Terms & conditions

These terms apply to FairFX Everywhere, Euro and Dollar Cards (you’re in the right place if your card starts with 5195, 5313, 5116 or 5223). You must read them carefully.

Everywhere, Euro and Dollar Cards

1. Introduction

1.1 In these terms and conditions:

1.2 ‘card’ means the FairFX Prepaid Mastercard Card

1.3 ‘group’ means FairFX Plc and any other firms within the FairFX Group

1.4 our ‘website’ means www.fairfx.com

1.5 ‘app’ means FairFX mobile apps

1.6 ‘we’, ‘us’, ‘our’ means FairFX

1.7 ‘we’, ‘us’, ‘our’ in relation to the FairFX Prepaid Mastercard means Wirecard Card Solutions Ltd or FairFX acting on its behalf.

1.8 ‘you’, ‘your’ means the customer in whose name a FairFX Prepaid Mastercard is held. This customer has access to all account transactions.

1.9 ‘e-money’ means electronic money, a surrogate for cash intended for making payments of limited amounts.

2. Scope of this agreement

2.1 These terms of business.

2.2 The general retail terms and conditions and any other additional terms issued by us.

2.3 Together referred to as this ‘agreement.’ These terms are the only ones one which govern both FairFX and you in relation to any order you may place.

3. The card

3.1 The card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to license by Mastercard International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051).

3.2 You can use the prepaid card/e-money account at any location that displays the Mastercard Acceptance Mark, including shops, restaurants, online or on the telephone. You can also use the card overseas.

3.3 Before using the card you need to make sure there are enough funds loaded on it.

3.4 You will not be able and should not attempt to use the card after its expiry date. On expiry of your card, you will have the option of renewing the card for a further three years via our website. If you renew your card, your balance will automatically be transferred to the new card.

3.5 Your card is not a credit card and can only be connected to your bank account for the purposes of loading the card. You will not earn any interest on any funds loaded on your card.

3.6 Where you have requested additional prepaid cardholders, you authorise us to issue a card and a PIN to the additional prepaid cardholders and you authorise each additional prepaid cardholder to authorise transactions on your behalf.

4. Dollar card insurance benefits

4.1 All cardholders who have a FairFX Dollar Card starting 5223 24, ordered after 27th June 2016, are automatically eligible to receive additional insurance benefits as detailed in this consumer terms document. These benefits will apply automatically, and you do not need to contact us to confirm that you wish to accept the agreement.

4.2 This policy can be used as your sole insurance cover. If you’re happy with the level of cover described here being equivalent to your usual level of cover, you do not need to take out any other insurance policy.

4.3 Your personal details will not be shared with AXA (the company providing the insurance cover on behalf of FairFX) until a claim is made.

4.4 If you do not want to use the insurance cover that is automatically applied when you order your FairFX Dollar Card, you should buy insurance cover from your chosen provider instead.

4.5 The full policy details are covered in the consumer terms agreement.

5. Applying for and activating your card

5.1 To apply for our card you must be at least 18 years old and a UK resident.

5.2 We will require evidence of who you are and your address. We may ask you to provide some documentary evidence to prove this and/or we may carry out checks on you electronically.

5.3 You must sign the signature strip on the back of your card as soon as it is received.

5.4 Please refer to the section below for all the card loading options.

6. Loading your card

6.1 Funds can be loaded to your card through the website or the app. Payment can be made either by a credit or debit card, or by bank transfer. Once your order has been received, funds will normally be available for use within a few hours.

6.2 The minimum single load is £50.00, €60.00 or $75.00, and the maximum is £5,000.00 or €7,500.00 or $10,000.00. Your card cannot be loaded more than twice in any one day.

6.3 The balance on your card can never exceed £20,000.00, €30,000.00 or $40,000.00 at any time.

7. Using your card

7.1 Detailed instructions on how to use your card are found on the website. You will need to follow these instructions when using your card.

7.2 We will deduct the value of your transactions from the balance on your card. We will also deduct any applicable fees as soon as they become payable by you, see our fees section below for details of our fees.

