The latest articles and blog posts from the FairFX team

Monarch Win £200 Holiday Money Competition Rules

Wed, 23 Nov 2016 16:18:28 GMT

Sponsor: These are the Official Rules for the FairFX ‘Win £200 Holiday Money Competition’ The sponsor and administrator of this Competition is FairFX [FairFX Plc, 3rd Floor, Vintners' Place, 68 Upper Thames Street, London EC4V 3BJ] ("FairFX").

Timing: The FairFX ‘Win £200 Holiday Money Competition’ begins on Friday, December 2nd 08:30 and ends Friday, 16 November 2016 12pm (the ‘Win £200 Holiday Money’ period).

Who may enter: Entrants must: (a) be willing to fully comply with these Official Rules and all other terms and conditions of the ‘Win £200 Holiday Money Competition Rules ’; (b) be willing to comply with FairFX in publicising the winners of the contest, and to take part in online promotional activities on FairFX and their social media sites. Employees of FairFX, its parent, subsidiaries, affiliates or agencies and suppliers and the immediate family (i.e. spouse, parents, siblings and children) and household members of each Entity are not eligible. Participation constitutes entrant's full and unconditional agreement to these Official Rules and Sponsor's decisions, which are final and binding in all matters related to the ‘Win £200 Holiday Money Competition’. Winning a prize in the ‘Win £200 Holiday Money Competition’ is contingent upon fulfilling all requirements set forth in these Official Rules.

How to Enter: Entrants must submit the entry form between 08:30 2nd December 2016 and 12pm on 16th December 2016. Only one entry will be considered per entrant during the ‘Win £200 Holiday Money’ period. Only the entrant’s winning card load will be eligible for a prize. Entrants will not be eligible for multiple prizes.

Prize: The prize value is £200. Winners will be drawn at random and will receive £200 loaded onto a FairFX Currency Card with the denomination of their choice, either a Euro Card, Dollar Card or Everywhere Card. Prizes are non-transferable and no substitution will be made except as provided herein at the Sponsor’s sole discretion. Winners are responsible for all taxes and fees associated with prize receipt and/or use. Winner must be over 18 years of age.

Drawing and Winner Notification: Sponsor will select one prize winner from all eligible entries. Multiple entries will not be considered. Customers will only receive prize money on their winning entry. Sponsor is not responsible for and shall not be liable for late, lost, or misdirected entries. Winners will be randomly drawn on Friday, 16th December 2016 and announced on the same day.

Publicity: The acceptance of the Prize by a winner shall constitute and signify winner’s agreement and consent that the Sponsor and its designees may use the winner's full name, county, likeness, quotes, photo, submission, entry or prize information (collectively “Submission”) in any manner the Sponsor deems fit including, but not limited to, in connection with Sponsor’s exploitation of the Submission for promotional, advertising or other purposes, worldwide, in any and all media now known or hereafter devised, without limitation and without further payment, notification, permission or other consideration, except where prohibited by law.

Release: By participating, entrant agrees to release and hold harmless the Sponsor and its respective subsidiaries, affiliates, suppliers, distributors, advertising/promotion agencies, and prize suppliers, and each of their respective parent companies and each such company's officers, directors, employees and agents from and against any claim or cause of action, including, but not limited to, personal injury, death, or damage to or loss of property arising out of entrant’s participation in this ‘Win £200 Holiday Money Competition’ or receipt or use or misuse of any Prize, as well as or any claim or cause of action based on publicity rights, infringement of intellectual property, defamation, or invasion of privacy arising from any materials entrant has submitted in connection with entrant’s participation in this competition.

Limitations of Liability: Sponsor is not responsible for: (1) any incorrect or inaccurate information, whether caused by entrants, printing errors or by any of the equipment or programming associated with or utilized in the ‘Win £200 Holiday Money Competition’; (2) technical failures of any kind, including, but not limited to malfunctions, interruptions, or disconnections in phone lines or network hardware or software; (3) unauthorized human intervention in any part of the entry process or the ‘Win £200 Holiday Money Competition’; (4) technical or human error which may occur in the offer or administration of the ‘Win £200 Holiday Money Competition’, including but not limited to errors in the advertising, Official Rules, selection and announcement of the winners and distribution of the prizes or the processing of entries; (5) any inability of any winner to accept or use any prize for any reason; or (6) any injury or damage to persons or property which may be caused, directly or indirectly, in whole or in part, from entrant’s participation in the ‘Win £200 Holiday Money Competition’ or receipt or use or misuse of any prize. If for any reason an entrant's entry is confirmed to have been erroneously deleted, lost, or otherwise destroyed or corrupted, entrant’s sole remedy is another entry in the ‘Win £200 Holiday Money Competition’, provided that, if it is not possible to award another entry due to discontinuance of the ‘Win £200 Holiday Money Competition’ or any part of it, for any reason, Sponsor, in its sole discretion, may elect to hold a random drawing from among all eligible entries received up to the date of discontinuance for any or all of the prizes offered herein. No more than the stated value of prizes will be awarded. In the event that production, technical, seeding, programming or any other reasons cause more than stated number of prizes as set forth in these Official Rules to be available and/or claimed, Sponsor reserves the right to award only the stated number of prizes by a random drawing among all legitimate, un-awarded, eligible prize claims. Sponsor reserves the right to cancel, suspend and/or modify the ‘Win £200 Holiday Money Competition’, or any part of it, if any fraud, technical failures or any other factor beyond Sponsor’s reasonable control impairs the integrity or proper functioning of the ‘Win £200 Holiday Money Competition’ as determined by Sponsor in its sole discretion. Sponsor reserves the right, in its sole discretion, to disqualify any individual it finds to be tampering with the entry process or the operation of the ‘Win £200 Holiday Money Competition’ or to be acting in violation of these Official Rules or in an unsportsmanlike or disruptive manner. Any attempt by any person to deliberately undermine the legitimate operation of the ‘Win £200 Holiday Money Competition’ may be a violation of criminal and civil law, and, should such an attempt be made, Sponsor reserves the right to seek damages from any such person to the fullest extent permitted by law. Sponsor’s failure to enforce any term of these Official Rules shall not constitute a waiver of that provision

Entrant's Personal Information: Information collected from entrants in this ‘Win £200 Holiday Money Competition’ is subject to the Sponsor’s Privacy Policy https://www.fairfx.com/privacy

Winners: The winner will be notified by Email sent to the email address provided by the entrant and will also be announced on FairFX’s Facebook Fan Page and Twitter Page.

