Terms & Conditions

1. Scope of this Agreement

We will deal with you on:

  1. these Terms of Business;
  2. any additional terms and conditions issued by us,
  3. together referred to as this 'Agreement'. These Terms are the only ones on which we will deal with you & govern the conduct of the parties in relation to any Order you may place to the exclusion of all other terms and conditions.

2. Instructions

You may give us instructions electronically or in writing. The only persons authorised to give us instructions is yourself. In entering into this Agreement, you warrant and understand that:

  • late arrival of funds may result in delays in delivery of foreign currency
  • We act only as an introducing broker and are not providing you with any advice regarding your decisions to buy or sell foreign currency. We will only accept payments from client authorised and duly approved bank accounts.

3. The Services

3.1 We will provide facilities for you to buy and sell currency.

3.2 Once a Contract has been entered into, and whether or not a Contract Note has been issued, it cannot be altered, cancelled or rescinded.

3.3 When making an Order or entering into any Contract you rely solely on your own judgement. If we provide you with information concerning any matter including (without limit) the foreign exchange markets, it is on a voluntary basis and we do not accept responsibility for the accuracy or completeness of such information or assume any duty of care in relation to it. We do not offer advice under this Agreement on any matter including (without limit) the merits or otherwise of any currency transactions, on taxation, or markets.

3.4 We may at our absolute discretion refuse any Order without giving any reason and without liability for any loss or damage incurred by you or any other party.

3.5 We will not transfer to you any funds representing the benefit of any fluctuation in currency arising after a Contract has been entered into .

3.6 We may request from you, from time to time, and you will provide any information regarding you and your business and financial affairs, status and corporate identity including, without limitation, any information required for compliance with legislation governing money laundering or other matters.

3.7 You are responsible for ensuring the accuracy of all information submitted to us by you and must not withhold or omit any information that would render those details false or inaccurate. You will notify us immediately if you become aware of any error or omission.

4. Delivery and Payments

4.1 In the event of a Spot Trade, you will pay the Sale Currency in full into the Client Nominated Account for value no later than the close of business the following business day.

4.2 FairFX will allow you to hold funds on account for the express purpose of onward delivery to a beneficiary of your discretion at a later date. You are not getting interest or any other financial gain from holding said funds with FairFX.

4.3 Should funds be held with FairFX all due care and control will be placed on said funds as required under law for their protection (e-money regs.) Such funds may only be utilised through FairFX products and services.

4.4 FairFX accepts no responsibility in the event that the client sends currency to the incorrect client segregated designated currency account.

4.5 All payments made by you under this Agreement shall be free from and without setoff, withholding, counterclaim or deduction whatsoever. We shall make all payments due to you under this Agreement in full unless required by law to make deductions including, without limitation, deductions or withholdings in respect of any taxation liabilities.

4.6 Banks have specified cut off times for the receipt and dispatch of electronic payments. We accept no responsibility for any consequence attributable to the arrival of funds or instruction of payment after the relevant cut off times.

4.7 All funds provided by you under a Contract (whether as security or otherwise) may be appropriated by us if we incur any liability in respect of any Trade or in the event that you are unable to pay sums due to us or breach of this Agreement.

4.8 FairFX may, at its discretion, make payments to third party introducers.

5. Default and Termination

5.1 We may close out all or part of any Trade from the market and/or terminate this Agreement without notice if:

5.1.1 you fail to make any payment for a Service when due in accordance with this Agreement;

5.1.2 you are in material breach of this Agreement or fail to comply with your obligations in respect of a Money Transfer order;

5.1.3 you are in breach of any relevant statute, regulation or regulatory regime;

5.1.4 it becomes unlawful for us to perform this Agreement;

5.1.5 any of the events specified above or anything analogous to them occurs under the laws of any applicable jurisdiction.

5.2 If you become aware of the occurrence of any event referred to in this Clause 5, you must give us immediate written notice.

6. Limitation of Liability

6.1 The following provisions set out our entire liability to you for any losses, costs (including legal costs), damages, expenses, taxes, charges or any other liability whatsoever ('Claim') except for death or personal injury caused by our negligence or the negligence of those for whom we are legally responsible that causes death or personal injury or for our fraudulent misrepresentation.

6.2 The limitation and exclusion of liability is set on the basis that you are aware of the volatility of the foreign currency market.

6.3 We are not liable for any Claim that arises as a result of currency fluctuation between the Order Confirmation and the Value Date, or as a result of your non-compliance with the terms of this Agreement or caused by the failure or delay of any third party in the transmission, provision or delivery of any Service.

