Who is talking about us: FairFX in the news and press

Key Strategic Hire and Trading Update

Thu, 03 Nov 2016 10:40:16 GMT

FairFX, the low cost multi currency payments service, is pleased to provide the market with a trading update. Key items are:

FairFX hires James Hickman as Chief Commercial Officer
Corporate card platform breaks £10 million barrier for monthly loads
Turnover in the four months to 31 October 2016 up 45% year-on-year

The Group has significantly strengthened its senior management team through the appointment of Mr. James Hickman as Chief Commercial Officer, effective from 1 December 2016. James joins FairFX from key industry competitor Caxton FX where he was Managing Director and instrumental in establishing and growing its prepaid currency card programme. At FairFX, James will be responsible for driving more revenue growth across all product lines with a principal focus on the corporate sector.

The Group’s corporate card platform has performed particularly well in 2016, benefitting from the increased strategic focus that was announced in late 2015. Additional functionality has been added to the platform and there is a pipeline of further enhancements still to come. Last month a key milestone for the platform was passed with monthly loads exceeding £10 million for the first time and having doubled within just 6 months. During the 10 months to 31 October 2016, volume going through the corporate card platform is up by 92% compared to the same period for 2015.

The Group’s overall performance has continued to be strong since reporting its interim financial results and remains in line with market expectations. Turnover in the four months to 31 October 2016 is up 45% year-on-year to £314 million, while turnover for the year to 31 October 2016 is up 24% to £656 million.

Ian Strafford-Taylor, Chief Executive Officer, commented: “The business continues to make great strides and has performed well during what has been a volatile period for the currency markets. We are also particularly encouraged that the corporate card platform has been achieving such strong growth against this backdrop.

“I am also delighted that James Hickman is joining FairFX as Chief Commercial Officer. This is a key strategic hire for FairFX and James has an outstanding record in the currency payments industry. He will be playing an integral role in the next stage of our growth.”

ENDS

FairFX Group plc
Ian Strafford-Taylor, CEO
+44 (0) 20 7778 9308

Cenkos Securities plc
Max Hartley/Callum Davidson
+44 (0) 20 7397 8925

Yellow Jersey PR
Charles Goodwin
+44 (0) 7747 788 221

About FairFX

FairFX is a leading international payment services provider, incorporated in the UK in 2005. The Company has developed a cloud-based peer-to-peer payments platform that enables personal and business customers to make easy, low-cost multi-currency payments in a broad range of currencies and across a range of FX products all via one integrated system. The FairFX platform facilitates payments either direct to Bank Accounts or at 30 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, SMS, wire transfer and MasterCard/VISA debit cards.

FairFX operates within the rapidly growing online multi-currency payments market and provides transactional services to both personal and business customers through four channels being Currency Cards, Physical Currency, FairPay and Dealing. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the FairPay and Dealing products support wire transfer foreign exchange transactions direct to Bank Accounts.

For Corporates, FairFX has a market-leading business-expenses solution based around its corporate prepaid card allied to a platform allowing the Corporate to better control expenses and improve transparency whilst removing administrative burdens from staff.

In addition, FairFX has entered into a number of "white-label" arrangements for the use of its P2P matching platform. Partners include easyjet, ThinkMoney, Pitney Bowes and Quintessentially. FairFX has also partnered with Concur Technologies, Inc. a leading provider of integrated travel and expense management solutions with over 25 million users globally. Such relationships provide strong support for FairFX's customer acquisition strategy.

FairFX partners with Vizeat

Wed, 31 Aug 2016 08:54:22 GMT

FairFX, the low cost multi currency payments service, has today announced a partnership with Europe’s largest social dining network, Vizeat.

Described as the “Airbnb of food”, VizEat is a social dining platform, which seeks to give tourists access to authentic culinary experiences by connecting them with local hosts. FairFX is excited to be partnering with VizEat, which has enjoyed tremendous growth and has the potential to expand to a global scale.

Since being founded in 2014, VizEat has 90,000 members from more than 100 countries; the number of food experiences it offers has grown by 50% every month and its website is now available in English, French, Italian, Spanish and German.

With both companies focused on making sure their customers get more out of their holiday experience, the new partnership will benefit customers of both VizEat and FairFX. The partnership is designed to offer customers access to unique experiences while getting the best value for money when they travel overseas.

The agreement with Vizeat offers FairFX customers a discount to enjoy an authentic culinary experience with local hosts, such as a shared meal, a food tour or a cooking class. And VizEat customers will benefit from preferential exchange rates and FairFX prepaid currency card offers. The customer experience will also be improved through shared tips and advice for all aspects of their holiday.