Prize details: ‘Win £200 Holiday Money Load’ prize value loaded onto a FairFX Currency Card. The winner will be required to register for a FairFX Currency Card account in order for the prize money to be loaded. Sponsor will notify the potential ‘Win £200 Holiday Money Competition’ prize winner by Email sent to email provided by the entrant. It is the entrant’s obligation to notify the Sponsor in writing of any change of contact information. The winner will be required to respond to the winner notification within 14 days of the time the notice is sent in order to claim his/her prize. If the potential winner cannot be contacted or fails to respond within the required time period. or fails to comply with any other term of these Official Rules, that potential winner forfeits the prize. Winning is contingent upon fulfilling all requirements of these Official Rules. In the event that a potential winner is disqualified for any reason, Sponsor will award the applicable prize to an alternate winner by random drawing from among all remaining entries from the applicable Entry Period.

LCFC Win £200 Travel Money Competition Rules

Fri, 11 Nov 2016 09:51:29 GMT

Sponsor: These are the Official Rules for the FairFX ‘Win £200 Travel Money Competition’ The sponsor and administrator of this Competition is FairFX [FairFX Plc, 3rd Floor, Vintners' Place, 68 Upper Thames Street, London EC4V 3BJ] ("FairFX"). Timing: The FairFX ‘Win Double Your Card Load Competition’ begins on Sunday, 13 Novemer 08:30 and ends Friday, 18 November 2016 12pm (the ‘Win £200 Travel Money’ period).

Who may enter: Entrants must: (a) be willing to fully comply with these Official Rules and all other terms and conditions of the ‘Win Double Your Card Load Competition’; (b) be willing to comply with FairFX in publicising the winners of the contest, and to take part in online promotional activities on FairFX and their social media sites. Employees of FairFX, its parent, subsidiaries, affiliates or agencies and suppliers and the immediate family (i.e. spouse, parents, siblings and children) and household members of each Entity are not eligible. Participation constitutes entrant's full and unconditional agreement to these Official Rules and Sponsor's decisions, which are final and binding in all matters related to the ‘Win £200 Travel Money Competition’. Winning a prize in the ‘Win £200 Travel Money Competition’ is contingent upon fulfilling all requirements set forth in these Official Rules.

How to Enter: Entrants must submit the entry form between 08:30 13th November 2016 and 12pm on 18th November 2016. Only one entry will be considered per entrant during the ‘Win £200 Travel Money’ period. Only the entrant’s winning card load will be eligible for a prize. Entrants will not be eligible for multiple prizes.

Prize: The prize value is £200. A winners will be drawn at random and will receive £200 loaded onto a FairFX Currency Card with the denomination of their choice, either a Euro Card, Dollar Card or Everywhere Card. Prizes are non-transferable and no substitution will be made except as provided herein at the Sponsor’s sole discretion. Winners are responsible for all taxes and fees associated with prize receipt and/or use. Winner must be over 18 years of age.

Release: By participating, entrant agrees to release and hold harmless the Sponsor and its respective subsidiaries, affiliates, suppliers, distributors, advertising/promotion agencies, and prize suppliers, and each of their respective parent companies and each such company's officers, directors, employees and agents from and against any claim or cause of action, including, but not limited to, personal injury, death, or damage to or loss of property arising out of entrant’s participation in this ‘Win £200 Travel Money Competition’ or receipt or use or misuse of any Prize, as well as or any claim or cause of action based on publicity rights, infringement of intellectual property, defamation, or invasion of privacy arising from any materials entrant has submitted in connection with entrant’s participation in this competition.

Limitations of Liability: Sponsor is not responsible for: (1) any incorrect or inaccurate information, whether caused by entrants, printing errors or by any of the equipment or programming associated with or utilized in the ‘Win £200 Travel Money Competition’; (2) technical failures of any kind, including, but not limited to malfunctions, interruptions, or disconnections in phone lines or network hardware or software; (3) unauthorized human intervention in any part of the entry process or the ‘Win £200 Travel Money Competition’; (4) technical or human error which may occur in the offer or administration of the ‘Win £200 Travel Money Competition’, including but not limited to errors in the advertising, Official Rules, selection and announcement of the winners and distribution of the prizes or the processing of entries; (5) any inability of any winner to accept or use any prize for any reason; or (6) any injury or damage to persons or property which may be caused, directly or indirectly, in whole or in part, from entrant’s participation in the ‘Win £200 Travel Money Competition’ or receipt or use or misuse of any prize. If for any reason an entrant's entry is confirmed to have been erroneously deleted, lost, or otherwise destroyed or corrupted, entrant’s sole remedy is another entry in the ‘Win £200 Travel Money Competition’, provided that, if it is not possible to award another entry due to discontinuance of the ‘Win £200 Travel Money Competition’ or any part of it, for any reason, Sponsor, in its sole discretion, may elect to hold a random drawing from among all eligible entries received up to the date of discontinuance for any or all of the prizes offered herein. No more than the stated value of prizes will be awarded. In the event that production, technical, seeding, programming or any other reasons cause more than stated number of prizes as set forth in these Official Rules to be available and/or claimed, Sponsor reserves the right to award only the stated number of prizes by a random drawing among all legitimate, un-awarded, eligible prize claims. Sponsor reserves the right to cancel, suspend and/or modify the ‘Win £200 Travel Money Competition’, or any part of it, if any fraud, technical failures or any other factor beyond Sponsor’s reasonable control impairs the integrity or proper functioning of the ‘Win £200 Travel Money Competition’ as determined by Sponsor in its sole discretion. Sponsor reserves the right, in its sole discretion, to disqualify any individual it finds to be tampering with the entry process or the operation of the ‘Win £200 Travel Money Competition’ or to be acting in violation of these Official Rules or in an unsportsmanlike or disruptive manner. Any attempt by any person to deliberately undermine the legitimate operation of the ‘Win £200 Travel Money Competition’ may be a violation of criminal and civil law, and, should such an attempt be made, Sponsor reserves the right to seek damages from any such person to the fullest extent permitted by law. Sponsor’s failure to enforce any term of these Official Rules shall not constitute a waiver of that provision

