The FairFX Press Releases Blog

‘RYANAIR CASH PASSPORT’ – FEES REVEALED

Wed, 28 Sep 2011 11:21:03 GMT

Next week sees the launch of the Ryanair Cash Passport, soon to be the only free payment method when booking their flights. We’ve got hold of the terms and conditions extra early to show you what’s in store for Ryanair customers after jumping through their latest hoop....

The Fees Revealed

The card unsurprisingly seems to be one of the most costly on the market. Fees include;

• For every transaction and withdrawal abroad you will be charged a 5.75% foreign transaction fee, where other prepaid cards charge typically 2.75% to as low as 1.4%.

• ATM charges abroad will cost £2 on top of the 5.75% fee where some other card providers have no additional charge at all.

• If the card is not used for over 6 months there will be a £2.50 inactivity charge per month levied going forwards.

• If this £2.50 charge cannot be taken due to lack of funds, there is a further £10 negative balance fee.

• Minimum load of £150, other cards have a minimum load of typically £100 to as low as just £50.

• £4 cash over the counter fee (for withdrawing money at banks or bureaux de change) again over the 5.75% charge if you do this abroad.

As well as the charges whilst you are abroad, you may be thinking you can use the card in the UK in which case you will again be looking at hefty charges including;

• A £2 UK ATM fee.

• A 50p charge for all transactions, other than Ryanair bookings, from April 2012.

Customer Savings

FairFX have revealed that over £2million^* in booking fees have been avoided by using their prepaid card since RyanAir started to accept prepaid MasterCards as a free form of payment in December 2009.

CEO of FairFX, Stephen Heath said “Previously Ryanair customers could choose a prepaid MasterCard that was competitive for purchases abroad and in the UK. Now they have to use what is one of the most expensive cards on the market with little other use than booking their flights with.”

Stephen Heath went on to say “It’s interesting reading the terms and conditions for this new ‘Ryanair Cash Passport’ and I think Ryanair customers are in for a nasty shock.”

^* Based on over 200,000 transactions using FairFX cards and assuming most are return flights.

93% of UK Consumers Call for Ban on "Misleading" '0% Commission' Travel Money Advertising

Wed, 22 Jun 2011 09:27:21 GMT

In a recent survey published on Facebook, 1075 UK consumers answered whether or not they felt that travel money companies should be able to advertise ‘0% commission’ without disclosing that additional charges are built into exchange rates. A total of 1000 people – 93% of respondents agreed that “this leading form of advertising should be banned”.

In the UK, many big name travel money companies like Travelex, Marks & Spencer and the Post Office commonly use “0% commission” as a strapline to advertise their services. However, as this doesn’t reflect the true cost to the consumer, many travellers are now calling for this practice to be banned.

Some of the Facebook comments from participants included...

John Carter: “Why is there no regulator for this 0% commission claim? Especially with the Olympics coming up there is a great opportunity for UK Government to set a Kite Mark standard.”

Phil Higham: “Companies should be prepared to be open about ALL their charges so customers can make an informed decision.”

David Edwards: “Misleading advertising is wrong in any circumstances. With particular regard to foreign exchange it highlights our nation as ‘rip-off Britain’. It is perfectly acceptable for a service provider to charge a fee but that fee should be completely transparent and fair comparisons should be accessible in plain simple English.”

Stephen Heath, CEO of travel money card provider FairFX.com added: “It seems that the lack of transparency in this marketplace has hit a nerve with consumers, and that a campaign needs to be started to come up a better way of comparing the overall cost of travel money.”

Research shows “substantial hidden charges” in international money transfers. UK Consumers Charged Up To £57 to Transfer £500 Abroad

Mon, 16 May 2011 17:41:35 GMT

Research released by FairFX.com today shows a huge range of both disclosed and hidden charges made by UK Banks and specialist online money transfer businesses for Brits wanting to transfer small and medium size amounts overseas. For amounts from as little as £250 to as high as £50,000, there are a myriad of providers offering both phone based and specialist lower cost online services.

“Unfortunately for the UK consumer who wants a good deal when transferring money overseas, what you see is very often not what you get “ said Stephen Heath Chief Executive of FairFX. “Just like the travel money sector, many providers claim zero fees and/or commissions or even headline grabbing promotional fees of 99p for money transfer, when the true cost is substantially more when the effect of exchange rates offered is factored in.”