Ian Strafford-Taylor, CEO of travel money firm FairFX, said: “The new partnership will appeal to consumers who actively seek out authentic travel experiences. VizEat helps people to quickly weed out the tourist traps - the inauthentic, expensive restaurants invariably located in tourist hotspots. We’re excited to give our customers access to unforgettable and authentic travel moments through this partnership while at the same time introducing new customers to the cost-saving benefits and convenience of a prepaid currency card.”

VizEat co-founder Jean-Michel Petit said: “We are delighted to partner with FairFX. We believe that the dining table is the original social network and VizEat connects travellers with authentic culinary experiences. By working with FairFX we’re able to offer more travellers the opportunity to make the most of their holidays by meeting and eating with locals, facilitating new friendships and creating lasting memories.”

To make sure you have a great holiday food experience, here are five unique ways to explore, get a taste of authentic food and eat like a local - all without breaking the bank - on your travels.

Food markets – wander through; take the opportunity to absorb the sights and smells - but most importantly – the tastes of your new destination.
Eat with a local – while getting together and sharing a meal around a table dates back thousands of years, the ability to share a meal with people you meet online is a relatively new phenomenon. Social dining for travellers is a modern way to experience traditional cuisine in people’s homes, cooked and shared by locals themselves. Platforms like VizEat connect travellers and local hosts in more than 70 countries as well as offering local food walking tours, cooking classes and foodie experiences you’re unlikely to find in the guidebooks.
Food trucks – The US is famous for its bustling food truck scene and sets the trend worldwide with food trucks now commonplace at events, festivals and markets everywhere. Find one on your US holiday through RoamingHunger.
Street food – What better way to experience local cuisine in a new city than right on the streets you’re pounding? A great destination to try street food is Singapore with its blend of Chinese, Malay and Indian cuisines. Local “hawker” markets feature a concoction of street vendors selling uniquely Singaporean dishes like Ikan Bakar - barbecued stingray smothered in a spicy fish chilli sauce known as sambal.
Experience a food festival – try fresh, local food and produce from across the country you’re visiting. You’re spoilt for choice in Europe with the Mitt Kök Gothenburg in Sweden serving around 3,000 meals or Eurochocolate Perugia – an Italian chocolate exhibition – both in October.

ENDS

About Vizeat
VizEat is the leading social dining platform in Europe which connects travellers and local hosts around an authentic culinary experience at their home. It is a unique way to exchange with people from all around the world and to discover new cultures around food.

VizEat was founded in early 2014 in France and raised €1m in a seed funding round led by UK-based Eurovestech Plc; in February 2015 it acquired Paris-based pioneer Cookening, effectively becoming the European leader in the growing culinary experience sharing space. Today VizEat has 90,000 members from more than 100 countries; the number of food experiences it offers has grown by 50% every month and its website is now available in English, French, Italian, Spanish and German. A mobile app for VizEat is available now for download for iOS.

About FairFX
FairFX is a leading prepaid card, travel money and international payment services provider, offering services to customers in the UK since 2007. Its customer offering includes Prepaid Currency Cards, Travel Cash and International Money Transfers to both personal and business customers. FairFX was named as one of 1000 Companies to Inspire Britain by London Stock Exchange in 2013 and registered on the AIM market of the London Stock Exchange in August, 2014.

FairFX 2016 'Win Double Your Card Load' Competition Official Rules

Thu, 18 Aug 2016 17:22:03 GMT

Sponsor: These are the Official Rules for the FairFX ‘Win Double Your Card Load 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 08:00 19th August 2016 and ends 23:59 on 21st August 2016 BST (the ‘Win Double Your Card Load’ period). Who may enter: Entrants must: (a) have a validated FairFX account. If you do not have a validated FairFX account, please visit www.fairfx.com to sign up. (b) be willing to fully comply with these Official Rules and all other terms and conditions of the ‘Win Double Your Card Load Competition’; (d) 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 Double Your Card Load Competition’. Winning a prize in the ‘Win Double Your Card Load Competition’ is contingent upon fulfilling all requirements set forth in these Official Rules.

How to Enter: Entrants must have topped up a FairFX Currency Card in any currency between 08:00 19th August 2016 and 23:59 on 21st August 2016. Each customer will receive 1 entry per card load that they make during the ‘Win Double Your Card Load’ period. Only the entrant’s winning card load will be eligible for a prize. Entrants will not be eligible for multiple prizes.