Entrant's Personal Information: Information collected from entrants in this ‘Win £200 Travel Money Competition’ is subject to the Sponsor’s Privacy Policy https://www.fairfx.com/privacy

Winners: The winner will be notified by Email sent to the email address provided by the entrant and will also be announced on FairFX’s Facebook Fan Page and Twitter Page.

Prize details: ‘Win £200 Travel Money Load’ prize value loaded onto a FairFX Currency Card. The winner will be required to register for a FairFX Currency Card account in order for the prize money to be loaded. Sponsor will notify the potential ‘Win £200 Travel Money Competition’ prize winner by Email sent to email provided by the entrant. It is the entrant’s obligation to notify the Sponsor in writing of any change of contact information. The winner will be required to respond to the winner notification within 14 days of the time the notice is sent in order to claim his/her prize. If the potential winner cannot be contacted or fails to respond within the required time period. or fails to comply with any other term of these Official Rules, that potential winner forfeits the prize. Winning is contingent upon fulfilling all requirements of these Official Rules. In the event that a potential winner is disqualified for any reason, Sponsor will award the applicable prize to an alternate winner by random drawing from among all remaining entries from the applicable Entry Period.

Top 5 tips to get the best value for your holiday money post-Brexit

Mon, 04 Jul 2016 13:00:55 GMT

With a slightly weaker Pound this summer we'd like to share some tips on how to get the best value for your money when travelling abroad.

1 - Always pay in the local currency

If you're given the option to pay - or withdraw cash - in Sterling rather than in the local currency when abroad, always pay in the local currency! Paying in Sterling allows the vendor to decide the exchange rate and it’s never in your favour.

2 - Lock in great rates

Looking forward to your summer holiday abroad? Keep control of what you're spending and lock in great rates on your FairFX prepaid currency card before you go.

3 - Sign up to our Rate Alerts

Get a notification every time the rates are in your favour through our email Rate Alerts.
Sign up now »

4 - Don't leave it until last minute

Don’t leave changing your travel money until the last minute. Exchange rates at airports can be over 10% more expensive meaning you could lose £100 for every £1,000 you change.

5 - Don’t worry about leftover currency when you get home

If you return home to the UK with currency left on your card, either leave it on your card for your next trip, or use it in the UK fee-free.

Load your card now »

Britain decides to Leave

Fri, 24 Jun 2016 08:55:56 GMT

What does this means for your holiday money

As predicted, a vote to Leave has hit the Pound hard, especially against the Dollar. Sterling has dropped less against the Euro because the Leave vote has negative implications for Europe as well as the UK.

A Leave vote is also likely to mean continued volatility for Pound in the coming days, weeks and months as the way forward for the UK is unclear. The financial markets don’t like uncertainty and as a consequence of the vote, Sterling has become a less predictable currency.

Against this backdrop our rates will also move frequently as they have to move with the markets. Rest assured, we are doing everything we can to give you the best rates possible as always and we made sure we remained open for business all night throughout the referendum.

Now we have a weaker Pound we'd like to share some tips on how to get the best value for your money when travelling:

1 - Always pay in the local currency

2 - Lock in great rates

Looking forward to your summer holiday abroad? Keep control of what you're spending and lock in great rates on your FairFX prepaid currency card before you go.

3 - Sign up to our Rate Alerts

Get a notification every time the rates are in your favour through our email Rate Alerts. Sign up here »

4 - Don't leave it until last minute

Don’t leave changing your travel money until the last minute. Exchange rates at airports can be over 10% more expensive meaning you could lose £100 for every £1,000 you change.

5 - Don’t worry about leftover currency when you get home

If you return home to the UK with currency left on your card, either leave it on your card for your next trip, or use it in the UK fee-free.

Bracing for the EU Referendum

Wed, 22 Jun 2016 15:46:34 GMT

We are delighted to confirm that unlike many of our competitors, FairFX will be open for business during the referendum.

Currency markets are expected to be highly volatile over the next few days and many foreign exchange providers have decided to close for business on Thursday and Friday.

We want to ensure you get the same great service as normal so we expect FairFX customers will be able to top up cards, place FairPay orders, and purchase travel cash, using debit (or credit) cards as payment.

Whilst we will still be accepting orders paid to FairFX by bank transfer, we will be adjusting our normal processes on Thursday and Friday because of the market volatility. Funds must be received on the same day at the latest, to ensure your order remains active and you receive your currency.

We will be contacting customers who place orders via bank transfer on these days which may further delay the order process for those paying in this way. Using a card to pay for top-ups, money transfers or cash orders is strongly advised.

For any large or more complex international payments, our dealing desk is open as usual and can help with your requirements.

Best,
FairFX

What's going on with Sterling?