7.3 The card belongs to us. We may ask you to stop using your card and return it to us or destroy it. We may, at anytime, suspend, restrict or cancel your card or refuse to issue or replace a card for reasons relating to the following:

  • We are concerned about the security of your account or card.
  • We suspect your account is being used in an unauthorised or fraudulent manner or we need to do so to comply with the law.
7.4 If we do this, we will tell you as soon as we can or when we are permitted to do so after we have taken these steps:

  • If we are concerned about the security of your card or we suspect your card is being used in an unauthorised or fraudulent manner.
  • If sufficient funds are not loaded on your card at the time of a transaction to cover the amount of the transaction and any applicable fees.
  • If there is an outstanding shortfall on the card in accordance with section 13.
  • if we have reasonable grounds to believe that you are acting in breach of this agreement.
  • If we believe that a transaction is potentially suspicious or illegal (for example, if we believe that a transaction is being made fraudulently) or because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing transactions.
7.5 If we refuse to authorise a transaction, we will, if practicable, tell you why immediately unless it would be unlawful for us to do so.

7.6 You may correct any information we hold, and which may have caused us to refuse a transaction by emailing us at help@fairfx.com.

7.7 FairFX, may at its discretion, choose to block the use of a FairFX Card within a jurisdiction due to high levels of fraud at any given time. We recommend that the FairFX Euro Cards and Dollar Cards are used in countries where the local currency is Euros or US Dollars, respectively. If travelling outside the Eurozone and the US we recommend using the Everywhere Card.

8. Authorising transactions

8.1 Subject to the features of the card, the authorisation of a transaction can include authorising any single transaction, a series of recurring transactions (including transactions for an indefinite period) or pre-authorising future transactions of a certain or uncertain amount. A Card transaction will be regarded as authorised by you where you:

  • Authorise the transaction at the point of sale by following the instructions provided by the merchant or retailer, which may include:
  • Entering your PIN or providing any other security code.
  • Signing a sales voucher.
  • Providing the card details and/or providing any other details as requested.
  • Waving/swiping the card over a card reader or inserting your card into a card reading device for the purpose of making a payment.
  • Insert your card and enter your PIN to request a cash withdrawal at an ATM.
  • Make a request for a cash advance at any bank counter.
8.2 Authorisation for a transaction may not be withdrawn (or revoked) by you after the time it is received. However, the following transactions may be withdrawn if you or an additional Cardholder gives notice to the supplier (providing a copy of the notice to us):

  • Any transaction which is agreed to take place on a date later than the date it was authorised as long as notice was provided no later than the close of business on the business day before it was due to take place.
  • Direct debits if they are to occur after the date of withdrawal.
8.3 We may charge you a fee if a transaction is revoked by you under this condition.

8.4 Funds to cover the authorised transactions received by us will be paid over to the merchant acquirer within 3 days following the receipt by us of the instruction to make payment. A transaction (the payment order) will be received as follows:

  • For purchases and ATM transactions, at the time we receive the transaction instruction from the merchant acquirer or ATM operator.
  • Other transactions communicated directly to us will be considered to be received on the same day if instructed before 3pm on a working day. If you ask us to complete the transaction after 3pm, the transaction instruction or request will be deemed to have been received by us on the following business day.
9. Cancellation and expiry of your card

9.1 This agreement will continue indefinitely unless terminated.

9.2 You have a legal right to cancel your card up to 14 days after you receive the card without being charged the refund fee. This 14 day period is known as the “cooling-off period”. Under these terms and conditions, you also have the right to cancel your card at any time under the 14 day cooling-off period without notice and any funds remaining on your card will be returned to you within 5 days subject to satisfactory checks being completed. Whenever foreign currency is unloaded/removed from the card before, during or after the 14 day cooling-off period, it will be exchanged at the current buyback rate, not the rate at which the currency was initially loaded.