Prize: The competition pot is worth £10,000. Winners will be drawn at random and will receive double their winning FairFX Currency Card load (thereby tripling their initial card load amount), up to the maximum amount in the competition pot at that time, until the competition pot is depleted. For example, if you load £5,000 and your name is the first to be drawn, then you will win another card load of £10,000, resulting in a total £15,000 balance on your 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 at a time in a random drawing of all eligible entries until the competition pot is empty. Customers are allowed multiple competition entries. 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 Monday 22nd August 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 Double Your Card Load 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 Double Your Card Load 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 Double Your Card Load Competition’; (4) technical or human error which may occur in the offer or administration of the ‘Win Double Your Card Load 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 Double Your Card Load 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 Double Your Card Load Competition’, provided that, if it is not possible to award another entry due to discontinuance of the ‘Win Double Your Card Load 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 Double Your Card Load 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 Double Your Card Load 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 Double Your Card Load 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 Double Your Card Load 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 Double Your Card Load Competition’ is subject to the Sponsor’s Privacy Policy https://www.fairfx.com/privacy

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

Prize details: ‘Win Double Your Card Load’ prize value loaded onto the same card loaded in the winning transaction. Sponsor will notify the potential ‘Win Double Your Card Load Competition’ prize winner by Email sent to the current FairFX account information provided by the entrant. It is the entrant’s obligation to notify the Sponsor in writing of any change of contact information. Each potential 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.

Holidaymakers to benefit from Monarch’s strategic partnership with FairFX

Tue, 02 Aug 2016 10:01:56 GMT

Holidaymakers will save money on travel and benefit from a better customer experience, thanks to a new partnership between Monarch and FairFX.

Leading UK independent airline group Monarch is pleased to announce it has signed an agreement with FinTech low-cost multi-currency payments service FairFX to mutually promote each other’s products, helping holidaymakers get better value for money in the wake of the EU referendum.

At a time when consumers are particularly eager to make their money stretch further, the partnership will enhance customer experience by offering a broad product range and innovative technology from two trusted brands.

Under the agreement, Monarch will promote FairFX international transfers, cards and travel cash. In return, all Monarch customers will benefit from preferential exchanges rates and FairFX Currency Card offers. Customer experience will also be improved user experience with tips and advice available for all aspects of their holiday.

FairFX was recently voted Most Trusted Prepaid Card Provider by Moneywise, selected over competitors in the prepaid card space such as Travelex, Thomas Cook and the Post Office.

Ian Stafford-Taylor, CEO of FairFX, said: “We are delighted to enter into this agreement with Monarch, which will involve cross-promotion and more efficient marketing of our products. “This is of clear benefit to both companies – but most importantly to the consumer, who will benefit from greater choice and increased control over their holiday spending.

“By partnering with such a prestigious airline we will increase brand awareness for FairFX, meaning more holidaymakers will be able to save money by using our products and services. In turn, Monarch can have full faith that their customers will receive the best FX rates, products and services.”

Hugo Vicente de Freitas, Retail Product Development Manager at Monarch, said: “We are pleased to announce FairFX as our new travel money provider, offering customers the chance to purchase currency cards, make international payments and order travel cash.

“Choosing FairFX as our travel money provider is aligned with our focus on ensuring the very best for our customers and helping to make their trip easy, convenient and safe when travelling abroad.”

About Monarch.

About FairFX Travel Money.

FairFX to be Exclusive FX Provider for Leicester City FC

Thu, 28 Jul 2016 08:33:44 GMT

FairFX, the low cost multi currency payments service, is pleased to announce it has signed a two-year agreement with Leicester City Football Club (LCFC) to be their exclusive FX provider and an Official Partner of the Club.

The new relationship with the Premier League Champions will see FairFX service all of LCFC’s foreign exchange requirements, including money conversion for player transfers. The magnitude of transfer values in the Premier League represents a significant volume of new potential business for the Company over the duration of the agreement. In return, LCFC will benefit from FairFX’s highly competitive rates thereby saving large sums on their transfer activity.

Just as importantly, as an Official Partner to LCFC, FairFX will benefit from direct exposure to the club’s fans as well as introductions to the corporate network of Leicester City. This partnership will therefore enable FairFX to add more users of its products, further bolstering the Company’s existing strategic marketing campaign and aligning with a history of supporting sport in the UK following its sponsorship of Sky Formula 1 coverage in 2015.

FairFX CEO, Ian Strafford-Taylor, commented:

“We are very excited to be partnering with Leicester City. There are strong synergies in attitude between us both, with the Club having taken on the establishment in the Premier League, and winning, with FairFX continuing to do the same in the Foreign Exchange industry.

“While the agreement opens up new revenue streams via player transfers, we are also hugely excited by the prospect of offering our highly competitive and technologically innovative services to potential new customers across the LCFC fan-base and corporate network.”

LCFC Commercial Director, Ian Flanagan, commented:

“We are delighted to welcome FairFX to our family of Club partners. FairFX was the obvious choice of FX provider to support Leicester City through the next stage of our phenomenal international growth. As a challenger in their own industry, they understand the level of support we require to add value to our processes and we look forward to a long and successful partnership together.”