6.4 We are not liable for indirect loss, or for loss of profits, management time, contracts, goodwill, anticipated savings, even if such loss was reasonably foreseeable.

6.5 Subject to provisions of this Condition 6, our total aggregate liability to you for any Claim will not exceed the total Sale Currency paid by you in respect of the Order giving rise to the Claim. Where no Order is placed, our liability is nil.

6.6 You will indemnify and keep us indemnified against all losses (including legal costs on a solicitor and own client basis) and liabilities incurred by us in the proper performance of services for you or in the enforcement of our rights hereunder and, in particular, losses and liabilities incurred as a result of:

6.6.1 any default in payment by you of any sum due under a Contract or any other breach of this Agreement;

6.6.2 our carrying out your instructions: or

6.6.3 our exercising our rights under Clause 5.1, but in such event we will have the right, as an alternative to our right to an indemnity, to set-off against any monies held by us on your account any amounts owed by you to us.

7. General

7.1 Nothing in this Agreement confers any benefit or any right to enforce this Agreement on any third party.

7.2 Nothing in this Agreement is intended to create a partnership, joint venture or agency relationship between the parties.

7.3 Clauses 6 and 7 will survive termination of any Order or termination of this Agreement.

7.4 These Conditions constitute the entire agreement and understanding of us and you and supersede all oral communications and prior writing relating to it.

7.5 We may amend these Conditions by notice in writing to us at any time and such amendment will be binding from the date of such notice. Any such amendment will not be retrospective or affect any rights or obligations that may already exist in respect of any Order.

7.6 Should any part of this Agreement be found by a court of law to be unenforceable or illegal, the remaining terms will continue in full force and effect.

7.7 You may not assign or transfer your rights or obligations under this Agreement without our express written consent. We may assign, transfer and/or novate our rights and obligations under the Agreement to any third party.

7.8 Any failure by either party to exercise and any delay, forbearance or indulgence by any party in exercising any right, power or remedy under this agreement will not operate as a waiver of that right, power or remedy or preclude its exercise at any subsequent time.

7.9 Other than an obligation to make payment, a party shall not be liable to the other for failure to perform its obligations under this Agreement or any Order if that failure was caused by events beyond its reasonable control. These events include, but are not limited to fire, flood, failure of third party systems, terrorist attack and war.

7.10 These Conditions will be governed and construed in accordance with English Law and the parties submit to the non-exclusive jurisdiction of the English Courts.

8. Warranties and representations

You warrant and represent to us on a continuing basis that:

8.1 all information that you supply to us is complete, true, accurate and not misleading in any material respect;

8.2 you are acting as principal and not as another party's agent or representative;

8.3 you are not prevented by any legal disability or subject to any law or regulation that from performing this Agreement and any related transactions contemplated by it.

8.4 you comply with all relevant laws, regulations, exchange requirements and registration requirements;

8.5 all Orders are placed in the course of your usual trade or business and will be for your personal requirements and not for investment or speculation.

8.6 you will take risk in and ownership of the purchased currency upon payment of the full amount of the sold currency as directed by on your instructions contained in the relevant order.

9. Tape recording of conversations and record keeping

You agree that we may:

a. record telephone conversations between you and us; and

b. use such recordings, or transcripts from such recordings, as evidence in any dispute or anticipated dispute.

10. Data protection

In entering into this Agreement you will be providing us with personal information within the meaning of the Data Protection Act 1998. You consent to us processing all such information for the purposes of performing this Agreement and also for the purposes of administering the relationship between you and us, We may use and/or disclose such information to any of our Associates for sales and marketing purposes unless you notify your objection to this in writing.

These terms and conditions apply to your Prepaid Card. You must read them carefully. In these terms and conditions "you" means the named Prepaid Cardholder and the authorised user of the Prepaid Card. "We", "us", or "our" means Wirecard Card Solutions Ltd or Payment Card Technologies (PCT Retail Ltd). "Prepaid Card" means the FairFX corporate card, except where specifically stated. "Employer" means the organization you work for who has asked us to issue you with a "Prepaid Card".

1. Your Prepaid Card

You can use the Prepaid Card at any location that displays the Mastercard Acceptance Mark, including shops, restaurants, online or on the telephone. Your PIN will allow you access to ATMs, Chip & PIN retailers and you can also use your Prepaid Card overseas. Before using the Prepaid Card you need to make sure there are enough funds loaded on it.Your Prepaid Card is not a credit card and is not connected to a bank account. Your Card is an electronic money (e-money) device. You will not earn any interest on any funds loaded on your Prepaid Card.