9.3 We may also cancel your agreement for any reason by giving you at least 2 months notice:

  • If this agreement or your card expires on a set date and we have not agreed to renew this agreement
  • If you break an important part of this agreement, or repeatedly break the agreement and fail to resolve the matter in a timely manner
  • If you act in a manner that is threatening or abusive to our staff, or any of our representatives
  • If you fail to pay fees or charges that you have incurred or fail to put right any shortfall
  • In the event of your death
9.4 We may also cancel this agreement or suspend your card or account immediately if we believe your card is deliberately being used by you to commit fraud or for other illegal purposes. If we do this we will tell you as soon as we are permitted to do so.

9.5 If we cancel your card you must tell us what you want us to do with any unused funds within 3 months of the date we tell you your card is cancelled. We can return funds either to the loading source or to a bank account in the same name as the card account. Please note we will need to verify your identity in order to satisfy anti-money laundering requirements. If we receive no contact within three months, the funds will be returned to the loading source.

9.6 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 card before the card is cancelled or expires.

When you use your prepaid card at an ATM, you may also be subject to applicable fees, surcharge rules and regulations of the relevant ATM, or other financial institution or association.

If we decide to increase or impose any new fees, we will tell you by e-mail, text, or post, at least two months before any changes take effect. Authorisation will be requested for all transactions at the time of each transaction. In the unlikely event, for any reason whatsoever, a transaction is completed when there are insufficient funds on the prepaid card for that transaction (a "shortfall"), the shortfall shall be reimbursed by you 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.

9.7 A refund fee may be charged (see fees section below) unless you have arranged to transfer any unused funds to another card managed by us, or you cancel your card within 14 days of receiving it.

9.8 Your card will be valid for 3 years.

9.9 You may apply for a renewal up to 2 months before expiry of the card. This renewal will run for a further three years and your balance transferred to the new card.

9.10 Valid cards can be renewed free of charge. If your card has expired and it has a leftover balance then an administration fee of £2.00, €2.50, $3.00 per month will be applied.

10. Keeping your card secure

Taking care of your card, PIN and other security information is essential to help prevent fraud and protect your FairFX account. Please make sure that you follow the advice given below.

10.1 Do not let anyone else use your card, and do not tell anyone else your PIN, password or other security information.

10.2 We will never ask you to tell us your PIN. If you are in any doubt whether a caller is genuine, or if you are suspicious about them, take their details and call us.

10.3 When you change your PIN at an enabled ATM, choose your new PIN carefully. Avoid selecting a PIN that can be compromised using other information about you, such as numbers from your date of birth or house number.

10.4 Memorise your PIN, password and other security information. Never record your PIN or other security information.

10.5 Always take reasonable steps to keep your card safe and your PIN, password and other security information secret at all times.

10.6 Never give away your FairFX account details or other security information.

10.7 Keep your card receipts and other information about your FairFX account, such as statements, safe and destroy them carefully.

10.8 You must sign the signature strip on the back of your card as soon as you receive it.

10.9 If your card is lost or stolen, if you suspect that it has been used by someone other than you, or that someone else knows your PIN, password or other security information, you must tell us as soon as you can by logging on to your online account or via the app. We will take immediate steps to try and prevent your card from being used.

10.10 Treat your card like cash. If it is lost or stolen, you may lose some or all of the money in your card account.

10.11 Upon request, we will investigate any disputed transactions or other misuse of your card. We may need more information and assistance from you for this. After the investigation, we will immediately redeem the transaction amount and associated charges that were not authorised by you, provided you have kept your card and PIN secure, you have not acted fraudulently, and you have acted with reasonable care. However, if the investigation shows that the disputed transaction was authorised by you, or has been completed due to negligence by you, we will reverse the redemption and we may charge an administration fee.

10.12 Transactions less than £35.00 in value may not be investigated. You may be liable for that loss, and you will be responsible for recovering any losses from the merchant.

11. Liability for losses

11.1 If you act fraudulently or without reasonable care, you will be responsible for all losses on your FairFX account. (This may apply, for example, if you do not follow the advice in section 10 or violate these terms and conditions).

