the question due to rising costs.
“And I would warn anyone planning to get their Euros from the airport to think again. Brits who get their currency from the usual places like the airport, high street, or using their bank’s debit or credit cards overseas, may believe they are getting ‘0 per cent cost’ or ‘0 per cent commission’ foreign currency. However, the reality is they are paying hidden costs by way of the poor rate of exchange they receive.”
Stephen added: “Even celebs should think about where they are wasting their money. An entourage of 6 staying at a top Venetian hotel* could spend £10,400 on a week’s stay. However, they would have an extra €855 left over if they paid for their rooms with the FairFX.com card instead of using foreign currency purchased at the airport. Even film stars might be swayed by savings like these.”
Tuesday 26 August 2008, 10:35am
Whether they are at the top of the Eiffel Tower or in the middle of the American Rockies Brits can now stay in control of their holiday finances anywhere they can use their mobile phone.
FairFX.com has launched an innovative and unique new way for Brits abroad to check their balance, confirm the exchange rate and top-up their holiday money – all by text.
Commenting on the launch, Stephen Heath, Chief Executive of FairFX.com, said: “Now, wherever people are in the world they can find out how much cash they have left to spend, check the exchange rate they will get for their Pounds, and top-up their holiday money simply by texting. This is the easiest way for people to manage their money abroad, and until August 31st the service will be free of charge. After then each text will cost 10p.*
“According to research from FairFX.com, nearly half (48 per cent) of Brits who use credit and debit cards abroad make cash withdrawals from foreign ATMs**. However, holidaymakers could save themselves a bundle by texting a top-up to their FairFX.com card and using that instead of taking out cash on their usual credit or debt card.
“The system development to allow top-ups and balance enquiries via text comes as FairFX.com continues its rapid expansion. Since launching in December 2007 FairFX.com has also formed partnership with moneysupermarket.com and Matalan to supply free cards to applicants via those sites. We plan to continue building the business with further product developments, strategic partnerships and significant investment within the company, amongst other drives.”
Anyone who wants to try the new texting system can access it via the FairFX.com website, and it is open to existing users as well as new applicants.
Tuesday 05 August 2008, 02:59pm
Anyone planning to spend dollars in the coming months is urged to get their cash immediately and lock in the fantastic rate of more than $2 for every £1* - only available from FairFX.com.
Stephen Heath, Chief Executive of FairFX.com, said: “Savvy consumers should take advantage of the amazing rate they can get today and buy their currency online now from FairFX.com – the only provider to offer Brits this rate at the moment.
“Even if they aren’t planning to use it for a while they should buy it now to take advantage of the rate and keep it until they want to start spending.
“When you can get more than $2 for every pound anyone who might want to spend US dollars in the coming months could save themselves a bundle by buying their currency online now while this great rate is available.”
Tuesday 15 July 2008, 01:23pm
• 57 per cent of Brits to cut holiday spending
• Strong Euro puts summer sunshine breaks in jeopardy
• Regional airport foreign currency purchase swindle
The Great British summer get away is looking in danger. Credit crunched families planning to escape to sunnier climes will have to battle high inflation, the spiralling cost of living, a weak Pound against the Euro, and extortionate airport currency exchange rates - all before they even step foot on the plane.
It is little wonder nearly three in five Brits (57 per cent) have been forced to slash how much they pay out overall on their holidays, or at the very least reduce their expenditure while abroad over the year ahead, according to research* from pre-paid currency card provider FairFX.com.
Nearly 10% admitted the credit crunch and fear of recession meant they would have to cut how much they will spend on holiday. Also, more than half (55 per cent) felt forced to curb foreign expenditure because the cost of living is too much for them and outgoings have increased drastically.
Stephen Heath, Chief Executive of FairFX.com, said: “As the credit crunch continues to bite, and the cost of living spirals upwards, Brits have been forced to slash their holiday spending. Understandably, basic housekeeping costs are a bigger priority for families, but many people will be disappointed to have to cut back just when they could do with a little sun and relaxation.”
And already hard-up Brits are being fleeced when it comes to getting their foreign cash from the airport. Holidaymakers flying from Liverpool, Leeds, City, Bristol or Birmingham airports could be paying well over the odds for their spending money as these airports are the most expensive UK departure points for buying foreign currency at the moment.
FairFX.com’s league of the UK’s most expensive foreign exchange bureaux: 1= Liverpool, Travelex 1= Leeds, Travelex 1= City, Travelex 1= Bristol, Travelex 1= Birmingham, Travelex 6 Luton, ICE 7 East Midlands, Travelex 8 Newcastle, Travelex 9 Manchester, ICE 10 Birmingham, ICE
Stephen added: “Holidaymakers could be paying as much as 11 per cent more for foreign currency if they leave it until they get to the airport compared to organising beforehand.
