The latest articles and blog posts from the FairFX team

Disclaimer: this material is not investment research as defined by the Financial Conduct Authority

What should I do if my Currency Card is lost or stolen?

Cardlost

You should look after you FAIRFX Currency Card, as you would travel cash or another payment card. If your card is lost or stolen you may lose some or all of your money on your FAIRFX Card. As a result, you must keep your Currency Card safe and not let anyone else use it. When you retrieve your PIN, you must immediately memorise it and keep it secret at all times.

We recommend that you check the balance on your FAIRFX Card regularly. You can view your FAIRFX Card balance and most recent transactions online at any time by signing in to 'Your Account' on the FAIRFX Website. You can also check your balance by subscribing to our SMS (text) functionality in 'Your Account'.

If you lose your FAIRFX Card, it’s stolen or you suspect that your FAIRFX Card has been used by someone else, you must tell us as soon as you can by calling our 24 hour helpline on 01753 775961 (normal UK landline charges apply). Alternatively, you can select the 'Lost/Stolen' option in the 'Cards' tab within your online account (My Account).

One selected we will then cancel your FAIRFX Card. If you ask us to do so, we will ask the police to investigate any suspected misuse of your FAIRFX Card and so they may need more information and assistance from you.

We will immediately refund the amount of any transactions, which the investigations shows were not authorised by you, provided you have kept your FAIRFX Card and PIN secure. However, if the investigations show that any disputed transaction was authorised by you or you have not kept your FAIRFX Card or PIN secure, we will not refund the transaction amount and will charge you a one-off administration fee of £10.00.

Wednesday 08 July 2015, 12:36pm

How can I change my card payment details?

Cardpayment

If you wish to change your saved payment card you can do so when placing an order.

To remove a previously saved card you need to locate the 'Stored Card Info' field on the payment page and select the saved card number. Once selected you will see a 'REMOVE' button.

Now click the 'REMOVE' button and all the fields below will be cleared. You can now add and save new card details.

If you wish to register another payment card under 'Stored Card Info', select the empty field in the drop down menu (which has just a hyphen '-‘). Once selected, this will clear all the fields below and allow you to enter and save alternative card details.

If you have any problems or questions please do not hesitate to contact our Customer Services team at enquiries@fairfx.com

Wednesday 08 July 2015, 11:02am

Greece is the word

Greece is the word

Greece

Greek banks have reopened after an agreement was reached between Athens and the Eurozone on cash-for-reforms, which will makes it easier for locals and holidaymakers to manage their cash whilst in Greece. Currently restrictions on money transfers outside Greece still apply.

I’m going to the Greece mainland and the Greek Islands on holiday this summer, will this impact me?

Cash withdrawals from ATM's at Greek banks have reportedly been limited to €60, however this limit does not apply to withdrawals with foreign bank cards.

Plan your holiday money in advance to ensure your trip goes smoothly. Here are a few travel money tips for your trip:

1: Cash vs cards? Consider spreading your funds across cash and a prepaid currency card and keep a credit card to hand in case of emergency to cover all eventualities. Having up to £250 in cash for emergencies or day-to-day spending is a reasonable amount under normal circumstances, but it might be wise to increase this and have a daily cash budget available whilst Greece finds stability and the ATM situation is resolved. ATM withdrawal limits are still in place, even though it is said not to apply to foreign bank cards (eg.your FAIRFX prepaid currency card), and many ATM's are said to be empty or shut.

Loading a prepaid currency card prepaid currency card before you go will keep your Euros safe as well as giving you 24 hour access to your travel money when you want to spend.

A prepaid card will also provide the added benefit of letting you lock in great rates whilst the pound is enjoying highs against the Euro, meaning your money could go further. Remember a prepaid currency card is valid for up to 3 years, after which you simply renew, so if you don’t spend it you can choose to keep it on the card for your next trip or simply cash in what’s left when you get home.

FAIRFX Currency Cards are MasterCard® cards, so should continue to work as normal in Greece and will be accepted anywhere you see a MasterCard brand mark.

Stay up-to-date on the news while in Greece so you are completely prepared.

2: Be cautious of how much cash you carry. Having travel insurance is a no-brainer but be sure to check the small print to see how much cash you are covered for in case it gets lost or stolen. Savvy travellers will make use of their hotel safe or deposit box to store extra cash, but if it is lost or stolen many travel insurance companies will only cover you for up to £250. If you’re planning to take all of your holiday spending money in cash, it’s vital you check the small print of your travel insurance policy before you go so you know what is covered so you don’t get a nasty shock when you have to make that dreaded claim.

3: Euros still king for now. If Greece is forced to exit the Euro, it is unlikely this would happen overnight and instead there would be a long transition period to the Drachma. Holidaymakers heading to Greece this summer are unlikely to be affected by such a transition but those going later in the year need to keep an eye on events.

4: Timing is everything. With the pound doing better than most major currencies, keeping on top of the news on Sterling is crucial if you want to bag a deal on your holiday money before you go and not get caught out. Keep up-to-date by registering for currency alerts and take your money further.

I have a property in Greece and I’m paying off the mortgage, how will this impact me?

If you’re regularly sending money to Greece for your mortgage, then you might see the value of how much you get for your Pounds impacted. Currency rates are unpredictable so it’s impossible to say which way it will go, but if the rate moves in your favour we’d suggest you speak to your account manager sooner rather than later about the option to book a Forward Contract to cover your monthly payments for up to a year.

Forward Contract explained.

My company is importing from / exporting to Greece, how should I manage my currency exposure?

a. If you are buying goods or services from Greece, take advantage of the current rate of exchange by locking in a Forward Contract. Sterling is currently enjoying 7-year highs against the Euro, so lock in this rate to take your money further when importing.

b. If you are selling goods or services to Greece, your main consideration will be exchanging Euros back to Sterling as the rate is dire. Speak to your account manager about a Limit Order to capitalise on any rate changes in your favour. Should Greece put any limitations on currency leaving the country to manage their liquidity, you might want to consider putting some safeguards in place such as asking your buyer to use a non-Greek bank or ensuring funds have cleared before shipping any product.

Limit Order explained.


Get in touch with your currency dealer today if you have any further questions about international money on fxdesk@fairfx.com or 020 7778 9350 or take a look at our currency card rates to take your holiday money further.
To get travel cash delivered to your door, simply order here.

Wednesday 24 June 2015, 06:00pm