The research revealed a number of examples of hidden and additional disclosed charges that resulted in shocking “true costs” for consumers. Examples of these include:

1.Charges as high as £57 (11.5%) to convert and transfer £500 into Euros made by one High Street bank and £178 to transfer £2500 into Euros at the same bank

2.Claims of “we don’t charge any transfer fees” and “zero fees” by one specialist online provider when the true cost of converting and transferring £500 into US$ was £19 and £1000 was £37 when exchange rates were factored in.

3.A high profile offer of “send up to £2,500....for as little as 99p” when the true cost of transferring £2,500 into Euros was £65

Heath said “Most consumers transferring money overseas have no idea of what they are really paying in terms of costs for the service and we are calling for an industry wide standard defining a fully disclosed “true cost” to the consumer for these services. There are substantial hidden charges that the consumer should be aware of.”

Click here to download the full Word doc. press release including comparison tables.

FairFX.com launches FairPay – Online international money transfer at business level exchange rates

Fri, 14 Jan 2011 11:16:55 GMT

High tech foreign currency business FairFX.com has today launched an innovative online service for international money transfers and foreign currency transactions.

FairPay offers a fully automated online money transfer solution for the general public, at business level exchange rates and no transfer or payment fees.

FairFX.com Chief Executive Stephen Heath said: “When we launched FairFX.com in 2007,we rattled a few cages amongst the traditional travel money providers simply by giving the consumer a better deal with our technology. Now we’re are going to do the same with international money transfers.

“With FairPay, the customers gets market leading rates for transfers overseas and can send as little as £500 and up to £10,000 equivalent in Euros or US$ overseas with an online registration and payment anytime of the day or night.”

Heath went on to explain: “Much of the traditional international money transfer industry has been slow to embrace technology and this means that a lot of the process is labour intensive and inefficient. At FairFX.com we have enhanced the technology we built for delivering travel money on prepaid currency cards and applied that to international transfers.

“This improved technology keeps our costs down and gives our customers a better price and greater convenience with a highly secure fully encryption protected platform”

Find out more about the FairFX FairPay international money transfer service here: http://www.fairfx.com/fairpay

UK Currency Firm FairFX Launches ‘Family and Friends’ Currency Card

UK Currency Firm FairFX Launches ‘Family and Friends’ Currency Card

Tue, 09 Nov 2010 16:50:00 GMT

Leading UK currency card firm FairFX.com have just launched a Family and Friends card, letting existing cardholders order an associated card for anyone over the age of 13.

The card can be loaded from an existing FairFX card in the same currency. You can also move money back from the Family and Friends Card onto your original FairFX card, making it much easier to manage larger budgets while you are away on your holidays.

Stephen Heath, FairFX Chief Executive explained how the new card could be useful: "You could give your teenager a pre-set limit of spending money when you are out shopping for the day, giving them freedom to go away and do their own thing, and giving you control over your finances.

"On the other hand you might have an older child planning a gap year. You can keep them topped up with cash, so they don't have to worry about finding internet access on the move, or racking up big fees on credit cards.

"It’s also useful to keep the whole family topped up with cash on holiday from one place. Perhaps somebody might need to pick up a car while the rest of you grab something to eat? With individual cards, you won't have money worries."

The FairFX Family and Friends card costs just £6, and qualifies for the same outstanding exchange rates offered to regular FairFX cardholders. Find out more at http://www.fairfx.com/familyandfriends.

-Ends-

For other resources, including logos, card images and more releases, visit our press office page.

Media enquiries
FairFX Press Office
pressoffice@fairfx.com

David Bain
Tel. 020 7778 9316

Stephen Heath
Chief Executive
FairFX Plc
T: 020 7778 9302
M: 07785 291 059
Stephen@fairfx.com

Ian Strafford-Taylor
Chief Operating Officer
FairFX Plc
T: 020 7778 9308
M: 07920 793 793
ian@fairfx.com

About FairFX

FairFX Plc is an internet based foreign exchange business with a technology platform that allows it to provide UK travellers with the best foreign exchange rates in the market. FairFX’s core product is a brand new prepaid MasterCard denominated in Euros, US$ and the £ Sterling denominated Anywhere Card.