Fri, 18 Mar 2016 16:23:13 GMT

Three separate chains of events are currently impacting how much we're getting for our Pound:

The Brexit vote
US Presidential elections & The Fed
Quantitative Easing within the Eurozone

Various global factors impact currency rates on a daily basis, but these key events are worth keeping an eye on...

Yay or Nay: EU referendum

June 23rd is the key date for the UK as the EU referendum looms. Despite analysts generally expecting the UK to stay in the eurozone, the uncertainty surrounding this has led to Sterling weakening. Until this uncertainty is resolved, Sterling is expected to remain relatively weak.

The Trump effect and Interest rate delays

Despite the US dollar rapidly strengthening at the start of the year to the strongest levels since March '09, the dollar has weakened off in recent weeks. The global economic slowdown means the US is seen as less likely to increase interest rates in the coming months. There are also concerns that Trump could take power in the presidential elections in November, so general uncertainty surrounding the election is expected to weaken the dollar slightly.

Ongoing eurozone headaches

Low inflation levels remain a primary concern for the European Central Bank. Despite extensive stimulus programmes, the ECB has been unable to stimulate the eurozone and boost inflation levels. Despite 0% interest rates being introduced, the euro remains strong though as it has recently acted as a safe haven currency and this could continue to impact eurozone exports.

STERLING TIMELINE

January

2016 started off with the markets in turmoil and growing concerns over the Chinese economy. The IMF warned of a possible world recession. With fears of an emerging market slowdown, oil prices fell to new lows which added to the turmoil. Sterling lost ground against the dollar which is seen as a safe haven currency. Euro gained strength as it was considered undervalued so investors took money out of emerging markets into euro.

19th Feb

Cameron announces new terms agreed with Europe regarding its status, with key changes applied to: - child benefits - migrant welfare benefits - protection for the City of London - British sovereignty

This leads to Sterling strengthening against both the dollar and the euro. The date of 23rd June is announced as the date for the referendum.

22nd Feb

Over the weekend a number of high profile conservative MPs declare they will be backing Brexit, including Boris Johnson and Michael Gove. The uncertainty along with a drop in bank profits contribute to the worst rates since 2009 against the USD dropping from 1.44 to 1.406.

10th March

ECB Quantitative Easing: The markets were shocked by the European Central Bank’s interest rate and quantitative easing decisions. Interest rates are lowered to a record low of 0.00% and also bank deposit rate cut to -0.4%. An additional €20bn monthly Quantitative Easing programme is also announced, taking it to a staggering €80bn pm being printed. Despite the euro initially weakening by over 1%, Draghi states that there are no intention to lower interest rates any further which then led to the euro recovering slightly.

16th March

UK Budget: George Osborne lowered the UK’s growth forecast in part due to the global slowdown and, as such the pound weakened. But the losses were limited as he emphasized that the UK would still “grow faster than any other major advanced economy in the world”

WHAT DOES THIS MEAN FOR YOU AND YOUR BUSINESS?

If you're spending in another currency or selling Sterling, then consider these payment options that will help maximise great rates when available or mitigate your risk when necessary:

Limit Order »

Agree a ‘target’ exchange rate that will automatically buy/sell the agreed amount if the rate is achieved with the agreed timeframe.

Forward Contract »

Lock in a current rate for transactions up to one year in advance and draw from the agreed amount to throughout the year at the set rate.

Stop Loss »

A payment agreement that limits your loss if you're aiming for a higher rate, and the market takes a downturn instead.

GET IN TOUCH

Stay up to date with key market events and currency movements. Sign up to our alerts and services:

Daily Market Report - Register »

Rate Watch Service - Sign up »

If you'd like to speak to one of our International Payments experts or Corporate Card support team, feel free to give us a call today!

International Payments - 020 7778 9350
Corporate Cards - 020 7778 9365

Using 'Family & Friends' prepaid cards for school trips abroad

Wed, 09 Mar 2016 15:40:03 GMT

Your child is signed up and raring to go on a school trip abroad, all the school permissions are sorted, the travel insurance renewed, but how to manage their spending money?

Many parents find themselves with the challenge of providing their teenager with spending money for their sport or cultural trip abroad, in a way that would be safer for the teenager to manage than cash, whilst also easy for you to control. This is where the FairFX Family & Friends (F&F) card is ideally suited.

FairFX Currency Cards are only available to people 18yrs and older, so this allows you to link a F&F card to your account and simply share funds with your teenager from one 'pot' of money. You can link up to three secondary cards to your account in your childrens' names and move funds onto their cards through your account online.

The minimum age for F&F cardholders is 13yrs, so it's is ideal for your teenagers' spending abroad.

A few things to remember...

Before you can order a Family and Friends Card, you must already have a primary FairFX Currency Card in the same currency. For example, you cannot order a Family and Friends Card in Dollars if you only have a Euro card.
When you enter the cardholder's details, they will receive an email to confirm that they are 13 or over and choose their password, so make sure that you give an accurate email in the order process.
The Family and Friends Card will arrive with no balance on it, unlike a standard FairFX card.
The Family and Friends Card is to be used by the named cardholder only.
The Family and Friends Card cannot be used to share funds in India.

To order a new Family and Friends card, simply go to the Card tab on your account page here.

Take a FairFX Sterling “Anywhere” Card to visit countries where the Pound has strengthened

Tue, 23 Feb 2016 16:17:48 GMT

2016 could be the year to visit some different destinations you never thought you could afford.

Our latest currency analysis reveals 12 alternative holiday destinations where you can get twice as much for your money compared with 2013 – helping you explore more of the world, for less!

Holidaymakers should put aside their usual travel plans this year and consider less visited destinations, as the upcoming EU Referendum could impact how far your pounds go in Europe, suggests travel money and currency specialist FairFX.

