FairFX in the news: Read what everyone is saying about us

Why you should ALWAYS pay in local currency on holiday: Brits are duped out of £380million a year in hidden fees by paying in pounds

Fri, 29 Jul 2016 14:39:16 GMT

Brits pay for goods and services amounting to £26.4billion a year abroad
New research suggests 24 per cent of this figure has an extra fee applied
Fees range between three and 10 per cent but many don't know about it

Many travellers find it easier to use credit or debit cards instead of carrying cash while on the road. But new research shows that a fifth of UK holidaymakers are unwittingly paying up to 10 per cent extra in fees while using their cards abroad.

Over the course of a year, this amounts to approximately £380million with a significant chunk of this figure accumulated by holidaymakers opting to make payments in their home currency while overseas.

Read the full article here.

Leicester City eye transfer market savings after agreeing partnership with FairFX trading firm

Thu, 28 Jul 2016 10:53:21 GMT

Premier League champions Leicester City have capitalised on their success by striking a partnership with a City-based foreign exchange provider that they hope will save them millions of pounds in the transfer market.

Leicester will work with FairFX's international payments service when conducting all overseas transfers after agreeing a two-year deal with the firm.

Read the full article here.

Revealed: The cheapest week of the summer holidays

Tue, 19 Jul 2016 09:18:58 GMT

It costs a lot more to go on holiday during the school summer break, but you can save £459 by choosing the cheapest, rather than most expensive, week to get away.

You can knock 21% off the cost of a summer holiday with the family by choosing the right week to get away, new figures show, without having to risk fines by pulling your children out of class in term time.

Currency firm FairFX looked at the cost of more than 700 holidays this summer to popular holiday destinations Majorca, the Algarve and Gran Canaria, to see if there was any way for families to escape the sumer holiday hikes – and found there were huge differences in price depending on when you book.

It found a family departing on the weekend of August 27 could save £459 compared with one flying out on August 6.

Read the full article here.

Fury at holiday money sharks: Greedy currency firms cash in on falling pound with deals well BELOW market rate in exchange rate rip-off

Mon, 11 Jul 2016 10:29:51 GMT

Greedy currency companies are exploiting holidaymakers following Brexit
An investigation has found they are offering less than a euro per pound
MPs have criticised firms for taking advantage of the uninformed public
It comes after the pound fell 10 per cent against the euro after the EU vote

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But in the worst cases, tourists are receiving less than a pound per euro, once they have paid commission.

On top of this firms typically charge commission fees if customers do not buy their currency online, meaning holidaymakers receive less than a euro per pound. According to online currency firm FairFX, Moneycorp was offering just 1.0002 euros per pound at Bristol Airport on Thursday when the market rate was 1.17504 euros. The firm also charges £4.99 commission on orders below £300, meaning customers receive about 95 euros from £100.

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Ian Strafford-Taylor, of FairFX, said: 'Some currency providers appear to be taking advantage of the current volatility in the pound by offering extremely poor exchange rates when compared with the market rate and how they normally operate.'

Read the full article here.

Pound to Euro exchange rate: Summer holiday blow of more than £200 as Sterling slides

Fri, 08 Jul 2016 09:47:15 GMT

Millions of families are set to be hit with a summer holiday “Brexit blow” of more than £200 following the slump in the value of the pound, it was revealed today.

Sterling’s 10 per cent fall against the euro since the referendum will saddle families with a significant hike in the cost of their holidays in Spain, France, Italy, Greece and other European hotspots.

Ian Stafford-Taylor, CEO of travel money firm FairFX, said: The Brexit vote had an immediate impact on the value of the pound, with sharp drops since the result.

“Looking ahead, those holidaymakers who have yet to buy their summer holiday money should keep a very close eye on currency movements to make the most of any currency uplifts so they minimize eating into their daily holiday budget.”

Read the full article here.