Customers can buy online using debit/credit cards or internet bank transfer. By eliminating traditional methods of providing foreign currency such as Travel Money bureaus and kiosks, customers are offered business/commercial type foreign exchange rates rather than paying up to 3% on typical UK Bank debit card usage, 5% more on the High Street, or even 8+% more at the airport.

FairFX has been established by a group of people committed to giving the consumer a fair deal. The business is owned by very experienced private investors and Directors. All FairFX Directors are substantial investors in the Company. FairFX is a Public Limited Company and has a Money Service Provider Licence issued by HMRC (Her Majesty's Revenue and Customs).

FairFX.com launches FairPay – Online international money transfer at business level exchange rates

Airport Travel Money: Up to 33% Hidden Commission

Wed, 22 Sep 2010 14:38:41 GMT

Late summer holiday bargain hunters warned over shocking costs

Late summer holiday bargain hunters were today warned to avoid airports when buying foreign currency. According to research carried out by online foreign currency provider FairFX.com, UK airports are a “no-go” area when it comes to getting good value for their travel money.

FairFX Chief Executive Stephen Heath said “Many holidaymakers scour the internet for great value last minute holiday deals, but get stung by not exchanging money until they get to the airport.

“Terrible airport exchange rates are compounded when you have some leftover currency and change it back at the same airport travel money booth. Doing that could mean that you get charged up to the equivalent of 33% commission.

“A much better way of doing it is use a travel money card like the FairFX Anywhere Card which charges just 1.5% equivalent exchange rate margin. If consumers are savvy, they will order a Prepaid Travel Money Cards a week or so before they travel. That way they can ensure much better exchange rates.”

UK Airport Buy and Sell Rate Comparison Table

Provider	Buy Rate		Sell Rate		% Difference
Provider	Euros	US Dollars	Euros	US Dollars	% Difference
Heathrow Travelex	1.3521		1.0780		25.4%
Heathrow Travelex		1.7497		1.4329	22.1%
Gatwick MoneyCorp	1.3275		1.0847		22.4%
Gatwick MoneyCorp		1.7495		1.4300	22.3%
Luton The Change Group	1.3405		1.0571		26.8%
Luton The Change Group		1.7410		1.3855	25.7%
Birmingham ICE	1.3648		1.0251		33.1%
Birmingham ICE		1.7707		1.3555	30.6%
Glasgow Amex	1.3128		1.0827		21.3%
Glasgow Amex		1.7647		1.4417	22.4%
Liverpool Travelex	1.3817		1.0469		32.0%
Liverpool Travelex		1.7965		1.3666	31.5%

Rates collected at 11.00am on 22nd September 2010

– Ends –

For other resources, including logos, card images and more releases, visit our press office page.

Media enquiries
FairFX Press Office
pressoffice@fairfx.com

David Bain
Tel. 020 7778 9316

Stephen Heath
Chief Executive
FairFX Plc
T: 020 7778 9302
M: 07785 291 059
Stephen@fairfx.com

Ian Strafford-Taylor
Chief Operating Officer
FairFX Plc
T: 020 7778 9308
M: 07920 793 793
ian@fairfx.com

About FairFX

Euro falls with poor performance in German industry

Wed, 08 Sep 2010 11:11:35 GMT

The Euro continued to suffer on the back of weak German factory orders coming in worse than expected showing a fall of 2.2% m/m versus consensus forecasts of an increase of 0.5% m/m.

As investors dived back into the dollar, the euro and sterling both felt the pressure. Yesterday EURUSD was sold from a high of 1.2814 to a low of 1.2676, GBPEUR rallied nearly 200 points from 1.1981 to 1.2179. Sterling remains volatile, yesterday traders pushed cable down to 1.5296. This morning we have seen a bounce back, against the dollar the pound had traded back up to 1.5484.

Rishi Patel, Head of Trading at FairFX.com commented, “As a result of the somewhat weak recent UK data, sterling seems to be consolidating at current levels. However, from a longer term perspective, sterling continues to look buoyant against other major currencies. It is likely we will see some buying interest at slightly lower levels and a new rally is expected to develop.”

UK businesses losing £3.5 billion a year through fraudulent expense claims

Thu, 27 May 2010 10:35:56 GMT

Research reveals that over a quarter of UK employees claim personal spend from their employers

Research by foreign currency expert FairFX has revealed that over a quarter (26%) of employees admit to claiming back personal spend on their company expenses, costing UK businesses an estimated £3.5 billion a year*.