2. Applying for and activating your Prepaid Card

To receive a Prepaid Card you must be at least 18 years old. We will require evidence of who you are and of your address. You must agree to providing your Employer with this information so that we can issue you with a card. We may ask you to provide some additional documentary evidence to prove this and/or we may carry out checks electronically. You must sign the signature strip on the reverse of your Prepaid Card as soon as it is received. You will also need to activate your card before you will be able to use it. Details of card activation are included with the letter you receive with your card. You will also be given a PIN for use with your Card, which can be changed at most UK ATMs to a more memorable number. By using the Prepaid Card you are agreeing to these terms and conditions.

3. Loading your Prepaid Card

Once your Prepaid Card has been activated, your Employer will be able to load and unload your card and to view any transactions made on the card. We reserve the right not to accept any particular loading transaction. If a significant amount of money is loaded onto your Prepaid Card you must ensure that you understand and accept the risks of doing so. See ‘Section 16 - Compensation’ for more information.

4. Using your Prepaid Card

Detailed instructions on how to use your Prepaid Card are found on the Website (www.fairfx.com/business). You will need to follow these instructions when using your Card. We will deduct the value of your transactions from the balance on your Prepaid Card as soon as they are made. We will also deduct any applicable fees as soon as they are payable. See the website (www.fairfx.com/business) for details of all fees associated with the card. If sufficient funds are not loaded on your Prepaid Card at the time of a transaction to cover the amount of the transaction and the fees, the transaction will be declined.

5. Cancellation and expiry of your Prepaid Card

If you wish to cancel your Prepaid Card, you must do so by advising your Employer. If your Prepaid Card is cancelled, we will immediately block your Prepaid Card so it cannot be used. You must cancel your Prepaid Card by advising your Employer, if you no longer work for them. You will not be entitled to a refund of money you have already spent on transactions authorised or pending or any fees for use of the Prepaid Card before the Prepaid Card is cancelled or expires. If you cancel your card, you must destroy it securely by cutting it up, making a clear cut directly through the Card Chip and signature strip. If you cancel your Prepaid Card, once all transactions and fees have been deducted we will arrange for any unused funds to be refunded to your Employer, i.e. you will have no right to receive a refund yourself.We may also cancel your Prepaid Card immediately if we suspect fraud or misuse of your Card, if we have any other security concerns or we need to do so to comply with the law. If we do this, we will tell you as soon as we can after we have taken these steps. When your card expires it will no longer be valid and you will no longer be able to use it. We will arrange for the balance of funds to be transferred to a new Prepaid Card, after deducting any outstanding transactions and fees (including the replacement fee). However, we will not issue a new Prepaid Card if your Employer tells us in writing at least 28 days before the date your card expires that they do not wish us to replace the card.

6. Keeping your Prepaid Card secure

You should treat your Prepaid Card like cash. If it is lost or stolen, you may lose some or all of your money on your Prepaid Card, in the same way as if you lost cash. If someone else uses your card before you have advised that it is lost or stolen, the maximum amount that you or your Employer will be held liable for is £50 provided that you have not acted fraudulently or without reasonable care. You must therefore keep your Prepaid Card safe and not let anyone else use it. When you are issued with a PIN, you must immediately memorise it and destroy the notification. You must keep your PIN secret at all times. We recommend that you check the balance on your Prepaid Card regularly online at the Website (www.fairfx.com/business) or by text. If you lose your Prepaid Card or it is stolen or you suspect that it has been used by someone other than you, you must tell us immediately by calling us on our 24 hour lost and stolen helpline +44(0)1753 775961 so we can cancel your Card. If you ask us to do so, we will ask the police to investigate any disputed transaction or misuse of your Prepaid Card and we may need more information and assistance from you.

7. Our Liability

Like other payment cards, we cannot guarantee a supplier will accept your Prepaid Card for, or that we will necessarily authorise, any particular transaction. This may be because of a systems problem or something outside our reasonable control or because we are concerned about your Prepaid Card being misused. Accordingly, we shall not be liable in any event if a retailer refuses to accept your Prepaid Card for, or if we do not authorize a transaction or if we cancel or suspend use of your Prepaid Card. Unless otherwise required by law, we shall not be liable for any direct or indirect loss or damage you may suffer as a result of your total or partial use or inability to use your Prepaid Card, or the use of your Prepaid Card by any third party. In the event that you do not use your Prepaid Card in accordance with these Terms and Conditions or we find that you are using it fraudulently, we reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using this Prepaid Card and to recover any monies owed as a result of your activities. FairFX will not be liable for any transactions made when a card has been reloaded during ongoing disputed transactions.