In new analysis of the Scottish Referendum which took place in 2014, FairFX has found it had a significant impact on currency, with Sterling varying by over 3% against the Euro in a short space of time.

To prevent holidaymakers being impacted by the Brexit-effect, FairFX has put together a list of 12 alternative holiday destinations to visit this year, where you can get even more for our money – helping holidaymakers explore more of the world, for less. Make sure you also take a look at the FairFX Anywhere Card if you're planning on travelling outside the EU and US.

The FairFX alternative dream destination guide features Russia, South Africa, Australia, Canada and Malaysia which all offer significantly better value thanks to long-term favourable exchange rates. The guide also points consumers towards more off-the-beaten-track destinations including Nepal, Angola, Iran and even the Himalayan kingdom of Bhutan – billed as one of the happiest places on earth.

FairFX’s alternative dream destinations ranked (full guide below):

1 - Argentina (closely followed by Brazil, Colombia and Uruguay)
2 - Russia
3 - Iran
4 - Zambia (closely followed by South Africa, Namibia and Angola)
5 - Ghana
6 - Norway
7 - Australia
8 - Indonesia
9 - Canada
10 - Malaysia
11 - Hungary
12 - Nepal (closely followed by India and Bhutan)

Fluctuations in exchange rates this year coupled with the looming Referendum mean that traditionally popular holiday destinations could be more expensive with the value of the pound dropping against the US Dollar and the Euro. Choosing a destination with the best performing currencies mean that holidaymakers can save hundreds of pounds on their holiday. For instance, the value of Sterling against US Dollar has dropped by 10% over the last five years meaning that holidaymakers get around £100 less for every £1,000 spending money. In comparison, the rate for the Argentine Peso has improved by 175% meaning you’ll get nearly £700 more for every £1,000 exchanged – so holidaying in Argentina will effectively give you £800 extra in your pocket.

Darren Kilner, currency expert at FairFX, commented:

“The 2014 Scottish Referendum had a significant impact on currency. When the polls signalled that it was possible for a YES vote to come out on top, Sterling began to lose ground to the Euro with rates varying over 3%* within a short period of time, costing travellers who needed to buy £1,000 worth of Euros during that time over £30** more.

“While many people will have an idea of where they’re planning to holiday this year – with Europe and America being the most popular places to travel,* many consumers don’t realise how big an impact currency rates have. While you may know that certain rates are not as strong as they were, it doesn’t always translate into how much extra this will add to the cost of a holiday. When you understand that you can save hundreds of pounds by choosing your holiday destination wisely, it suddenly makes new, alternative destinations much more attractive.

“Hopefully the FairFX alternative dream destination guide will highlight where holidaymakers can get the best value around the world – possibly meaning you can visit far-flung destinations you never thought you could afford.”

Order a FairFX Anywhere Card now

The full FairFX alternative dream destination guide:

Order a FairFX Anywhere Card now

Managing paper: Your business expense receipts

Mon, 15 Feb 2016 16:35:24 GMT

GUEST BLOG: Crunch Accounting

Claiming expenses is sometimes seen as a bit of a wheeze by employees of large businesses - a little freebie paid for by your employer. For freelancers or micro-business owners though, claiming expenses can help keep your business afloat. Employees sometimes see expense claims as a bit of a pain, but it's often the only way to avoid being out of pocket.

As with most things involving the taxman, the rules around expenses are complicated, and the job isn’t done once the returns are filed. If HMRC wants to take a closer look at your tax affairs they can go back several years, so you need to keep copies of everything related to your invoices and expenses, and that includes all the receipts for every single expense.

HMRC says that business owners should keep receipts for six years. Should HMRC, for whatever reason, decide to investigate your business accounts they will want to see receipts for every expense claim going back as far as six years. It’s important you’re able to come up with the goods, falling foul of HMRC and not having years of receipts stored is a big no-no.

How should I store my receipts?
Surprisingly, HMRC are fairly relaxed about how you store your receipts. They don’t insist that you have boxes and boxes of physical paper receipts.

“HMRC recommend you keep all the original documents you receive. This does not mean you need to keep them on paper. Most records can be scanned and kept electronically on a computer or a storage device such as a CD or memory stick.” Whilst you may choose to store physical copies, it’s probably advisable to have a digital version stored somewhere too. Paper has a tendency to deteriorate, or what if you had a fire or a leak and records were some somehow destroyed?

We back up our entire lives online nowadays and maintaining good business records should be no different. Having a digital backup just in case will put you in great stead should any investigational work occur to you or your business.

How can I backup my receipts?
There are several ways you can manage and backup your receipts, and with advances in tech happening faster than you can say P60, there are some great little tools on the market to help managing your expenses and receipts.

Dropbox
Essentially a smart file sharing and saving piece of software, Dropbox can work wonders for storing receipts. Simply take a photo on your smartphone or tablet, ensure that Dropbox’s auto-backup feature is enabled and the snap will be whisked into your Dropbox account ready for organising and filing accordingly (if you’re that organised, which we think you should be). Simple, fast and effective.

Google Drive
Google Drive allows you to photograph receipts on your smartphone to convert them into PDF’s and be stored in your Drive area. The scan feature is a great addition to this productivity app and means that you have a secure PDF ready and waiting for any further usage.

Genius Scan
A smart little app that allow you to photograph and convert the image into a PDF scan, which you can save to your camera roll or email to yourself for future filing.

Receipt Bank
Receipt Bank is similar to the above, a quick snap and scan application, however the output has custom features which makes it stand out from the crowd. Receipt Bank allows you to extract important data from the paperwork and present it in a usable format, or even send it directly to any accounting software you may be using. A basic account with Receipt Bank costs £9 a month.