11.2 Unless we can show that you have acted fraudulently or without reasonable care, your liability for misuse of your card will be limited as follows:

  • If someone else uses your card before you tell us that it has been lost or stolen or that someone else knows your PIN, the most you will have to pay is £35.00.
  • If someone else uses your card details without your permission, and your card has not been reported lost or stolen, you will not be liable for those transactions.
  • If someone else uses your card details without your permission for a transaction where the cardholder does not need to be present (for example, buying something over the internet), you will not be liable for those transactions.
  • If your card is used before you have received it, you will not be liable for those transactions.
11.3 If you have acted with reasonable care (as defined in this section) and have not acted fraudulently, you will not be liable for losses caused by someone else which take place on your card.

11.4 We will refund an incorrectly executed transaction immediately unless we have any reason to believe that the incident has been caused by a breach of this agreement, gross negligence or we have reasonable grounds to suspect fraudulent activity. If the investigations show that any disputed transaction was authorised by you, or you have acted fraudulently or with gross negligence (for example by failing to keep your card or PIN secure), we will not refund the transaction amount and will charge you a fee of up to £35.00 for any loss we suffer because of the use of the card.

11.5 We will not be liable for any loss arising from:

  • Any cause which results from abnormal or unforeseen circumstances beyond our control.
  • Consequences which would have been unavoidable despite all our efforts to the contrary.
  • A retailer refusing to accept your card.
  • Our compliance with legal and regulatory requirements.
  • Loss or corruption of data unless caused by our wilful default.
We are also not liable for:

  • Business interruption, loss of revenue, goodwill, opportunity or anticipated savings.
  • Any indirect or consequential loss.
11.6 We reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using this card and to recover any monies owed as a result of your activities.

12. Your right to a refund

12.1 You may request a refund of the funds on your card provided you have more than £5.00, €5.00 or $5.00 loaded to your card. To request a refund please contact us via the Contact page on the website. We will then confirm the exchange rate we will use for the refund and arrange to have the money returned to you. We encourage you to keep the card, which is valid for three years, and use it on your next trip. When we process your refund, we may charge a refund fee (see fees section below). We will arrange an electronic transfer to a bank account nominated by you. However, to enable us to comply with our legal obligations, we may ask you to provide us with certain information before we can process your refund request.

12.2 Refunding transactions

You may be entitled to claim a refund in relation to transactions where:

  • The transaction was not authorised under this agreement.
  • Where the transaction was incorrectly executed in line with section 11.4.
  • A pre-authorised transaction did not specify the exact amount at the time of its authorisation and the amount charged by a supplier is more than you or an additional cardholder could reasonably have expected taking into account normal spending pattern on the card or the circumstances of the transaction.
  • A claim for a refund in the circumstances set out above will not be accepted if the amount of the transaction was made available to you at least 4 weeks before the transaction date or it is made more than 8 weeks after being debited to your account.
  • We were notified of the unauthorised/incorrectly executed transaction within 13 months of the debit date.
13. Fees and usage restrictions

We do not charge any fees for checking your online balance and transactions. However, the following fees do apply:

Linked card issue fee

FairFX card issue fee

Monthly management fee

Expired card admin fee (applied per month on expired cards with leftover balances)

Euro Card

Free

Free

Free

EUR €2.50

Dollar Card

Free

Free

Free

USD $3.00

Everywhere Card

Free

Free

UK Point of Sale transaction fee

1.75% when spending out of currency

1.75% when spending out of currency

Free

International transaction fee (in currency)
(% of transaction value)

Free

Free

1.4%

International transaction fee (out of currency)
(% of transaction value)

1.75%

1.75%

1.4%

ATM transaction fee (please note that some ATMs may apply an additional surcharge)

EUR €1.50

USD $2.00

GBP £1.00

Over the counter bank branch withdrawal fee (subject to a minimum fee of EUR €6.25, GBP £5.00, USD $7.50) (% of transaction value)

1.5%

1.5%

1.5%

Lost and stolen card block fee

Free

Free

Free

Customer service telephone enquiries

Standard call charges apply

Standard call charges apply

Free

PIN issue/re-issue fee

Free

Free

Free

Card load/reload

Free online by Debit/Credit card or bank transfer

Free online by Debit/Credit card or bank transfer

Free online by Debit/Credit card or bank transfer

Standard call chrges apply

Dispute administration fee

GBP £10 per disputed transaction (this may be refunded in certain circumstances).