“Brits who need to stretch their holiday money as far as possible due to the high cost of living and continued credit squeeze should think about using a pre-paid currency card. For example, they would be able to get seven to 11 per cent more for their Pound using a FairFX.com card compared to waiting and buying their foreign cash at the airport.”
Notes: Research carried out by Opinium Research LLP. Opinium Research carried out an online poll of 2,000 British adults between 18th and 22nd of April 2008. Results have been weighted to nationally representative criteria. www.opinium.co.uk ** FairFX.com’s Airport Tracker
Monday 14 July 2008, 06:03pm
Anyone heading to America, ‘land of opportunity’, to celebrate Independence Day would be wise to ensure they’ve secured the best currency deal available to help their celebrations go with a bang.
FairFX.com offers Brits the best return on their cash, and any extra Dollars are sure to come in handy when stretching their spending money as far as possible. In deed, holiday makers could get an extra $65 for every £500 they spend if they use the FairFX.com currency card instead of waiting until they hit the airport to get their spending money.
Stephen Heath, Chief Executive of FairFX.com, said: “Anyone heading to the States in the near future should make sure they pack their FairFX.com currency card if they want to stretch their Dollars as far as possible.
“Many Brits might now be considering a US break instead of the traditional holiday on the Med given the strong Euro and the weak Dollar. You can get almost $2 for every £1 at the moment, but just less than €1.25 to every £1 – making cheap European weeks away a thing of the past.
“And I would warn anyone planning to get their Dollars from the airport to think again. Brits who get their currency from the usual places like the airport, high street, or using their bank’s debit or credit cards overseas, may believe they are getting ‘0 per cent cost’ or ‘0 per cent commission’ foreign currency. However, the reality is they are paying hidden costs by way of the poor rate of exchange they receive.”
Ref. http://disneyworld.disney.go.com/wdw/tickets/ticketsLandingPage?id=TicketsLandingPage#
Friday 04 July 2008, 08:59am
FairFX.com is offering moneysupermarket.com website visitors the opportunity to apply for a free FairFX.com currency card - normally costing £9.95 for a three year membership. This exclusive offer can be applied for online via www.moneysupermarket.com and is available until 31st August 2008 – just in time for the summer holidays.
Stephen Heath, Chief Executive of FairFX.com, said: “This opportunity shouldn’t be missed by moneysupermarket.com users if they want to get the biggest bang for their buck when they go on holiday this summer. The FairFX.com currency card provides cheap, secure access to cash worldwide and could save people up to €8 or $15 per £100 spent; and now people can get the card for free there is nothing to stop them getting the most from their holiday spending money.
“FairFX.com’s partnership with moneysupermarket.com is the natural next step in collaborating with brands with a shared ethos. We are both committed to getting our customers the most for their money, in a fair and transparent way. FairFX.com has seen a rapid expansion since its launch in December 2007 and our partnership with moneysupermarket.com follows closely behind our deal with Matalan. We plan to continue building the business with further strategic partnerships and significant investment within the company, amongst other drives.
How does the FairFX card work? The FairFX Currency Card is a MasterCard chip and pin enabled prepaid debit card. It differs from regular debit cards in two ways. Firstly, the cards are issued in either Euros or US dollars and secondly, funds must be loaded onto the card before they are available to spend. The currency to be loaded is obtained simply by logging on to www.fairfx.com and can be paid for by any sterling debit or credit card or internet bank transfer.
Thursday 26 June 2008, 09:35am
Want to hear more about the myth of ‘0 per cent commission’ charged by foreign currency providers? Looking for an expert to comment on foreign currency exchange issues? Want someone to identify and explain the cheapest ways for people to spend money abroad?
Perhaps you’re looking for comment on:
• Foreign currency exchange rates
• Hidden charges levied on foreign currency purchases by providers
• The myth of 0 per cent currency exchange commission
• Pre-paid cards or foreign currency cards
• Pre-paid cards versus debit/credit cards
• Brits spending habits abroad
• New innovations in the foreign spending arena
• Top tips for getting more for your money when abroad
FairFX Plc is an internet based foreign exchange business with a technology platform that provides UK travellers with market leading foreign exchange rates. FairFX's core product is the FairFX Currency Card which is denominated in Euros and US$. The card is a Prepaid MasterCard issued by Newcastle Building Society.