What about mileage expenses?
Much like all your other expenses, mileage expenses have to be kept for six years. Whilst there might not be physical records for each journey you took (most likely just for when you filled up with petrol), you’ll have to keep a log of where you travelled from and to. A spreadsheet is usually good enough - you can grab a free mileage expenses spreadsheet here.

Expertise from: Crunch Accounting

HALF-TERM HOLIDAYMAKERS WILL BE HIT AGAIN THIS FEBRUARY

Tue, 02 Feb 2016 13:44:12 GMT

• Families seeking a half-term holiday face paying eight times more due to ‘perfect storm of demand’
• Valentine’s couples and half-term holidaymakers hit by hikes due to timing clash
• London, Nottingham and Leeds will be hit hardest by half-term hikes
• Biggest price rises found on flights to Switzerland, Italy and France
• FairFX compares flights to 75 destinations to reveal worst offenders

Families seeking a half-term holiday face paying up to EIGHT times more this February thanks to soaring flight costs, research by travel money expert FairFX has revealed.

Saturday February 13th marks a double whammy for flight sales this year with the start of half term and Valentine’s Day falling on the same weekend, creating a perfect storm of demand that has pushed up prices.

Comparing return flight costs to 75 holiday destinations from 12 regions, FairFX discovered that the average flight increases by nearly 200% compared with holidays departing two weeks later. However, the biggest hike was found at Manchester Airport where a flight to Verona, Italy, increases by 762% from £55 departing on February 27th to £474 on February 13th. The second biggest surge was found flying from London to skiing hotspot Salzburg, Austria, costing 739% more. A return flight from London to Salzburg for half-term is priced at £470 but just two weeks later, it drops back down to just £56.

Comparing flights from 12 regions, holidaymakers flying from London will be the worst off this half term, paying an average of 272% more for their flights, followed by Nottingham (East Midlands) at 266% and Leeds at 253%. At the other end of the scale, holidaymakers in Glasgow are less likely to be ripped off, but still face average price increases of 131% more for half-term flights, followed by Newcastle and Edinburgh where flight costs are increased by 146%.

FairFX’s regional half-term price hikes:

Based on average flight price increases, Switzerland is the most expensive country to visit for either half term or Valentine’s with average flights up by 405%. Flights to Italy, which offers romantic city breaks to Venice, Verona, Rome and Milan, has risen by 354% with France in third at 332%.

FairFX’s top 12 most expensive countries to fly to:

Looking at destinations, Verona will cost the most to visit (591% more) followed by Marseille (465% more), Grenoble (423%), Turin (417% more) and Venice (415%).

FairFX’s top 12 most expensive destinations to fly to:

Darren Kilner, currency expert at FairFX, said: “FairFX’s research into holiday costs reveals some startling increases across the board. Families with school children often have no flexibility when it comes to choosing their holiday dates forcing them to pay significantly higher prices. With holiday prices being pushed up, it’s even more important to ensure you’re making the most of your spending money by planning ahead.”

FairFX’s tips to getting the most from your holiday money:
• Pick a destination where your pound goes furthest thanks to favourable exchange rates.
• Set up a currency alert with an online currency provider so that you are alerted to the best time to buy when the rate moves in your favour.
• Whatever you do, don’t leave sorting out your travel money until the last minute as you could be left severely out of pocket. Exchange rates at the airport can be more than 10 percent more expensive than elsewhere meaning that you could lose £100 for every £1,000 you exchange.
• Once you’re abroad, beware of the double exchange rate dupe. If you let the seller in a shop or restaurant covert the price back into pounds, they will choose their own exchange rate and you’re more likely to be on the less favourable end of the deal.
• Taking debit and credit cards on holiday is a good back up but beware of ATM and transaction fees as well as the exchange rate you’ll get. Instead, use FairFX’s Prepaid Currency Card for you and your family. They offer great exchange rates and can be topped up online or via mobile app if you’re running out. And if you return home with money leftover, simply spend it in the shops with no fee.

We reveal the true cost of romance this Valentine's Day

Mon, 01 Feb 2016 11:07:08 GMT

Travel money expert compares Champagne costs in best value cities to find out true cost of romance

Champagne Test reveals Bansko, Dublin and Brussels offer more Moet for your money

Long-term currency trends mean big savings in Turkey, Norway and Switzerland

Looking to go the extra mile for Valentine’s Day? Travel money expert FairFX has revealed the best value city break destinations – and put them to the Champagne Test.

The latest currency analysis ranks city-break hotspots Istanbul, Oslo and Zurich as the cheapest destinations to visit this Valentine’s, giving up to 22% more for your pound. But to find out the true cost of romance on your Valentine’s break, FairFX has put each destination to the test. The new research analyses the cost of a bottle of Moet – the world’s best-selling Champagne – to see which city gives you more Moet for your money.

The results revealed that the price rocketed by more than three times between the cheapest and most expensive destinations. In pole position was Bankso in Bulgaria for couples seeking a no-frills ski weekend with a bottle of Champagne costing £49. In second place was Dublin, Ireland, at £65 followed by Brussels and Copenhagen at £69 and £72 respectively. The most expensive Champagne can be found in Istanbul at £148, followed by Marrakech at £128 and Dubrovnik at £120.

Couples seeking a traditionally romantic city break in Paris will pay below average at £73 with romantic Italian destinations Venice and Florence charging £84 and £96 for a bottle of fizz.

FairFX’s Champagne Test results:

Valentine’s holidaymakers looking for a short-haul city break will find that their Moet will have a similar price to this time last year, regardless of recent Sterling woes. While the Pound-Euro rate has declined since the summer to the 1.30 region, currency rates remain the same as this time last year meaning holidaymakers will not be losing out. Tracking long-term currency trends, the Euro is still 8% stronger than two years ago and 10% stronger than five years ago. Long-term trends also reveal that while visitors to Turkey will enjoy savings of 22% year on year, they’re actually saving 74% more than they would have five years ago. Similarly, holidaymakers to Norway, Hungary and Poland will be significantly better off – with currency improvements of 35%, 27% and 26% respectively. Meanwhile, currency rates against Switzerland have experienced a drop of 8% - making it cheaper to visit now than the last five years.

