The FairFX Press Releases Blog
Commenting on the Pound’s crash yesterday, Stephen Heath, Chief executive of travel money specialists FairFX.com, said: "Following a good week when the Pound started to look a little healthier against the Dollar, it came as a shock when by the close of trading yesterday the Pound had suffered its biggest one day fall since 1992.
"This was largely due to weak manufacturing and mortgage data fuelling fears Britain is facing a long and deep recession. Against the Euro, it was a similar story as Sterling lost four cents on the Euro.
"All eyes are now on the MPC as traders speculate another rate cut in the 100 basis point region is almost inevitable as policy makers try to revive the economy by any means necessary."
Tuesday 02 December 2008, 02:02pm
Online travel provider Opodo.co.uk, has teamed up with FairFX.com to make customers’ holiday Pounds go further with market leading exchange rates using the FairFX.com Currency Card.
Opodo customers can now obtain a free FairFX.com Currency Card (normally costing £9.95) denominated in Euros or US Dollars by applying online at www.opodo.co.uk under Travel Extras (pre-paid currency cards).
Stephen Heath, Chief Executive of FairFX.com, said: “For too long, customers have been getting a very poor deal when buying their holiday cash from currency exchange booths at UK airports. Also, they will have found advertising about the commission charged on currency purchases very confusing. However, Opodo and FairFX.com have formed this new partnership to help travellers looking for great value online not only for their holidays but their travel money as well.
“Opodo’s customers are savvy and expect convenience and good value, making FairFX.com the perfect partner. Whether people are looking for some winter sun or heading for the slopes, they should all be trying to get the most for their money, especially with the rising cost of living and strength of the Euro.
“The FairFX.com currency card offers market leading exchange rates, secure access to cash worldwide and could save people up to €100 or $120 per £1,000 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 Opodo is the next step in partnering with brands with a shared ethos. We are both committed to giving our customers the most for their money, in a fair and transparent way particularly in tougher economic times.”
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.
Tuesday 04 November 2008, 11:36am
Stephen Heath, Chief Executive at FairFX.com, said: “Overnight investors have dumped the Pound and bought into the safe haven of the US Dollar, adding to the downward spiral which has seen the Pound lose over 20 per cent against the Dollar in the last three months.
“Yesterday, Mervyn King indicated the Pound could fall much faster and further than expected, as he admitted Britain is on the brink of recession and faces an extended and painful economic downturn.
“We are also seeing the Pound weaken against the Euro, with further falls expected.”
Wednesday 22 October 2008, 10:42am
FairFX is offering members of the Ski Club of Great Britain the opportunity to apply for a free FairFX currency card) - normally costing £9.95 for a three year membership. This offer can be applied for online via www.skiclub.co.uk.
Stephen Heath, Chief Executive of FairFX.com, said: “Brits keen to hit the slopes despite the credit crunch should ensure their Euros take them further with FairFX.com and The Ski Club of Great Britain. The FairFX.com currency card provides good value, secure access to cash worldwide and could save people up to €10 per £100 spent, and in the current climate every penny counts.
“FairFX.com’s partnership with The Ski Club of Great Britain is the latest partnership with brands of the shared ideology of ensuring customers get the best bang for their buck, and follows collaborations with moneysupermarket.com and Matalan. FairFX.com has seen a rapid expansion since its launch in December 2007 and 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.
Tuesday 14 October 2008, 10:33am
Commenting on Sterling’s increasing weakness against the US Dollar and Euro, Stephen Heath, Chief Executive at FairFX.com, said: "It was an horrific start to the week for the British currency, as the pound sank further against the greenback on Monday alone than at any time in the past 15 years. Many market players held the collapse of Bradford and Bingley solely responsible.
"As the pound collapsed from $1.84 to $1.79, a fall of 2.7 per cent, the Bank of England started to face growing pressure to cut interest rates ahead of the MPC meeting in October. However, it is too early to say whether rates will be cut; at the moment it seems a rate cut is likely, but this could change in the blink of an eye. All we really do know is that a rate cut would not do any favors to the sinking Pound."
Wednesday 08 October 2008, 09:47am
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
Latest Posts
02 December 2008, 02:02pm
04 November 2008, 11:36am
22 October 2008, 10:42am
14 October 2008, 10:33am
08 October 2008, 09:47am
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
Monthly Archives
2008
December (1 entry)
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)