Where to splash the holiday cash post-Brexit: Destinations with good exchange rates for UK tourists include Argentina, South Africa and Norway

Fri, 01 Jul 2016 08:44:56 GMT

Since Brexit, the pound has weakened against the euro and the dollar
But plenty of countries still offer good exchange rates for Brits
Destinations include Argentina, Zambia, Norway and Sweden

Ian Strafford-Taylor, CEO of FairFX, commented: 'The Brexit referendum had an immediate impact on the value of the pound with sharp drops and volatility since the result on Friday morning, but concerned holidaymakers can try avoid the fallout by being smart about where they book. 'Picking destinations which offer favourable long-term rates mean that you'll get more for your money and therefore much better value this summer.'

Read the full article here.

How holiday money firms are cashing in on Brexit: Avoid getting ripped off as travel agents fail to give true rate

Wed, 29 Jun 2016 08:44:41 GMT

Online brokers are squeezing customers preparing to jet off this summer
Gap between the official rate and internet deals has doubled at some firms
On Tuesday Travelex at Heathrow was offering just €1.0078 for every £1

Greedy airport and online currency firms are ripping off holidaymakers, a Money Mail investigation has discovered. In the wake of the Brexit vote, major providers have slashed their exchange rates to as little as €1 to £1 in airports — even though the true rate is around €1.20 to £1.

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Ian Strafford-Tayor, chief executive of currency firm FairFX, says: ‘Some currency providers appear to be taking advantage of the current volatility by offering extremely poor exchange rates relative both to the market and to where they normally operate.

‘It’s particularly crucial at the moment that customers are on alert and watch currency movements carefully. ‘Ideally they should buy before they get to the airport, where the rates are worst.’

Read the full article here.

Beat the Brexit effect when buying your holiday money

Tue, 21 Jun 2016 18:10:29 GMT

A vote to leave the EU could see sterling plunge on the money markets later this week. For holidaymakers heading to the Med, it is likely that when they swap their pounds for euros they will not receive anywhere near as much as they enjoyed last summer. So what, if anything, can you do to protect yourself?

This week the exchange rate was down to around €1.26 compared with €1.42 in August last year. So you are getting around €160 less for every £1,000 of spending money than you were back then.

But the prediction among some economists is that the pound could fall another 10% against the euro and 15% against the dollar if the vote on Thursday takes Britain out of the EU. That suggests an exchange rate of just €1.14 to the pound, which would make holidays in Spain 20% more expensive than last year.

But it is worth bearing in mind that currency fluctuations aren’t just a referendum-linked phenomenon. The value of the pound against the euro is continually shifting. Two years ago, in June 2014, for example, holidaymakers were only getting €1.23 to the pound and just €1.18 in March 2013. Back in June 2005, however, you were getting around €1.5 to the pound.

“In real terms, if you are exchanging £1,000 of travel money you will get £40 (about €51) more today than you would have two years ago, and £84 (about €106) more than three years ago,” says Ian Strafford-Taylor, chief executive of travel money specialist FairFX.

Read the full article here.

How you could save thousands on your holiday this summer: Experts say families can cut costs by booking trips, cars and hotels through local websites

Tue, 21 Jun 2016 18:07:22 GMT

The falling pound is putting up the price of a holiday abroad this summer. But experts say families could still potentially save thousands – if they’re canny. The pound has been marked down against the euro and dollar in recent months, pushing up the cost of everything from a hotel room to an ice cream and a bottle of wine. However, careful research on booking hotels, car hire and other holiday costs can deliver massive savings.

The key to cutting costs is to use local websites in the country being visited and go direct to those businesses. One study looking at a family going to Barcelona for a week in August found potential savings of £2,045.

Research by foreign currency experts FairFX found a saving of £145 by going direct to the hotel in Spain rather than using a British travel website.

Read the full article here.

How to beat the Brexit effect with your holiday money

Tue, 21 Jun 2016 18:04:25 GMT

As the EU referendum draws nearer, currency markets are responding more wildly with every fresh poll result.