Darren Kilner, currency expert at FairFX, said:
“When booking your holiday, you need to think about more than flight and accommodation costs when budgeting. Which currency you are spending can have a huge impact on your budget and the FairFX Champagne Test demonstrates this. Exchange rates have a significant effect on holiday costs so savvy holidaymakers will need to take advantage of favourable rates to get the best deals, helping their money go even further. “While the Pound was stronger against the Euro during the summer, holidaymakers should not despair as rates are still comparable with this time last year and are still delivering better value in the long term.”

Where can the FairFX Anywhere Card be used?

Tue, 26 Jan 2016 10:33:00 GMT

From Australia to Zimbabwe and everywhere in between, you can use this card in over 210 countries and territories worldwide; wherever you see the MasterCard Acceptance Mark.

Use the Anywhere Card in shops, bars and restaurants.

The FairFX Anywhere Card is loaded with Sterling and will work at almost any ATM* or merchant in the world that accepts MasterCard cards. If you use the Anywhere Card outside of the UK the exchange rate is determined at the time the payment is settled.

Your Anywhere Card funds will be converted from Sterling into the local currency of the country you are in. The exchange rate used is the MasterCard wholesale exchange rate. This card has a 1.4% transaction fee for all overseas usage, in addition there is a £1.00 fee for overseas ATM withdrawals.

To see a list of costs, please visit What it Costs

MasterCard provide an ATM locator, which you may find useful. Please note that this is an external link and FairFX have no control over the information displayed.

Load £50 today and we'll waive the card purchase fee, normally £9.95! There is no end date for this promotion.

BUY NOW

*Please note: Some ATMs may apply an additional surcharge.

The cheapest countries in the world to be a student

Wed, 20 Jan 2016 11:53:14 GMT

Norway, Russia and Luxembourg take the lead for being the cheapest countries in the world to be a student

Exchange rate trends also reveal New Zealand to offer the best value for money for studying abroad as it's now 20% cheaper compared with 2 years ago

With the Ucas deadline for the academic year 2016/17 just nine days away now, those who have not yet submitted their application - and are looking for some inspiration as to where to head to - might want to divert their attention to the latest research into the cheapest countries in the world to be a student.

According to travel money company FairFX, Norway has emerged as being the most affordable nation in the world to with an average annual cost of just £2,188 - based on average annual tuition fees and living costs - in relation to the top 200 universities in the Times Higher Education (THE) World University Rankings.

Russia has come second - with a yearly amount of £4,450 - followed by Luxembourg where students will require an average annual amount of £4,739 to get by.

With increased tuition fees in the UK - and some universities charging up to £9,000 a year in fees - FAIRFX said studying abroad is becoming a much more attractive option as students look to take advantage of lower fees, cheaper living costs, quality of education, as well as favourable exchange rates.

The new research has shown the total annual average tuition fees, combined with living costs, in Norway are almost ten times less than that of the UK where students would need an average yearly amount of £21,000.

On the whole, the UK was found to be one of the most expensive places to go to university and, out of a list of 28 countries that have a top 200 THE university, ranked in 24th position, behind only the US, Singapore, South Korea and Australia.

In comparison, studying for a year in China or France would cost three times less - in the region of £7,000 - while Brazil (outside of the top 200) would cost just over £8,000 and New Zealand (172 in the top 200) just over £13,000.

The company’s research is similar to that which it conducted in October 2015. However, its latest findings have now been updated to include every country in the THE rankings, which feature 800 universities in 66 countries.

FairFX currency expert Darren Kilner described how higher tuition fees are making students consider their options when it comes to choosing a university. He said: “A three-year course in the UK will cost a student around £63,000 in tuition fees and living costs - three times the amount of a deposit on a new house*.”

Highlighting how investment costs are “so high,” he said it comes as no surprise that students are looking at cheaper ways of securing their university education, and added how studying abroad is becoming a “much more attractive option.”

He said: “Not only can UK students take advantage of lower tuition fees, but the cost of living can also be much lower so there is a definite financial incentive along with the opportunity to experience a new country and culture. It could become a real alternative to taking a gap year.

“With the Ucas deadline fast-approaching, UK students have some big decisions to make.”

FAIRFX has also analysed currency trends over the last two years to create a list of which countries now offer more value for money for studying abroad.

Topping the study abroad list is New Zealand which is £3,284 cheaper (20 per cent less) than it was two years ago, followed by Japan (£2,747 or 16 per cent cheaper), Sweden (£1,778 or 19 per cent less), and Russia (£1,535 or 26 per cent cheaper).

At the bottom of the list are Euro countries at 16 per cent higher, including Germany and Italy which are £1,085 and £1,518 more expensive respectively.

FairFX reveals the best ski resorts for value and snow

Wed, 20 Jan 2016 09:36:07 GMT

The best ski resorts for value and snow

Current ski season is the cheapest in two years thanks to favourable exchange rates

Czech Republic, Slovenia and Russia revealed as the cheapest ski countries

USA, Switzerland and Canada dominate most expensive resorts

Every pound spent goes furthest in Russia, Norway, Sweden and Canada

The Czech Republic, Slovenia and Russia offer some of the cheapest skiing in the world, according to research by travel money expert FairFX.

After comparing 54 ski resorts with favourable snow reports, FairFX has created a shortlist of the destinations where skiers will pay the least for a week’s skiing. At each resort, FairFX analysed the local costs of lift passes, tuition and equipment hire and converted them into pounds to compare the cheapest and the most expensive ski resorts.