GBP £2.00

Refund fee on active cards

EUR €5.00

USD $5.00

GBP £5.00

Euro card fees

Family & Friends card issue fee

FairFX card issue fee

Monthly management fee

Expired card admin fee (applied per month on expired cards with leftover balances)

Free

Free

Free

EUR €2.50

UK Point of Sale transaction fee

1.75% when spending out of currency

International transaction fee (in currency)
(% of transaction value)

Free

International transaction fee (out of currency)
(% of transaction value)

1.75%

ATM transaction fee (please note that some ATMs may apply an additional surcharge)

EUR €1.50

Over the counter bank branch withdrawal fee (subject to a minimum fee of EUR €6.25, GBP £5.00, USD $7.50) (% of transaction value)

1.5%

Lost and stolen card block fee

Free

Customer service telephone enquiries

Standard call charges apply

PIN issue/re-issue fee

Free

Card load/reload

Free online by Debit/Credit card or bank transfer

EUR €5.00

Dispute administration fee

GBP £10 per disputed transaction (this may be refunded in certain circumstances).

Refund fee on active cards

EUR €5.00

Dollar card fees

Family & Friends card issue fee

FairFX card issue fee

Monthly management fee

Expired card admin fee (applied per month on expired cards with leftover balances)

Free

Free

Free

USD $3.00

UK Point of Sale transaction fee

1.75% when spending out of currency

International transaction fee (in currency)
(% of transaction value)

Free

International transaction fee (out of currency)
(% of transaction value)

1.75%

ATM transaction fee (please note that some ATMs may apply an additional surcharge)

USD $2.00

Over the counter bank branch withdrawal fee (subject to a minimum fee of EUR €6.25, GBP £5.00, USD $7.50) (% of transaction value)

1.5%

Lost and stolen card block fee

Free

Customer service telephone enquiries

Standard call charges apply

PIN issue/re-issue fee

Free

Card load/reload

Free online by Debit/Credit card or bank transfer

USD $5.00

Dispute administration fee

GBP £10 per disputed transaction (this may be refunded in certain circumstances).

Refund fee on active cards

USD $5.00

Everywhere card fees

Family & Friends card issue fee

FairFX card issue fee

Monthly management fee

Expired card admin fee (applied per month on expired cards with leftover balances)

Free

Free

Free

GBP £2.00

UK Point of Sale transaction fee

Free

International transaction fee (in currency)
(% of transaction value)

1.4%

International transaction fee (out of currency)
(% of transaction value)

1.4%

ATM transaction fee (please note that some ATMs may apply an additional surcharge)

GBP £1.00

Over the counter bank branch withdrawal fee (subject to a minimum fee of EUR €6.25, GBP £5.00, USD $7.50) (% of transaction value)

1.5%

Lost and stolen card block fee

Free

Customer service telephone enquiries

Standard call charges apply

PIN issue/re-issue fee

Free

Card load/reload

Free online by Debit/Credit card or bank transfer

GBP £5.00

Dispute administration fee

GBP £10 per disputed transaction (this may be refunded in certain circumstances).

Card load/reload

GBP £5.00

Business and personal use

  • If you have expressed that your Prepaid Card will be used for business and personal spending then you will have been issued with a card number that begins with 5116.
  • If your Prepaid Card number begins with 5116, the following ATM Transaction Fee and UK Point Of Sale Transaction Fee will be applicable instead of what is outlined above.
  • All other Prepaid Card fees are applied as normal.