On average, employees claim back £462 per annum of personal spend on their business expenses, telling their employers that they have spent the money on travel (24%) and accommodation (19%), when in truth many have been splurging on entertainment, food and alcohol (39%).

The promotions industry was the worst offender, with a shocking 67 per cent of respondents admitting that they had claimed personal spend back from their employers. They were closely followed by graduates and trainees, 43 per cent of whom had made fraudulent expense claims.

Financial services were the biggest culprits when it came to numbers, with the accountancy industry falsely claiming an average of £1,070 per year – more than double the overall average. They were closely followed by the banking, insurance and finance industries, who admitted claiming back £850 per year.

Stephen Heath, Chief Executive of FairFX commented:

“Times are changing and the age of overspending and overindulgence in the business sector is over.

Businesses need to find a new approach to managing employee expenses that makes the system easier and less time-consuming for the employee, and leaves a smaller margin for error. A prepaid corporate card for example could erase fraudulent claims, cut employee administration time and ensure the expenses process is easy and cost efficient, both in the UK and abroad”.

*Number of People in UK working = 28,926,000 (ONS), average amount claimed 462.45

FairFX.com Launches Unique Business Expenses Platform

7 Essential World Cup South Africa Travel Tips

Wed, 24 Mar 2010 12:01:01 GMT

Going to see football in South Africa this year? You aren’t alone! South African tourism has become steadily more popular, so many feel that the country is now ready for tourists to come and spend their South African Rand.

However, many travelers are unprepared, with this being the first visit for many… So we have put together some world cup travel tips with South Africa travel advice. If you have already booked your world cup package and accommodation, we don’t want you feeling left out in the cold. Book your flight, buy South African Rand, check into your hotel and remember our seven essential world cup South Africa travel tips:

Check out other tourist destinations - don’t miss out on seeing the rest of South Africa tourist sights just because the world cup is on: maybe check out the costal port town of Durban, or check out the Tourist Office for a list of places to try, so you don’t feel that you have wasted your trip if the England football team doesn’t do quite as well as we hope!
Take warm clothing - South Africa is in the Southern Hemisphere, so it will be winter there when the world cup is going on. In Johannesburg, it can sometimes get below freezing at night in June/July, so make sure that you take appropriate clothing with you.
Leave plenty of time for moving around the country and getting to your match - the road and rail systems in South Africa are already under pressure, with a train from Johannesburg to Cape Town taking around 26 hours. Plan your trips around South Africa and make sure you leave plenty of extra time to minimize the risk of missing football matches.
Be vigilant - The culture of South Africa is very different to the UK, and despite the large police presence, you could still be taken for a rough ride by fraudsters or criminals, with South Africa having an annual murder rate of 37 per 100,000 people, compared to the UK’s 2.03. Don’t drink to excess to ensure that you stay fully in control. If you are unsure about anything, including promises of black market match tickets, stay on the safe side and don’t take a risk.
Vaccinations – The NHS recommend that you get vaccinations for the following before travelling:
- typhoid
- hepatitis
- meningitis C
- tetanus, diphtheria, and polio (which are combined in one vaccine)
See the NHS website for all the up to date information.
Stay in large groups – keeping in a large group should ward off petty criminals and keep you safer on the streets. However, do watch out for pickpockets, as they can occasionally target larger groups of tourists. The Foreign and Commonwealth Office has a help page to assist you in making sure that your trip goes as smoothly as possible.
Use a travel money card to avoid high exchange rates and keep your money secure – The FairFX Anywhere Card - www.fairfx.com - is an ideal way of getting great South Africa Rand exchange rates (6 to 10% better than airport travel money booths). At the moment FairFX are offering their Anywhere Card free-of-charge subject to a minimum load of just £10 which gets added to your balance.

Keep our travel advice for South Africa in mind as we’re sure that you’ll enjoy the trip of a lifetime. Just remember, make sure that you don’t end up having the cost of your trip spiral: buy South African Rand before you go, make a budget, and stick to it. You will have already paid enough for your tickets to the football in the South Africa World Cup 2010, and there is no need to break the bank. Tourism in South Africa is comparatively cheap, but make sure that you don’t spend over your budget.

