FairFX - purchase commission charges on Pounds Sterling Currency Card

chrisjj_2

Anyone know the approx date that FairFX started making their current unauthorised purchase commission charge of 1.5% on the Pounds Sterling Currency Card?

I know only that it was before two days ago when I first got charged, and probably after this Feb review http://www.prepaid365.com/fairfx-prepaid-mastercard.html that clearly states no commission/fees

The Fair FX currency cards are available in EURO, USD and GBP currencies and provide users with safety, security and convenience when spending abroad. The exchange rates are highly competitive and much better than the high street exchange rates (typically 6-8% better).

The one stand out feature of FairFX prepaid cards, unlike other FX cards, is that you can use the card in countries with a different currency without incurring any additional fees.

In addition to that, with no point of sale charges, fixed fee ATM charges and free reloads using bank transfers and your debit card, the FairFX prepaid MasterCard is a strong contender in the Travel Money and FX Cards market.

Thanks.

apt

What a review states about a product has no standing. It is the terms and conditions of the product itself that count. However, even the review you referred to mentions 'Transaction Fee UK - 1.5%' for the Fairfx Anywhere card. The 1.5% fee for UK transactions was certainly there when I applied for the card in January.

chrisjj_2

apt wrote: »

It is the terms and conditions of the product itself that count.

Agreed, but in the current terms and conditions (below) I can see no mention of such a fee. Can you?

apt wrote: »

The 1.5% fee for UK transactions was certainly there when I applied for the card in January.

In the terms and conditions? If so, please do post a copy!

http://www.fairfx.com/terms

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This website (the or this "Website") is operated and owned by FairFX [FairFX Plc, 2nd Floor, Marc House, 13-14 Gt St Thomas Apostle, London EC4V 2BB] ("FairFX"). You can contact us at [EMAIL="enquiries@fairfx.com"]enquiries@fairfx.com[/EMAIL].

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Provisions relating to placing of the order and when the contract between you and FairFX is formed.

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FairFX reserves the right to perform identity checks in accordance with the Terms and Conditions on all individuals who place an order on the website. For further information on these identity checks please contact [EMAIL="enquiries@fairfx.com"]enquiries@fairfx.com[/EMAIL].

FairFX reserves the right at all times to refuse to process any foreign currency order which it believes in its sole discretion, is connected in any manner to any unlawful or illegal purpose. We have a legal obligation to report to Customs and Excise / NCIS any such suspicious transactions.

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There is a statutory obligation on all FairFX employees and their agents to report suspicious transactions to the UK authorities. Where any such report is made, FairFX accepts no liability for any delay in transmission of or confiscation of the funds.
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© 2007-2010, FairFX Plc. Registered in England and Wales: 05539698.

MasterCard is a registered trademark of MasterCard International. The FairFX Card is issued by Newcastle Building Society ("NBS") pursuant to licence by MasterCard International. NBS is authorised & regulated by the Financial Services Authority as an issuer of e-money (registration no. 156058)

bigsy

That link is to the 'Terms and Conditions of Website Use'. Is there a separate T&C for their cards?

chrisjj_2

Sure, but

a) Those are the Terms and Conditions the buyer accepts on the card purchase page
b) They do cover card usage e.g. the section "Provisions relating to placing of the order and when the contract between you and FairFX is formed."
c) When I bought the card, no other Terms and Conditions were received e.g. though post
d) I can find no other Terms and Conditions on the site

Also, the fact that these fees should not have been charged is confirmed by the FAQ:

What are the fees for using my account?
We do not charge any monthly or quarterly fees or any fees for foreign exchange transactions, checking your on-line balance and statements or for purchase transactions. Please refer to your terms and conditions for detailed information regarding fees.

These fees are beginning to look like fraud to me.

bigsy

But are the fees not clearly stated at https://www.fairfx.com/whatitcosts?

Donnie

Do yourself a favour and drop this nonsense.

This is just you not taking any notice of the clearly posted conditions of the card. The Anywhere card is a NEW product. The terms have been the same since it's induction.
If you couldn't be bothered to check the conditions of a card before signing, you have only yourself to blame.

Here and here again, are clearly stated conditions. Unchanged since the inception of the card. In fact the only thing that changed was that for a while on the website they offered the card sans the £9.95 issuing fee. So I got mine at no cost.

chrisjj_2

Donnie wrote: »

This is just you not taking any notice of the clearly posted conditions of the card.

The clearly posted terms and conditions of this card do not include this fee.

The Anywhere card is a NEW product.

I'm not talking about an "Anywhere card". My card is a Pounds Sterling Currency Card not described as "Anywhere Card" at any place on the site or card itself.

If you couldn't be bothered to check the conditions of a card before signing, you have only yourself to blame.

I did check the terms. They are the ones I posted. They do not mention this fee, and when on seeing the ambiguity in the non-binding info you mention, I queried FairFX support, they confirmed there should be no such fee:

Usage of the FairFX cards is absolutely free at any point of sale, for example, if you pay for a meal at a restaurant.

Here and here again, are clearly stated conditions.

Neither of which are part of the Terms and Conditions agreed upon purchase, and which are contradicted by the FAQ and FairFX support.

Donnie

Can you show us a link to a 'Pounds Sterling Currency Card'? Your T&Cs appear to relate to the purchase of foriegn currency.

Donnie

chrisjj wrote: »

Anyone know the approx date that FairFX started making their current unauthorised purchase commission charge of 1.5% on the Pounds Sterling Currency Card?

I know only that it was before two days ago when I first got charged, and probably after this Feb review http://www.prepaid365.com/fairfx-prepaid-mastercard.html that clearly states no commission/fees



Thanks.

Decided to look at the quoted link in your first post and, lo and behold, what do I see?

Fair FX GBP (Anywhere) Prepaid MasterCard:
Card Issue Fee - £9.95 - FREE for Prepaid365 Customers.
Monthly Fee - Free.
Transaction Fee UK - 1.5%.
ATM Withdrawal Fee UK - 1.5%.
Reload Fee - Free load online by Debit or Bank Transfer, 1.5% charge for Credit Cards.

Using Abroad
The FairFX Card is available in GBP, USD and EURO's.

The GBP card is best suited for usage abroad when travelling to non EURO/USD region where Euro's or dollar's are not the trading currency. Using a GBP card abroad will cost you 1.5% of the transaction value at ATM or POS.

If travelling to a EURO or USD region, then you should get a EURO or USD card respectively. A POS transaction abroad (in EUR/USD) is Free in the respective regions and an ATM withdrawal will cost you €1.50 or $2.00, respectively.

http://www.prepaid365.com/fairfx-prepaid-mastercard.html
Date Reviewed: 22nd Feb, 2010

I think you ought to do the decent thing and delete or amend your posts claiming fraud/ripoff.
Whether you'll go as far as admitting you were just stupid is up to you.

chrisjj_2

Donnie wrote: »

Can you show us a link to a 'Pounds Sterling Currency Card'?

There is a link to it on my Currency Cards page and on yours too, but at least here it does not leads to any terms and conditions.