8. Your right to a refund

You may not request a refund of any funds left on your Prepaid Card. The balance on your card remains the property of your Employer.

9. Changes to these terms

We may change these terms at any time. The up-to-date version of the Prepaid Card terms and conditions will always be available on the Website (www.fairfx.com/business). If we think that a change is to your disadvantage, we will notify you at least 60 days before making the change, unless a more immediate change is required by law or other valid reason. You will have the right to cancel your card in these circumstances.

10. The fees

Please see the Website (www.fairfx.com/business) for details of associated fees and charges. Additional surcharges or fees may be levied over and above the FairFX charges, dependant upon the specific rules and regulations of each ATM provider or financial institution.

If we decide to increase or impose any new fees, we will tell your Employer by e-mail, text or post, at least 60 days before any changes take effect. In the unlikely event, for any reason whatsoever, a transaction is authorised when there are insufficient funds on the Prepaid Card for that transaction (a shortfall), the Shortfall shall be reimbursed by your Employer unless it is due to an error on the part of the retailer where the Prepaid Card was presented in this circumstance we may seek the Shortfall from the retailer.

You agree that once we make this Shortfall known to you, we may charge for the Shortfall amount. Until the employer reimburses the Shortfall amount, we may suspend your Card.

11. Your details

You must let your Employer know as soon as possible by e-mail, or in writing if you change your name, address, phone number or e-mail address. Please be aware that you may have to provide supporting documentation before we are able to make the change. If we contact you in relation to your Prepaid Card, for example, to notify you that we have cancelled your Prepaid Card, we will use the most recent contact details you have provided to us. Any e-mail to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not told us.

12. Data Protection

In using the Prepaid Card you agree that we can use your personal information in various ways. We are the data controller of personal data given to us in connection with your card. We will process personal data in order to open, administer and run your card and to deal with any enquiries you have about your card.

If we suspect that we have been given false or inaccurate information, we may record our suspicion together with any other relevant information. Personal data may also be transferred confidentially to other organisations involved in issuing or operating your Prepaid Card so that we can run your card correctly.

We may obtain information about you to help us verify your identity for fraud prevention and/or money laundering. Scoring methods may be used in the verification process. A record of this process may be kept and used to help other companies to verify your identity. All personal information given by you may be checked with fraud prevention agencies and other organisations involved in crime prevention and may be used for the investigation of fraudulent activity and crime prevention to meet our obligations under the Mastercard scheme regulations, and if you have given false or inaccurate information and we suspect fraud we will record this. If you would like details of the third parties with which we share information about you please write to PCT (Retail) Ltd, PO BOX 3544, Chester, CH1 9FZ We may monitor and/or record telephone calls we have with you to help us maintain and improve the quality of our Customer Service or as required by applicable law. The Prepaid card is operated by PCT (Retail) Ltd who are committed to preserving your right of privacy, which includes giving you control of how we contact you. During the purchase process we allow you to choose your marketing preferences. You can change these settings at any time by clicking on "Your Details" on the Website (www.fairfx.com/business). Please note, you must agree to receive card account related emails, confirmation messages and other important announcements from PCT (Retail) Ltd as part of the terms and conditions of this service.

13. Disputes with Retailers

If you have any disputes about purchases or the amount you have been charged by the company or person you bought goods or services from you should settle these with the company or person involved. We are not responsible the quality, safety, legality or any other aspect for any goods or services purchased with your Prepaid Card. Also, once you have used your Prepaid Card to make a purchase we cannot stop that transaction.

If you suspect that your card has been compromised or used fraudulently we may be able to dispute the items on your behalf. We will under no circumstances be liable for transactions if your card has been knowingly used by another person or you have disclosed your PIN to anyone.

14. Communication

If you have an enquiry relating to your Prepaid Card, you can use the ‘Contact Us’ facility on the website (www.fairfx.com/business). We will deal with your enquiry promptly via e-mail to the e-mail address registered to your account. If you do not wish to enquire in this way you can alternatively call our customer service telephone line which is chargeable service as outlined within the Website (www.fairfx.com/business). Or by post at FairFX Plc, 3rd Floor, Vintners’ Place, 68 Upper Thames St, London, EC4V 3BJ.