FairFX forms Strategic Partnership with Holiday Extras

Tue, 21 Jun 2016 08:55:21 GMT

FairFX is pleased to announce that it has signed an agreement with Holiday Extras to mutually promote each other’s products. Holiday Extras is the UK market leader for booking travel extras - including airport hotels, travel insurance, parking and lounges as well as destination car hire. Holiday Extras processes in excess of 4 million transactions a year with the vast majority being online.

FairFX believes that Holiday Extras represents an ideal partner for the Company due to the shared objective of improving customer experience through innovative technology, a broad product range and highly competitive pricing.

Under the agreement FairFX will promote Holiday Extras products with exclusive benefits for FairFX customers. In return Holiday Extras will promote FairFX products to its customer base. The average lead-time between a typical Holiday Extras customer booking a product and their departure date makes the partnership a strong strategic fit and will enable FairFX to reach more consumers in a targeted fashion.

Ian Strafford-Taylor, CEO of FairFX, said: “We are delighted to enter into this agreement with Holiday Extras. It was clear from our first meetings that the two companies share the same ethos and objectives, making this a logical partnership. We will be able to reach more potential customers with highly targeted and more efficient marketing, which makes us confident that this partnership will be hugely beneficial for both parties.”

Simon Hagger, Deputy Group CEO of Holiday Extras, said: “This is a fantastic product addition for Holiday Extras. When we asked our customers what products they needed help with and would like to book through us, travel money was at the top of that list.

“FairFX is a fast moving, innovative and robust business and we are delighted with the results of testing both their Currency Card and Travel Cash products. In addition, its app is excellent and easy to use; giving complete control and flexibility with travel money on holiday. Exchange rates are competitive and the customer service back up is top notch. With all of these positive points in mind, it was an easy decision to sign a long term agreement with FairFX and its great team.”

FairFX expands its services into South Africa

Tue, 14 Jun 2016 08:49:51 GMT

FairFX, the FinTech low-cost multi-currency payments service, has extended its international payments service into the domestic South African market through a tripartite agreement with Morgan West Ltd and Mercantile Bank.

Services providing foreign exchange into South African Rand (ZAR) to send into South Africa are widely available. Converting ZAR into other currencies for movement out of South Africa is more challenging and demands a local footprint, which FairFX now offers.

Under this new service, customers will have access to FairFX’s telephone dealing desk, where a personal account management service will support them when transferring funds both to and from South Africa.

FairFX offers highly competitive rates in the ZAR market, which are significantly better than those of domestic banks. Someone transferring ZAR 500,000 could save up to ZAR 10,000 by using FairFX’s service.*

In addition, through its tripartite agreement with Morgan West and Mercantile Bank, FairFX is able to provide a range of services to customers, including applications for foreign tax clearance certificates and special SARB approval support. FairFX will now look to expand its presence in South Africa further through delivering a fullservice offering, including currency cards.

Commenting on the launch of its service, Ian Strafford-Taylor, CEO of FairFX, said: “With a large number of international businesses and people transiting to and from South Africa, FairFX has identified the country as an exciting growth market for its services. As with all the markets we operate in, we challenge and disrupt the traditional players by offering far more competitive and fairer rates, and more customer choice. We also envisage this strategic move to be a potential gateway into other parts of Africa as demand grows from businesses and travellers looking for more efficient money transfer solutions, and of course better value.”

*Based on selling R500,000 buying Sterling through FairFX vs FNB at 12pm (SA) on 11th April 2016

FairFX wins award for Most Trusted Prepaid Card Provider

Fri, 10 Jun 2016 08:42:11 GMT

FairFX, the FinTech low-cost multi-currency payments service, won the Moneywise award for Most Trusted Prepaid Card Provider at a ceremony hosted last night in London.

The company was selected over competitors in the prepaid card space such as Travelex, Thomas Cook and the Post Office. In a vote by customers and Moneywise readers, the awards recognised the UK’s most trusted and best-respected companies. There were 64 businesses that reached the final awards shortlist, with the winners being selected from hundreds of thousands of customer responses.

FairFX has seen significant traction with its prepaid retail and corporate card offerings in recent months following strategic developments in technology, customer service and marketing. Card offerings have recently been bolstered by the launch of the new FairFX mobile app, which satisfies the growing demand from consumers using mobile as their primary means to perform retail transactions. These advances have been made on schedule at the start of the peak summer season for the Company’s retail card product.

The award for Most Trusted Prepaid Card Provider comes directly after FairFX has announced its expansion into the South African market, where it looks to deliver a full-service offering, including currency cards.