Customers can buy online using debit/credit cards or internet bank transfers. By eliminating traditional methods of providing foreign currency such as Travel Money bureaus and kiosks, customers are offered business level foreign exchange rates rather than paying up to three per cent on typical UK Bank debit card usage, five per cent more on the High Street, or even up to 12 per cent more at UK airports.
FairFX has been established by a group of people committed to giving the consumer a fair deal. The business is owned by very experienced private investors and Directors. All FairFX Directors are substantial investors in the Company. FairFX is a Public Limited Company and has a Money Service Provider Licence issued by HMRC (Her Majesty's Revenue and Customs).
Monday 23 June 2008, 05:08pm
• Get the most bang for your buck as you go around the world
• Save up to £183 with the FairFX.com currency card
Students relishing thoughts of ‘schools out’ and who are about to embark on a gap year trip need to consider how to stretch their cash as far as possible if they want to be able to stay the distance.
Naturally there are many considerations, such as where to go, what to see and how to pay for it. For travellers or parents confused about the spending options available, FairFX.com has some handy tips
Stephen Heath, Chief Executive of FairFX.com, said: “There is no point sticking your head in the sand and hoping for the best when it comes to financing your gap year away. If you are travelling on a shoestring budget as you hop around the globe the FairFX.com card can help you get the best return for your money.”
For example, a student spending $5,000 could save up to £183 if they used a FairFX.com currency card rather than getting their cash at the airport.
Prepaid currency cards work just like a debit card but can be topped up via the internet or by text. The FairFX.com currency card offers rates for Euros and US dollars at less than one per cent margin above wholesale rates which means all users benefit from the most competitive foreign exchange rates.
Stephen added: “The FairFX.com currency card is the ideal choice for young people about to embark on a gap year. The top up facility means you or your parents can top up your card online as and when you need to. And because you can only spend what you put on the card you might be able to avoid slipping into unnecessary debt, unlike spending on a credit card or going into your overdraft.
“By using a prepaid currency card you are automatically protecting yourself from fraud. The chip and PIN technology makes it much harder for fraudsters to clone cards and the fact they are pre-paid, with no credit facility beyond that which is loaded onto the card, means potential losses are limited.”
How does the FairFX.com card work? The FairFX.com Currency Card is a MasterCard chip and pin enabled prepaid debit card. It differs from regular debit cards in two ways. Firstly, the cards are issued in either Euros or US dollars and secondly, funds must be loaded onto the card before they are available to spend. The currency to be loaded is obtained simply by logging on to www.fairfx.com and can be paid for by any sterling debit or credit card or internet bank transfer.
Monday 16 June 2008, 03:48pm
FairFX.com and Matalan have partnered up to offer a free FairFX.com currency card - normally costing £9.95 for a three year membership – to Matalan cardholders. This exclusive offer can be applied for online via www.matalan.co.uk and is available until 31st October 2008
Stephen Heath, Chief Executive of FairFX.com, said: “This is a natural partnership for FairFX.com and Matalan. We both share the same commitment to helping our customers get the best bang for their buck, be it on holiday or in the shops. The FairFX.com currency card provides cheap, secure access to cash worldwide and could save people up to €8 or $15 per £100 spent.
“FairFX has seen a rapid expansion since its launch in December 2007 and our partnership with Matalan is the latest step in this development. We plan to continue building the business with further strategic partnerships and significant investment within the company, amongst other drives. Partnerships with brands with a similar ethos to FairFX.com, such as Matalan, make sense as we look to build our customer base further.”
Adam Day, Promotions Manager at Matalan, said: “Being a family oriented retailer we love to deliver our cardholders great value whether that’s instore or through our Reward Card partners. Partnering with FairFX.com is a way we can guarantee cardholders great value when changing currency – something which can prove costly if you leave till the last minute – as well as the added security that a pre-paid card brings!”
How does the FairFX card work? The FairFX Currency Card is a MasterCard chip and pin enabled prepaid debit card. It differs from regular debit cards in two ways. Firstly, the cards are issued in either Euros or US dollars and secondly, funds must be loaded onto the card before they are available to spend. The currency to be loaded is obtained simply by logging on to www.fairfx.com and can be paid for by any sterling debit or credit card or internet bank transfer.
Thursday 22 May 2008, 11:41am
Latest Posts
03 September 2008, 09:46am
26 August 2008, 10:35am
05 August 2008, 02:59pm
15 July 2008, 01:23pm
14 July 2008, 06:03pm
04 July 2008, 08:59am
26 June 2008, 09:35am
23 June 2008, 05:08pm
16 June 2008, 03:48pm
22 May 2008, 11:41am
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