Topping the list is Spindleruv Mlyn in Czech Republic where snow reports are improving with 73cm due to fall in the next nine days and ski costs as low as £138 a week. Slovenia holds two spots in the cheapest top four, with Bled and Kranjska Gora offering a week’s skiing for £205 and £268 respectively. While snow conditions are improving in Bled with 12cm snowfall forecast, Kranjska Gora already offers good snow cover and another 37cm is due to fall in the next nine days. The third cheapest ski resort is Sochi in Russia with excellent snow reports and a cost of just £242 a week. Russia not only offers skiers guaranteed snow but fantastic value for money with the pound nearly 100% stronger against the Russian Ruble compared to this time two years ago. This means that for every £1,000 of currency spent in Russia, holidaymakers will effectively double their money by getting almost an extra £1,000 for their money.

FairFX’s cheapest ski resorts – with snow forecasts:

While America offers great snow conditions, it comes at a price with three top resorts setting skiers back over £1,000 for a week’s skiing. Coupled with unfavourable exchange rates making it 12% more expensive than two seasons ago, skiing in the States is a less attractive option this year.

FairFX’s most expensive ski resorts - with snow forecasts:

Tracking long-term currency trends, FairFX has revealed that this is the cheapest season to ski in two years. Compared with January 2014, skiers can get 100% more for their pound if they travel to Russia, 27% more in Norway, 15% more in Sweden and 14% more in Canada. While four of Canada’s ski resorts feature in FAIRFX’s top 10 most expensive places to ski, favourable currency along with great snow conditions may be enough to tempt skiers who have always wanted to ski in Canada to travel further afield this year. Meanwhile, the pound is just over 10% stronger against both the Euro and Bulgarian Lev making it more affordable to travel to some of Europe’s top ski destinations – whether in Austria, France, Italy or Finland.

But skiers may need to act quick to buy currency if they are planning a ski trip as while the pound remains strong, exchange rates are already not as favourable as they were at the start of the ski season. Since October, the pound has dropped 3% against the Euro, Czech Koruna and Swiss Franc, 4% against the Swedish Krona and 6% against the US Dollar.

FairFX’S best value ski countries:

FairFX’S worst value ski countries

FairFX currency expert Darren Kilner commented:
“Skiing is associated with significant costs from lift passes to ski school and equipment hire but there is money to be saved by comparing fees between resorts. In addition, skiers who act smart can save even more by taking advantage of favourable exchange rates and make each pound they spend go even further. But skiers need to act quick as rates have started to decline since the start of the ski season.”

FairFX’s top tips on saving money on ski holidays:

Don’t just monitor snow reports, do the same for exchange rates – that way you’ll know the best time to buy your currency to get the best deal.

Try somewhere new – if you’re not fixed on where you go, there are plenty of lesser known destinations offering great skiing at a fraction of the cost.

Think long-term: Don’t just look at the cost of activities, look at ski destinations where you can get more for your money – you’ll be getting a better deal.

If you’re making an international payment to pay for your chalet deposit or group tour, set up a Rate Watch service with FairFX so you’ll be informed when the rate is in your favour.

When it comes to your travel money, don’t leave it until the last minute. Exchange rates at airports can be over 10% more expensive* meaning you could lose £100 of cash for every £1,000 you change – that’s a lot of hot chocolates on the slopes!

Once you’re abroad, beware of the double exchange rate dupe. If you let the seller in a shop or restaurant covert the price back into pounds, they will choose their own exchange rate and you’re more likely to be on the less favourable end of the deal.

Taking debit and credit cards away is a good back up but beware of ATM and transaction fees as well as what exchange rate you’ll be forced to use. Instead, use FairFX’s prepaid currency card for you and your family.

New Year's Resolutions cost how much?! We tell you how to save money

Tue, 19 Jan 2016 17:17:25 GMT

We tell you how to save money

This is how much money you’ll spend on your New Year’s Resolution. But don’t worry, we’ve got you covered...

When we set ourselves a New Year’s resolution, we really do mean well. Our intentions are good, we are full of motivation and we look upon the year ahead with excitement. But how long does that last? And, more importantly, how much do these resolutions cost us?

On average, New Year’s resolutions could cost more than £1,000 over the course of the year. Just think about gym membership, new gym kit, travel to and from workouts, exercise gadgets and, of course, healthy meals… It all quickly adds up.

What’s more scary is that only 10% of resolutions are actually successful and continued throughout the year, according to last year’s YouGov survey.

The Fitness Industry Association found that, rather depressingly, the majority of people who join the gym in January have quit or stopped attending after just 24 weeks.

Here’s the breakdown of average annual costs:

One year’s gym membership = £396
Annual slimming club fees = £301
Smoothie makers and juicers = £164
Sports equipment, gym attire and fitness DVDs = £146

However, this is not to say that New Year’s resolutions are a waste of time – it just means we need to be a little more money savvy. And that’s where GH comes in.

We spoke to our money saving experts over at the GHI for advice on how to build up to your goals without breaking the bank.

1. Set aside a resolution budget
Do some research on the best deals in your area – sometimes traveling a bit further may be worth it to save on that gym membership. Set yourself a monthly resolution allowance, like one new item of gym kit or one new superfood ingredient to try.

2. Try free exercise. Yes, free!
Community-based exercise groups are popping up all over the country. For example, parkrun holds free 5k runs on weekend mornings all over the country. Find you nearest event here.

There are also plenty of online programs that can help you get fit for free. The NHS Couch to 5K running program is a great way to monitor your progress.

3. Get the best buy
When it comes to buying those smoothie makers, juicers and other kitchen gadgets, make sure you’re getting the most for your money. Appliances breaking three weeks into your regime are hardly going to up your motivation.