Commenting on the award, Ian Strafford-Taylor, CEO of FairFX, said: “It’s incredibly gratifying to win this “most trusted” award, especially as it is voted for by customers. FairFX strives to provide the best customer experience it can by understanding people’s needs and providing the fairest rates on money exchange. We look forward to building on this success and continuing to deliver a superior offering for all our customers.”

Travel firms “holding parents to ransom” as family holiday costs double during the summer

Fri, 20 May 2016 08:46:09 GMT

• Cost of family holidays to popular destinations doubles as schools break up for summer
• High Court ruling excepted this week after father took daughter on holiday during term time
• Leeds Bradford International, Cardiff and Bristol are most expensive regional airports to fly from this summer
• Biggest holiday hikes found on holidays to Majorca and the Costa del Sol
• FairFX compares 79 package holidays from three holiday operators to four destinations to reveal worst offenders

Families face paying up to twice the price for package holidays to popular destinations as soon as the schools break up for summer, according to research by travel money experts FairFX.

The findings come as parent John Platt from the Isle of Wight awaits a High Court ruling this Friday on whether he has to pay a fine after taking his daughter on holiday during term time.

The investigation compared 79 package holidays based on a one week holiday for a family of four at a 4* hotel in Tenerife, Majorca, the Costa del Sol and the Algarve, booked through three travel firms. FairFX discovered that holiday prices shoot up by as much as 115% compared with holidays taken two weeks before schools close for summer.

FairFX’s research shows how travel companies exploit parents by hiking up prices as soon as schools in England and Wales break up for the holidays. The research follows on from an investigation in February by FairFX which identified variations in flight costs between term time and school holidays, revealing that prices rose over eight times – and now the latest expose reveals how the price surges extend to package holidays too.

On average, the cost of holidays rose by 35% but the investigation also found that the biggest hike was a staggering 115% increase in the cost of a Thomas Cook package holiday to Majorca from London and a 104% increase in a First Choice holiday to the Costa del Sol, flying from Birmingham.

FairFX’s results also highlight which regional airports are the worst to fly from, with Leeds being the most expensive on average for all the destinations compared with holiday price hikes of around 34%. And package holidays from Birmingham saw the highest regional average price increases at 43%. For those flying from London, prices for package holidays to popular destinations are on average 45% higher after the start of the school holidays.

Ian Strafford-Taylor, CEO of FairFX, commented: “With a father potentially facing a fine for taking his daughter on holiday during term time, it seems parents are being held to ransom by travel operators when it comes to summer holidays. A week in the sun allows families to spend precious time together but when parents face paying double the original price, this experience comes under threat.

“The regional differences exposed by our investigation are shocking. In some cases, the price increases are so high that holidaymakers may need to avoid their local airport in order to get a better deal. Holiday-makers need to do what they can to maximise their money such as buying currency when rates are good to off-set the rip-off being imposed by holiday firms.”

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 left over, simply spend it in the shops with no fee.

FairFX wins British Travel Awards’ Best Foreign Exchange / Travel Money Retailer 2015

Thu, 26 Nov 2015 08:52:17 GMT

Leading travel money and currency card provider, FairFX has picked up the award for Best Travel Money Retailer at the British Travel Awards 2015, knocking the Post Office off its perch.

The announcement was made on 25 November at a glamorous Gala Awards ceremony, held in London and attended by close to a thousand travel industry people.

These highly acclaimed awards are selected through a public voting system and verified by Deloitte, with more than a quarter of a million people voting this year to determine the winners.

FairFX’s win caused quite an upset as the Post Office has won this category for the past 7 years, however the public has spoken: deciding FairFX is now the UK’s best travel money and currency card provider.

This is not the first time FairFX has challenged the Post Office. This summer, FairFX carried out an investigation into the way the Post Office treats its customers and revealed they were being cheated out of holiday spending money simply because of where they lived. The Post Office Mystery Shop which took place all over the UK revealed customers were losing out on £35 for every £500 of euros bought, a practice which was not transparent and left Post Office customers short changed.

Commenting on the win, FairFX CEO, Ian Strafford-Taylor said “We’re extremely proud of this award as we know our travel money products deliver greater value to British holidaymakers and now the public has confirmed this too”

He added “When FairFX launched we set out to challenge and disrupt the travel money sector and the fact these awards were based on public votes is incredible recognition of the hard work we do to provide customers with highly competitive rates and convenient travel money products. We see this as the ultimate testament of customer satisfaction and are delighted with this overwhelming praise and support and to receive this accolade.”

British Travel Awards’ chief executive Lorraine Barnes Burton said: “Holidaymakers regard the British Travel Awards winner’s logo as the benchmark for excellence when it comes to finding out who are the best travel companies and FairFX is to be congratulated on their achievement.”

FairFX is a leading provider of prepaid currency cards, travel money and international money transfers to personal as well as business customers.

