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

Tags: currency, currency card, currency card discussion, currency card reviews, currency exchange, travel money, travellers

• 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

Tags: airports, cash abroad, currency, dollar, exchange rates, heathrow, holiday, london city, luton, opodo, travel money

• Last year Brits wasted £1.8 bn when spending abroad

• 56 per cent of travellers think foreign spending charges are unfair

Brits nipping off to NYC for a bit of Christmas shopping or jetting off to soak up some winter sun should be warned travellers wasted £1.8bn* when spending abroad in the last year.

Research conducted by YouGov on behalf of prepaid currency card provider FairFX Plc revealed Brits spent as much as £20bn cash and £10.3bn on credit and debit cards on foreign trips in the past 12 months.

However, sneaky charges imposed when withdrawing cash from foreign ATMs or using credit or debit cards mean Brits could unknowingly be wasting up to eight pence in every pound of their well-earned holiday cash. Indeed, the survey showed more than half (56 per cent) of travellers think these charges are unfair and one in 10 (11 per cent) find them confusing.

The research marks the launch of a unique new travel money service from FairFX Plc. The service is based around a brand new MasterCard card, the FairFX currency card, which is available in Euros and US dollars.

Typically, consumers buying currency before travel at the airport or on the 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. The reality is they are paying hidden costs by way of the poor rate of exchange they receive. The FairFX currency card is the first prepaid card to tackle this by providing a simpler, better deal for consumers.

Unlike a traditional debit or credit card FairFX offers greater fraud protection because the potential for loss is limited to any unused balance on the card – good news considering card fraud abroad has risen 126 per cent in the last year.**

Stephen Heath, Chief Executive of FairFX Plc, said: “Travellers get hit every way they turn when spending abroad. Either they have to rely on carrying unwieldy and unsecured amounts of cash, suffer punitive charges for withdrawing cash from ATMs or use a debit or credit card which not only inflicts more hefty charges but also subjects them to a growing risk of fraud.

“Prepaid currency cards are the modern way for consumers to spend money abroad. They are convenient, safe and in the case of the FairFX card, offer some of the best exchange rates around.”

The research also analysed how British travellers spend their holiday money. Handy cash is the preferred payment method for 74 per cent of Brits abroad, with 76 per cent saying they choose it for its convenience. 29 per cent spend on a Visa card, 25 per cent on a Maestro / Switch card and 22 per cent use a Mastercard.

With the growing use of prepay systems such as the Barclaycard One Pulse, more consumers than ever are expected to use prepaid currency cards for their holiday spending. FairFX’s research showed 40 per cent of Brits are prepared to consider using such a card.

Heath added: “We want to revolutionise the way currency is bought in the UK and launch a completely new proposition that is convenient and transparently-priced. Whatever people’s travel habits we expect a prepaid currency card will become the payment method of choice for savvy British travellers.”

FairFX offers an instant and simple-to-complete online application process. FairFX’s unique and innovative technology allows users simply to pre-load their card with a desired amount and use it when abroad as they would any debit card. Application and loading is all conducted online and users can check their balance whenever and wherever needed. FairFX will soon launch mobile top-ups via SMS.

Monday 19 November 2007, 10:52am

Tags: abroad, cash, exchange rates, fraud protection, opodo, travel money, withdrawing cash