15. Complaints

The Prepaid Card programme is managed by us, PCT (Retail) Ltd, 5th Floor, 48-54 Moorgate, EC2R 6EJ, London (company number 6691616) who operate the Prepaid Card for Wirecard Card Solutions Ltd. If you are unhappy in any way with your Prepaid Card or the way it is managed.

Tell us by using the e-mail enquiry facility on the Websit. (www.fairfx.com/business), or by writing to us, or calling us on 0207 778 9300 so we can investigate the circumstances for you. Any complaints you have will be dealt wit. quickly and fairly. If your company has an annual turnover of less than £1 million you may be able to take unresolved complaints to the Financial Ombudsman Service at Exchange Tower, London E14 9SR.
Telephone: 0800 023 4567 or 0300 123 9123 and
E-mail: enquiries@financialombudsman.org.uk

The Prepaid Card is issued by Wirecard Card Solutions Ltd, Portland House, New Bridge Street, Newcastle Upon Tyne and Wear, NE1 8AN, which is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051) and an issuer of e-money. Your Prepaid Card is the property of Wirecard Card Solutions Ltd and is not transferable to anyone else.

16. Compensation

Although the product is regulated by the Financial Conduct Authority (FCA), the Financial Services Compensation Scheme (FSCS) does not apply to this product. No other compensation scheme exists to cover losses with this product. This means that in the event that Wirecard Card Solutions Ltd becomes insolvent, the card may become valueless and unusable, and you may lose your money. By using this product, you confirm that understand and accept these risks.

17. Assignment

We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you at least 60 days prior notice of this. If we do this, your rights will not be affected.

18. Governing law

All communications with you will be in English. These terms and conditions will be construed in accordance with English law and subject to the jurisdiction of the English Courts.

19. Prepaid Card Issuer

The Card is issued by Wirecard Card Solutions Ltd ("WDCS") pursuant to licence by Mastercard International Inc. WDCS Principal Office: Grainger Chambers, 3-5 Hood Street, Newcastle upon Tyne, NE1 6JQ. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051).

20. Fund protection

As a responsible e-money issuer, Wirecard Card Solutions Ltd ensures that once it has received your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your Prepaid Card. In the event that Wirecard Card Solutions Ltd becomes insolvent funds that you have loaded which have arrived with and been deposited by Wirecard Card Solutions Ltd are protected against the claims made by creditors.

Client Money

  1. Money relating to Same Day and Spot transactions on your behalf will be held in a segregated Client account.
  2. Your money will be segregated from FairFX's money and will not be used by FairFX in the course of its business.
  3. We will hold the Margin on trust for you in a designated Client account. This means that you are still the beneficial owner of this money until such point in time as we incur any costs, losses or liabilities in connection with or arising out of your Contract(s) including, without limit, liabilities we incur with third party currency dealers, exchanges, brokers, banks or similar entities. Then we will become the beneficial owner of that proportion of the money, held as a Margin, equal to our costs, losses, or liabilities, without notice or demand by us. We may also offset any Margin(s) or other monies we are holding in respect of any one of your Contracts, against any costs, losses and/or liabilities that we incur in connection with or arising out of any other Contract you have with us.


If you are unhappy in any way with your wholesale transaction or the way it is managed, tell us by using the e-mail enquiry facility on the website (www.fairfx.com/business), or by writing to us, so we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly. If your company has an annual turnover of less than £1 million you may be able to take unresolved complaints to the Financial Ombudsman Service at:

Exchange Tower,
London, E14 9SR.
Telephone 0800 023 4567 or 0300 123 9123
E-mail: enquiries@financialombudsman.com

Sterling Card Fees

Card issuance
£10 per card issued
Maintenance & support
No charge
Card to Card Transfer
No charge
Point of Sale
Abroad - No charge (subject to 1.5% currency fee)
UK - £1.50 fixed irrespective of amount
Abroad - £1.50 fixed (subject to 1.5% currency fee)
ATM Withdrawal limit
£2000 / 5 withdrawals per 24h
Over the Counter Bank Branch Withdrawal Fee
1.5% of the transaction value. Subject to a minimum fee of €6.25 / £5 / $7.50
PIN Change / Reminder
No charge
Platform usage fee
£50 + VAT pa - Waived for charities

For details of our Corporate Euro and US Dollar Card fees, please contact us on corporate@fairfx.com

Load limits

No of days Number of loads Maximum Card Balance
1 Day 4 £150,000 / €175,000 / $200,000