ENDS

About FairFX
FairFX is a leading prepaid currency card, travel money and international payment services provider, offering services to customers in the UK since 2007. Its customer offering includes Prepaid Currency Cards, Travel Cash and International Money Transfers to both personal and business customers. FairFX was named as one of 1000 Companies to Inspire Britain by London Stock Exchange in 2013 and registered on the AIM market of the London Stock Exchange in August, 2014.
www.fairfx.com

About the British Travel Awards
The British Travel Awards is the largest awards programme in the UK created to reward the best companies in travel. The British Travel Awards are easily the most recognisable of all travel industry accolades amongst consumer and industry professionals alike with categories spanning all types of holiday experience - transport, destination, cruise, customer service, holiday extras, and accommodation. The British Travel Awards symbol is the benchmark for excellence when it comes to finding out who really is the best in the business. The 2015 BTAs took place in London on 25 November. The British Travel Awards are funded by the registration fees and patronage of sponsors who have identified the ROI from increased brand visibility and sales opportunities as the consumer and trade audience grows exponentially year-on-year.
www.britishtravelawards.com

FAIRFX exposes Post Office travel money postcode lottery

Wed, 25 Nov 2015 13:52:19 GMT

FAIRFX mystery shopped 20 Post Offices on 27th August between 9-11am across the UK. Research showed inconsistencies in exchange rates charged across the UK, simply dependent on where you live.

Key findings:

• Despite being the city furthest north in Scotland, in Inverness you’d get 18 euros more for buying your travel money in an Inverness post office (1.316 658 euros) instead of a post office in Aberdeen where you’d get 1.28 (640 euros).

• In some areas, the wealthiest are being penalised paying higher rates than those who have less average income per week

• The results of the mystery shop show extreme inconsistencies at Post Offices across the UK with people being penalised by where they live.

• By shopping online through a currency provider such as FAIRFX, bank holiday trippers would have got a rate of 1.345, so for £1000 changed, they would have received 1,345 Euros.

• Compared with the worst Post Office rate in Middlesex, holidaymakers would have walked away with 65 Euros more – all because of where they chose to buy their holiday money.

Darren Kilner, currency expert at online travel money specialists FAIRFX said: “There is huge inconsistencies across what the Post Office network in the UK are charging customers for their holiday money."

“Depending on where you live or what Post Office you visit, the exchange rate varies considerably. Our mystery shoppers found that if you were changing £500 in Ashford Middlesex you’d get 47 Euros less than if you were changing the same amount, at the same time, on the same day in Durham (Bishop Auckland). This inconsistency is not transparent. The Post office needs to treat its customers more fairly and have one consistent rate across the board, and across the UK for its customers.”

“Most currency providers will offer better rates if you buy a larger amount of currency but the Post Office have inconsistent levels at which you get better rates – in Bristol you only have to spend £500 to get a rate of 1.333 but in Bath you have to spend £1000 to only get 1.31."

“Our mystery shop shows just how important it is to shop around for your currency and that buying your currency online can give you more holiday money to spend.”

When exchanging £500 for Euros the worst rates were found in:

1. Pontypridd Wales where you’d get a rate of 1.24 (620 euros) for your money
2. Jointly Ashford Middlesex where you’d get a rate of 1.24 (620 euros) for your money
3. Aberdeen Scotland where you’d get a rate of 1.28 (640 euros) for your money
4. And jointly West Sussex where you’d also get a rate of 1.28 (640 euros) for your money

The cheapest place to change £500 of Euros was Durham (Bishop Auckland) with a rate of 1.3345 (670 euros), followed by Bristol at a rate of 1.333 (666.50 euros) and Edinburgh at 1.33071 (665. 35 euros).

When exchanging £1000 for euros at the Post Office, the 5 most expensive post offices to change travel money rates were found in:

1. Devon rate of 1.28 (1280 euros)
2. Middlesex (Ashford) 1.28 (1280 euros)
3. Hersham 1.28 (1280 euros)
4. Aberdeen 1.31 (1.310 euros)
5. Bath 1.334 (1,334 euros)

The cheapest place of those mystery-shopped to buy £1000 in Euros was the Scottish Capital: Edinburgh in Scotland where our mystery-shoppers were offered a rate of 1.33681 for changing £1000 giving 1,336.81 euros of spending money.

FAIRFX and Portman announce partnership

Tue, 28 Jul 2015 12:44:35 GMT

FAIRFX and Portman joint partnership could see customers’ cut travel and expenses costs by 20%

London, UK – 28 July 2015 - FAIRFX, the foreign exchange specialist offering currency solutions to both private and corporate customers, is pleased to announce that it has signed a partnership with one of the UK’s leading Travel Management Companies, Portman, to provide a dedicated corporate expense and travel cost management solution to its corporate clients and travellers.