Aside from all this, do make sure you still enjoy your trip!

Positive Signs For Sterling As Global Stimulus Efforts Remain In Place

Wed, 11 Nov 2009 11:05:16 GMT

“Traders are currently backing the Australian dollar, Euro and Sterling over the US dollar.

“The US dollar is trading lower across the board as global stock markets start the week on a positive note on the back of increasing investor risk appetite. The G20 meeting held over the weekend concluded that global stimulus efforts should remain in place. The Federal Reserve is expected to keep interest rates low for some time which will keep the pressure on the US dollar. Trading was interesting after Friday’s horrific US employment data lead to dollar buying pushing cable down to 1.6515 however any gains were swiftly lost as cable finished the day back above 1.66. This morning’s cable has traded to a high of 1.6843.

“Sterling is also holding its ground against the Euro, currently above 1.12. This week, on Wednesday, the Bank of England will publish its quarterly inflation report and analysts are expecting a more positive note for UK economic growth after last week’s extension of the bond purchase programme by only £25 billion.”

A Week Of Critical Decisions For Sterling Says FairFX.com

Sterling Holds Firm As MPC Confirms QE Boost

Fri, 06 Nov 2009 16:02:53 GMT

Rishi Patel, analyst at FairFX.com, commenting on the MPC’s latest decision to boost the UK’s quantitative easing programme, said, “The Bank of England has raised the bond purchase plan by £25 billion to £200 billion. Sterling has spiked on the news from 1.65 to 1.66 against the US dollar and against the Euro, we’ve seen a similar move from 1.1110 to 1.1180. This is contrary to most analysts’ expectations, who were expecting a more substantial increase of £50 billion to the programme and is now the third increase since March – however, this represents a decrease in the rate at which the bank has been injecting money into the economy.

“Policymakers are desperately trying to revive the economy through quantitative easing - the fundamental concern is if an increase of £25 billion will be sufficient. As expected, benchmark interest rates have been held at a record low of 0.5% and against the major currencies, Sterling is continuing to hold firm at higher levels.”

FairFX.com is an internet based foreign exchange business with a technology platform that allows it to provide UK travellers with the best foreign exchange rates in the market.

A Week Of Critical Decisions For Sterling Says FairFX.com

A Week Of Critical Decisions For Sterling Says FairFX.com

Tue, 03 Nov 2009 10:05:35 GMT

Rishi Patel, Head of FX trading at FairFX.com, commenting today, said, “The Global equity sell off has prompted safe haven buying in currency markets. The US dollar rally has kept the pressure on the Euro and Sterling and investors will be taking a cautious stance ahead of the major central bank meetings. This morning the pound failed to find any real direction, and there is still some ambiguity as to whether the Bank of England will expand the quantitative easing programme and if so, how far?

"This week is likely to set the scene for where financial markets will finish the year as traders await key decisions from the Federal Reserve, the Bank of England and the European Central Bank. Although markets are not currently expecting a change in base rate by the Federal Reserve, all eyes are watching as traders begin to speculate on the direction of monetary policy.

"If the markets stay cautious we would expect the dollar to appreciate as the ‘safe haven’ currency of choice. And in the UK we could see pressure firmly back on Sterling if the widely debated extension to the Asset Purchase Facility is significant."

FairFX.com is an internet based foreign exchange business with a technology platform that allows it to provide UK travellers with the best foreign exchange rates in the market.

Avoid The Ski Holiday Slalom Of Foreign Currency Charges

Wed, 14 Oct 2009 17:31:54 GMT

• Luton and Birmingham UK’s most expensive airports for foreign currency purchases

• Holidaymakers could save up to 14% by purchasing their cash online

Travellers planning on hitting the slopes this October should beware when purchasing foreign currency, FairFX.com reveals. Holidaymakers who buy their foreign currency from the airport risk paying as much as 14 per cent more for their money if they leave it to the last minute.

Luton and Birmingham airports have been revealed to be the most expensive foreign exchange bureaux, charging unwitting travellers up to 14% more for their holiday money than if they had purchased it online.

FairFX.com’s analysis reveals the UK’s most expensive foreign exchange bureaux:

Luton Airport- ICE
Birmingham Airport- Travelex
Stansted Airport- MoneyCorp

Many travel money providers claim they offer travellers 0 per cent commission but this hides the true margins they add – meaning travellers aren’t in the know and could end up sliding down a slippery slope of confusing charges and misleading advertising.

