FairFX Press Releases > Dollar Related Posts
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
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
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
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.”
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Friday 04 July 2008, 08:59am
• Luton, Newcastle, Liverpool, Leeds, and City are UK’s most expensive airports for foreign currency purchase*
• Save 11 per cent on foreign currency by buying online
• Strong Euro makes summer sunshine breaks dearer
Credit crunched British families planning a break in the Spanish sunshine face a double blow this half term. Faced with a weak Pound against the Euro and extortionate airport currency exchange rates their holiday money might not stretch as far as hoped.
Brits flying from Luton, Newcastle, Liverpool, Leeds, and City airports could be paying well over the odds for their holiday money. Prepaid currency card provider FairFX.com has discovered these airports are the most expensive UK departure points for buying foreign currency ahead of the half term rush to sunnier climes.**
Travellers planning to head abroad over the summer half term holidays 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.
FairFX.com’s league of the UK’s most expensive foreign exchange bureaux: 1 Luton, ICE 2= Newcastle, Travelex 2= Liverpool, Travelex 2= Leeds, Travelex 2= City, Travelex 2= Bristol, Travelex 7 East Midlands, Travelex 8 Birmingham, Travelex 9 Birmingham, ICE 10 Edinburgh, Travelex
Indeed, many travel money providers claim they offer travellers 0 per cent commission but, as the FairFX.com analysis shows, this hides the true margins they add to wholesale currency rates when providing foreign exchange for travel purposes.
According to research*** conducted for FairFX.com by YouGov three quarters (74 per cent) of travellers typically use cash when they spend abroad. Travel cash bought outside of the airport can also be overpriced. Most high street providers charge, on average, a five per cent premium. The one in four Brits who favour plastic (29 per cent with Visa, 25 per cent with a debit card and 22 per cent with MasterCard) will also be paying a premium to use their cards abroad, usually around three per cent.
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: “Since the second half of April the Pound has gained over a 2.5 per cent against the Euro and lost over a 2.5 per cent against the Dollar. Despite the Pound’s current weakness we will hopefully see some better rates for holidaymakers travelling to the Euro-Zone in the next few weeks, but this is of little help to hard up Brits going away now.
“Most providers rely on the fact holidaymakers will be in a complete rush when preparing for a trip abroad, and either fail to organise currency before they get to the airport or opt to use costly credit or debit cards for their foreign spending. Our analysis shows to what extent this approach could be costing travellers dear.
“Whichever way you look at it UK travellers are losing out when they buy currency.”
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.
- All airport currency exchange rates are indicative of ‘walk up’ rates *See Airport Tracker above *Research conducted by YouGov Plc among 2,177 GB adults. Fieldwork was undertaken between 28th - 30th August 2007. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Wednesday 21 May 2008, 02:48pm
Anyone planning to spend dollars in the coming months is urged by FairFX.com to get their cash today and lock in the fantastic rate of more than $2 for every £1.*
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. 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.”
Friday 07 March 2008, 09:58am
Latest 'Dollar' Posts
02 December 2008, 02:02pm
22 October 2008, 10:42am
15 July 2008, 01:23pm
04 July 2008, 08:59am
21 May 2008, 02:48pm
07 March 2008, 09:58am
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