FAIRFX and Portman have previously collaborated on targeted campaigns, but this marks the start of a dedicated partnership that will see Portman clients get access to a smarter way to manage their Travel & Expenses (T&E) together with an assigned account manager to ensure they are getting the most out of the product.

FAIRFX’s corporate card and integrated online platform allows companies to issue their staff with prepaid MasterCard® cards and manage the card balances online, in real time with extensive reporting capabilities.

FAIRFX customers have seen up to 20% reduction in T&E spend due to the “prepaid mentality” and the ability to take control by directly managing the available spend to staff.

Adrian Parkes, Chief Commercial Officer at Portman, stated: “Our partnership with FAIRFX has become stronger over the years, driven by clients’ demands for greater choice in expense management. This is an ideal addition to our extensive product offering, giving clients a true end-to-end travel management offering.”

Mariette Ferreira, Head of Corporate Marketing at FAIRFX, commented: “We are delighted to partner with Portman, which gives us a unique opportunity to introduce our corporate prepaid cards to a new business audience that could benefit from taking control of their staff travel and expense costs.”

For more information visit www.fairfxbusiness.com.

Notes to Editors

About FAIRFX
FAIRFX is a leading travel money and international payment services provider, offering services to customers in the UK since 2007. Its customer offering includes Prepaid Currency Cards, Travel Cash and International Money Transfers to both personal and business customers. FAIRFX was named as one of 1,000 Companies to Inspire Britain by London Stock Exchange in 2013 and registered on the AIM market of the London Stock Exchange in August, 2014. Over half a million people in the UK have saved with FAIRFX thanks to its guaranteed best exchange rate deals.

About Portman Travel
Portman was founded in 1959 and is an award winning and innovative travel management company. The company is led by Steve Allen, Chief Executive Officer, and enjoys a reputation for delivering exceptional service aligned with the use of leading edge technology. Portman has 9 UK centres, a number of client implants and two wholly owned international operations in Tralee Ireland and in Amsterdam. Portman is a founding shareholder of Radius Travel, the global network of travel management companies, which has annual sales of USD $23 billion.

Don’t ruin your relationship this summer: Nearly half of us fall out over money on holiday!

Mon, 22 Jun 2015 11:49:03 GMT

Don’t ruin your relationship this summer: Nearly half of us fall out over money on holiday!

• ‘Spending too much’, ‘being stingy’ and ‘lending money’ top holiday gripes
• 45% of fall-outs on holiday are money related
• 66% of Brits worry about money on holiday
• Yet almost ¼ (24%) say they like to splash out on holiday

HOLIDAYS are not all sun and sangria as a survey by FAIRFX reveals that almost half (45%) of arguments on holiday are money related. Financial woes continue to plague most travellers (66%) during a supposedly relaxing holiday yet 24% say they are generous with money on their trip.

Of those who have fallen out over money, the main gripes were: spending too much (44%), being stingy (19%), borrowing money (17%), lending money (15%) and whose round it was at the bar (6%). Men are twice as likely to fall out over whose round it is.

Other reasons for holiday tiffs included being drunk, the holiday itinerary and getting lost. The survey also found that some people even argued over mice in a hotel, affairs and bed wetting!

Interestingly, the under 24s are unlikely to argue about money at all with just 6% of financial related arguments coming from this seemingly care-free age group. However, their holiday is not an abyss of serenity either, they are more likely than any other age group to argue about where to go and what to do as well as getting lost. Nearly three times as many under 24s (11%) had fallen out over getting lost compared with four per cent of 35-54 year olds.

And it seems the older we get the more laid back we are as only 28% of over 55s had fallen out with holiday companions. And with age comes organisation too with 73% of 55 year olds saying they never forget to take or prepare things for holiday compared with just 34% of 16-24 year olds.

FAIRFX currency expert Darren Kilner commented: “No-one wants to fall out over money especially on holiday so planning your spending money ahead of the trip can help alleviate the pressure. Budgeting for what you have to spend and loading it onto a prepaid currency card before you go will ensure you don’t go over budget. It will also mean you can avoid the nasty surprise of transaction charges for ATM withdrawals and payments in shops and restaurants when you get home.”

To alleviate holiday money worries, FAIRFX has put together some top tips to avoid wasting your holiday money:

• Plan ahead. If you leave sorting out your money until you get to the airport you will be severely out of pocket. Exchange rates can be around 10% higher at airports than elsewhere and will cut your spending money by over £100 for every £1,000 you change. Regional airports can be much worse and you could pay an argument-inducing £165 per £1,000 more* than you need to.