However, prepaid currency cards offer a different solution. They work just like a debit card but can be topped up via the internet or by text. The FairFX currency card offers rates for Euros and US dollars at less than one per cent margin above wholesale rates – i.e. giving all users ‘business’ level foreign exchange rates.

Stephen Heath, Chief Executive of FairFX.com, said: “To avoid the worst rates on the market, which are generally found in airports and train stations, travellers need to get organised. As Sterling continues sink against the Euro, exchange rates will continue to fluctuate, and as the pound is expected to be weak for some time to come it is more vital than ever that people take steps to get as much as they can. By preparing in advance and buying your currency online instead of using costly debit or credit cards for foreign spending, travellers will be able to get the most bang for their buck this half term.”

7 Essential World Cup South Africa Travel Tips

FairFX.com Launches Unique Business Expenses Platform

Thu, 01 Oct 2009 10:59:29 GMT

• Businesses can make substantial savings on employee spending overseas

FairFX, the online foreign currency provider, today announces the launch of its unique business expenses software solution, bringing substantially better exchange rates and significant cost savings to the business travel market.

The business expenses platform will be offered in conjunction with the FairFX prepaid currency card (available in Euros and US Dollars). The Card is a MasterCard prepaid debit card that provides market leading foreign currency rates for UK travellers.

Stephen Heath, Chief Executive of FairFX, said: “We have almost reached parity between Sterling and the Euro, so it has never been more important that businesses get better value when spending overseas. The foreign exchange market has been opaque about costs for years. We launched FairFX.com in 2007 to challenge the status quo and bring better value and complete transparency to holidaymakers. Today’s launch, via FairFX.net, is about delivering the same promise to businesses.”

The Business Expenses platform provides the capability for employers to issue, load and monitor cards, as well as exercise better control over employees’ expenditure.

The key benefits of this platform vs. other Corporate Card services are:
• Substantial reduction in foreign exchange conversion charges
• Significantly lower expenditure on initial card acquisition and annual service fees, conventional cash advance fees and late payment penalties
• Large cost savings by eliminating uncontrolled employee expenditure
• Flexible reporting system including real time alerts/exception reporting
• Reduced resources and costs by streamlining expense control and reporting

The platform has been structured as a pyramid, allowing password controlled access to its functions and reporting as required by management. Thus, full or selective access can be provided at head office and departmental levels with tailored access at the individual level.

Stephen added: “It is the online reporting area that provides the real opportunities for reduction of wastage and improved cost control. The system provides online real-time detailed reporting by user and by transaction but also has the flexibility to provide real-time alerts on spending, cost centre allocation, expense reporting and client billing allocation.”

Typical corporate charge cards:

• £30 to £80 per card per annum
• Foreign exchange conversion fees of 2.75% to 4%
• ATM withdrawal fees of 2% to 4%
• Late payment charges based on very high interest rates
• Limited real time capabilities and general system flexibility

FairFX’s corporate card:

• A 1% foreign exchange cost
• A flat ATM withdrawal fee of €1.50 or $2 (levied by the ATM networks)
• A platform usage fee to be determined based on volume
• No late payment charges as cards are pre-funded
• No hidden charges

For further information, please visit www.fairfx.net

UK businesses losing £3.5 billion a year through fraudulent expense claims

Sterling Falls 1% Against The Euro And The Dollar

Wed, 16 Sep 2009 10:55:38 GMT

The pound has fallen significantly against the Euro and Dollar in the past 24 hours alone – falling from $1.6598 to £1 to $1.6479 to £1, and from €1.1366 to £1 to €1.1203 to £1.

Stephen Heath, Chief Executive of FairFX.com, said: “The value of Sterling fell dramatically yesterday morning after Mervyn King said the MPC will lower the deposit rates to free up lending between banks. We have now seen the pound take such a pummelling that you will get just $1.6479 or €1.1203 to £1.

“Anyone looking to buy their currency now should make sure they lock in the best rate for their holiday money or they could lose out on up to $95 or €70 for every £1,000 they spend.*”

FairFX offers customers market-leading exchange rates via either a pre-paid currency card or cash via their internet site: www.fairfx.com[http://www.fairfx.com].