In a recent survey published on Facebook, 1075 UK consumers answered whether or not they felt that travel money companies should be able to advertise ‘0% commission’ without disclosing that additional charges are built into exchange rates. A total of 1000 people – 93% of respondents agreed that “this leading form of advertising should be banned”.

In the UK, many big name travel money companies like Travelex, Marks & Spencer and the Post Office commonly use “0% commission” as a strapline to advertise their services. However, as this doesn’t reflect the true cost to the consumer, many travellers are now calling for this practice to be banned.

Some of the Facebook comments from participants included...

John Carter: “Why is there no regulator for this 0% commission claim? Especially with the Olympics coming up there is a great opportunity for UK Government to set a Kite Mark standard.”

Phil Higham: “Companies should be prepared to be open about ALL their charges so customers can make an informed decision.”

David Edwards: “Misleading advertising is wrong in any circumstances. With particular regard to foreign exchange it highlights our nation as ‘rip-off Britain’. It is perfectly acceptable for a service provider to charge a fee but that fee should be completely transparent and fair comparisons should be accessible in plain simple English.”

Stephen Heath, CEO of travel money card provider FairFX.com added: “It seems that the lack of transparency in this marketplace has hit a nerve with consumers, and that a campaign needs to be started to come up a better way of comparing the overall cost of travel money.”

Wednesday 22 June 2011, 09:27am

Tags: 0% commission, 0% myth, marks & spencer, post office, travelex, travel money

Late summer holiday bargain hunters warned over shocking costs

Late summer holiday bargain hunters were today warned to avoid airports when buying foreign currency. According to research carried out by online foreign currency provider FairFX.com, UK airports are a “no-go” area when it comes to getting good value for their travel money.

FairFX Chief Executive Stephen Heath said “Many holidaymakers scour the internet for great value last minute holiday deals, but get stung by not exchanging money until they get to the airport.

“Terrible airport exchange rates are compounded when you have some leftover currency and change it back at the same airport travel money booth. Doing that could mean that you get charged up to the equivalent of 33% commission.

“A much better way of doing it is use a travel money card like the FairFX Anywhere Card which charges just 1.5% equivalent exchange rate margin. If consumers are savvy, they will order a Prepaid Travel Money Cards a week or so before they travel. That way they can ensure much better exchange rates.”

UK Airport Buy and Sell Rate Comparison Table

Rates collected at 11.00am on 22nd September 2010

For other resources, including logos, card images and more releases, visit our press office page.

Media enquiries
FairFX Press Office
pressoffice@fairfx.com

David Bain
Tel. 020 7778 9316

Stephen Heath
Chief Executive
FairFX Plc
T: 020 7778 9302
M: 07785 291 059
Stephen@fairfx.com

Ian Strafford-Taylor
Chief Operating Officer
FairFX Plc
T: 020 7778 9308
M: 07920 793 793
ian@fairfx.com

FairFX Plc 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. FairFX’s core product is a brand new prepaid MasterCard denominated in Euros, US$ and the £ Sterling denominated Anywhere Card.

Customers can buy online using debit/credit cards or internet bank transfer. By eliminating traditional methods of providing foreign currency such as Travel Money bureaus and kiosks, customers are offered business/commercial type foreign exchange rates rather than paying up to 3% on typical UK Bank debit card usage, 5% more on the High Street, or even 8+% more at the airport.

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).

Wednesday 22 September 2010, 02:38pm

Tags: 0% myth, airport, birmingham airport, compare rates, currency rates, holidaymakers, luton, tourist rates of exchange

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

Tags: 0% commission, 0% myth, 4th july, dollar, independence day, new york, opodo

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

Tags: 0% commission, 0% myth, cash abroad, hidden charges, interest rate, opodo