• Keep an eye on exchange rates by setting up a currency alert with a foreign exchange provider. This will let you know when the exchange rate for your chosen destination is in your favour, which means you could get more local currency for your sterling. Getting the best possible rate will mean your spending money will go further.

• When on holiday, beware the double exchange rate dupe. If you let the seller - in a shop or a restaurant - convert the price back into pounds they will choose their own exchange rate, and generally it will be a poor one meaning you lose money unnecessarily.

• Taking debit or credit cards away on your trip is a good back up, but be careful to rely on them for all your transactions. You’ll be stung for a whole host of fees including transactions fees, and exchange rates can be poor. Instead, get a prepaid currency card which you can pre-load with your spending money before you set off. It also offers a great exchange rate and can be topped up online or via mobile if you’re running short of cash.

END

Notes for Editors:
Survey conducted between 20.5.15 – 28.5.15 consisted of 2,046 respondents.
Exchange rates compared on May 14th 2015 against May 14th 2014.
*based on £1/€1.2091 at Leeds Airport on 20 April 2015 vs £1/€1.3745 on a FAIRFX Prepaid Card.

International currency provider FAIRFX announces triple award win confirming market leadership

Tue, 02 Jun 2015 08:59:56 GMT

International currency provider FAIRFX is celebrating an amazing hat-trick after winning three Prepaid365 Awards last night, 1st June 2015.

By winning Best Corporate Travel Prepaid Card, Best USD Travel Prepaid Card and Best Prepaid Card Website, FAIRFX has further strengthened its position as an industry leader in travel currency cards.

In addition to the three-win accolade, FAIRFX was placed as runner up for the Best EUR Travel Prepaid Card. The unique Awards were announced on social media after being judged by over 2 million customer service surveys.

The overwhelming response to the customer service surveys highlights the growing popularity of prepaid cards and the growth the industry is experiencing.

FAIRFX CEO, Ian Strafford-Taylor commented: “The fact that these awards were judged based on votes by the public, is incredible recognition of the hard work we do to provide customers with highly competitive rates and a convenient product through our prepaid card offering. We see this as the ultimate testament of customer satisfaction and are therefore delighted with this overwhelming praise and support and to receive this accolade.”

Amit Sharma, CEO and Senior Prepaid Consultant at Prepaid365, the UK’s Prepaid Card Portal remarked: The FairFX prepaid card proposition is making quite an impact in consumer and corporate circles and is reflective of the growing visibility and awareness of the FairFX travel proposition. With 3 Winner gongs, including best corporate travel card to go along with accolades for the best USD card and best prepaid card website, FairFX have truly dominated the travel sector at the Prepaid365 Awards 2015 and this recognition is well deserved.”

END

Sterling stumble avoided as Conservatives look set to provide stability

Fri, 08 May 2015 13:46:02 GMT

Sterling stumble avoided as Conservatives look set to provide stability.

Now that the votes are in and we have a near-confirmed majority Conservative government, there are 2 key things to watch out for in the next week which could impact consumers’ pockets.

1. The outcome of the UK general election

Darren Kilner, FAIRFX currency expert said: “Now that the votes are in and a majority Conservative government seems to be on the cards this looks to be good news for consumers’ and investors’ pockets as the market has responded positively to continued stability in Westminster with Sterling holding strong.

“After the 2010 election, Sterling took up to three months to regain its pre-election strength and the pound continued to tumble while the coalition was formed after the election, but it looks like this has been avoided. However, the next few days will still potentially bring talks between parties and discussions on the Referendum and the impact of a huge SNP swing still needs to trickle through.

“For holidaymakers and for those going away this bank holiday weekend and over the summer, they should consider making the most of Sterling’s current strength while it is still riding high on what is perceived to be positive news.

“Crucially, keep a close eye on currency rates to avoid losing out on holiday spending money should anything change as the impact of the election result becomes clearer.”

2. Greece will take the spotlight next week

“It’s not just the election result at home we are contending with, economic events in Greece could also have an effect on our holiday spending money. Wednesday, May 12th marks D-Day for Greece when they are expected to repay $744.9 million to the International Monetary Fund (IMF) or risk defaulting on their loan and potentially put the country at risk of bankruptcy.

“Next week we will know if Greece has defaulted on its loan and the implications of this. The Greek Tourist Board recently issued a notice to warn holidaymakers to take Euros in cash with them when they travel to Greece in case the country decides to switch off their cash machines.

“If you are going to Greece in the coming months, there is no need to panic. We suggest planning your holiday money wisely across cash and a prepaid currency card with a credit card as backup in emergencies rather than relying on only one form of payment.”

For up-to-date currency rates, visit the FAIRFX website and sign up to the Daily FAIRFX Market Report for a quick update on market activities here.

END