UK Point of Sale transaction fee

ATM transaction fee

Everywhere card

Euro card

EUR €0.75

GBP £0.50 (an additional 1.4% transaction fee will apply on transactions abroad

1.75% when spending out of currency

Dollar card

USD $1.00

Free

1.75% when spending out of currency

Euro card fees

UK Point of Sale transaction fee

ATM transaction fee

Free

Free

Dollar card fees

UK Point of Sale transaction fee

ATM transaction fee

Free

Free

Euro card fees

UK Point of Sale transaction fee

ATM transaction fee

Free

Free

13.1 Authorisation will be requested for all transactions at the time of each transaction. In the unlikely event, for any reason whatsoever, a transaction is completed when there are insufficient funds on the Card for that transaction (a “Shortfall”), the shortfall shall be reimbursed by you unless it is due to an error on the part of the retailer where the 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 you for the shortfall amount. We may charge the amount of the shortfall from any other Card that you hold with us, from any other payment method which you may designate at that time, or against any funds which you may subsequently load onto your Card or any additional Card ordered by you. Until we are reimbursed the shortfall amount, we may suspend your Card and any additional Cards connected to you. In addition, we reserve the right to charge you an administration fee for each transaction that you make using your Card that results in a shortfall or increases the shortfall amount on your Card.

14. Our Contact Details

You can contact us:

14.1 Via the Contact page on the website.

14.2 By phone on +44 (0)20 7778 9300 between 09:00-17:00 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.

14.3 Lost or Stolen Cards can be reported on our app or your online account.

14.4 By post at FairFX Plc, 3rd Floor, Vintners’ Place, 68 Upper Thames Street, London, EC4V 3BJ.

15. Complaints

15.1 If you are unhappy in any way with your FairFX account, please tell us so we can try to resolve the situation. You can complain via email, post or by calling +44 (0)20 7778 9300 between 09:00-17:00 from Monday to Friday (excluding bank holidays). Calls are charged at your standard network rate.

15.2 We will try to resolve any complaints you have about your payment instrument or the service we provide to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and we will let you know if this is the case)

15.3 You can request our complaints procedure via email, phone or by visiting our Website.

15.4 If we are not able to resolve the complaint to your satisfaction and you are eligible, you may be able to refer it to the Financial Ombudsman Service.

15.5 The Financial Ombudsman Service is a free, independent service which might be able to settle a complaint between you and us. Their contact details are: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; phone 0300 123 9 123, website www.financial-ombudsman.org.uk.

16. Compensation

16.1 The Card is an electronic money product and although it is a product regulated by the Financial Conduct Authority (FCA), it is not covered by the Financial Services Compensation Scheme (FSCS). No other compensation scheme exists to cover losses claimed in connection with the Card. This means in the unlikely event that WDCS Ltd becomes insolvent the funds held on your FairFX account may become valueless and unusable and as a result you may lose your money. However as a responsible e-money issuer, WDCS Ltd ensures that, once it has received your funds, they are deposited into a secure account specifically for the purposes of redeeming transactions made by your Card. In the unlikely event that WDCS Ltd becomes insolvent, these funds should be protected on your behalf.

17. Assignment/Transfer

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

17.2 We may transfer your unused balance on your Card to a new Prepaid Card provider other than WDCS Ltd at any time, on giving you at least 60 days notice. If there are new terms and conditions, we will provide these to you. Unless you advise us within the 60 day notice period that you do not want the new Card, you agree that we can transfer the balance on your existing Card to the new Card when you activate it.

18. Commission charges (Padding)

18.1 Should you place a transaction using a FairFX Card in a currency that the Card is not denominated in, then FairFX will authorise a further 2% of the value of the transaction to cover any difference in exchange rates while the transaction remains authorised.

The 2% padding covers any difference between the rate you received initially and the average rate on the date that the transaction finalises. In nearly all cases the rate finalises at the same rate you purchased at and the padding marked on the statement as "Auth Commission" would be returned to your card as an available balance as soon as the transaction finalises.

18.2 Use of the FairFX US Dollar Card in restaurants and bars in the United States of America can experience padding to the total of 15% of the value of the transaction.

It is commonplace for restaurants and bars in the United States of America to authorise a transaction in a restaurant or bar, excluding a tip only to add the confirmed tip at a later point in time.

The 15% padding ensures that both there are sufficient funds on your card to support any tip you have authorised and that your card cannot fall into a negative balance.

This padding only lasts for as long as the transaction is authorised and as soon as the transaction completes then any funds held as padding automatically will immediately fall back on your Card as an available balance.