Whether you need to buy holiday money now or after the referendum, this is a problem.

At a rate of €1.25 someone needing €2,000 would have to change £1,600, plus any fees or commission. If the rate were higher, at say €1.35 (where it was at the beginning of the year), then they would only need to change £1,482.

In the last month alone, the pound rose from €1.26 to nearly €1.32 against the euro, before sliding back down to €1.25.

And the degree of volatility between the pound and dollar is now as extreme as during the financial crisis.

Read the full article here.

How to avoid the great foreign exchange rip-off

Mon, 25 Apr 2016 16:48:29 GMT

It is easy to get ripped off when holidaying in a foreign country, but millions of British travellers get stung before they even leave the UK.

Holidaymakers who buy currency at the airport shortly before departure continue to fall victim to what currency specialist FairFX has denounced as “the great airport travel money scandal”.

Rip-off exchange rates at airport currency booths can cost travellers an incredible £320 extra for every £1,000 they exchange, its research shows. FairFX investigated 30 UK airports and found exchange rates vary by as much as 50 per cent between different airports.

Cardiff, Luton and Stansted offer the worst airport euro rates, with Cardiff also guilty of offering among the worst US dollar rates, along with Glasgow Prestwick and Gatwick.

Read the full article here.

FairFX targeting one million customers by 2017

Mon, 18 Apr 2016 11:16:41 GMT

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Revealed: The most expensive UK airport to buy foreign currency

Mon, 18 Apr 2016 10:04:19 GMT

Holidaymakers can be left dozens of pounds out of pocket depending on where they fly from thanks to the differences in currency exchange rates at Britain’s airports.

Research by travel money group Fair FX not only found that the rates at bureau de change desks vary from airport to airport, but also in the case of London Heathrow, from terminal to terminal. The rates were taken at 9am on Tuesday.

Cardiff Airport was found to be offering the worst exchange rate on euros, at €0.93, from a ForExchange branch, whereas the best was a Travelex at Heathrow T5, where it was €1.09. The difference when buying £1,000 worth of currency is €160.

Read the full article here.

The great airport money rip off: How it can cost a third more to buy foreign currencies at the terminal (and Cardiff is the worst culprit)

Mon, 18 Apr 2016 10:03:46 GMT

Study compared exchange rates at 30 UK airports for euros and US dollars
Results show Cardiff was the worst value for money for both currencies
Difference between providers can be more than £200 per £1,000 spent

If you forgot to buy travel money and you're already at the airport then you should think twice about exchanging currencies, because you could end up paying a third more than if you bought some in advance according to a new study.

Even more shockingly, exchange rates can vary by as much as 25 per cent between different terminals at the same airport.

Among the 30 UK airports included in the study, Cardiff was the most expensive for travellers as it gave the worst rate for both the euro and US dollars.

Luton was another airport that offered poor rates for both currencies. Meanwhile, Leeds Bradford, Norwich and Southend offered some of the best rates. The results were revealed when FairFX compared the real-time rates across the airports between 9am and 10.30am on April 12.

Read the full article here.

Krakow, Sofia and Riga prove the cheapest European cities for stag dos with a full day costing as little as £32

Mon, 04 Apr 2016 11:46:08 GMT

FairFX looked at cost of a stag do in 17 European cities in a new survey
They included prices of 11 different activities typically part of a stag do
Excluding flights and hotels, a day in Krakow with meals costs just £32

A survey of 17 European cities has revealed that Krakow, Sofia and Riga are the cheapest destinations for stag dos.

According to the figures, a typical stag do in the Polish city of Krakow can cost as little as £32 per day while the same experience in the most expensive city, Swedish capital Stockholm, was a staggering £121.

Other Nordic countries were similarly expensive with Oslo costing £103 per day and activities in Copenhagen adding up to £88 a day.

Read the full article here.