FairFX Introduce £1 Charge for Anywhere ATM use

CountryGoose

Commission drops to 1.4%, but extra charges remove gain.

Cut & Paste from FairFX Mail:

• For Euro cards used in Eurozone and US Dollar cards used in the USA there are no changes to the costs of transactions. Use of the cards outside their home zones will attract a 1.4% "out of currency" usage charge.
• For the £ Anywhere card we have reduced the effective cost of transactions at a "point of sale" (POS) both in the UK and overseas from 1.5% to 1.4%, thereby making it even cheaper for Ryanair bookings, spending online and using in shops and restaurants. However, we have also introduced an ATM charge to this card such that an ATM transaction outside the UK on a £ Anywhere card will now cost 1.4% plus £1. A withdrawal in the UK will incur a £1.50 flat fee.
• We are introducing a minimum top-up amount of £50, 60 Euros and $80 for the £, Euro and $ cards respectively
• Refunds will continue to cost £10 for the Euro and Dollar cards but will now cost 1.40% subject to a minimum of £10 for the £ Anywhere card.

New Terms and Conditions table - effective from 1st March 2011
Prepaid Card Purchase

£9.95

Family and Friends Card Purchase

£6.00

Monthly Management Fee

NIL

Usage restrictions

For full details please refer to the Terms and Conditions

Domestic (UK) Point Of Sale Transaction

Zero fees for the Euro and US Dollar cards. A 1.4% transaction fee for the £ Anywhere Card

International Point Of Sale Transaction

Zero fees for the Euro, US Dollar and £ Anywhere Cards

Domestic (UK) ATM Transaction

€1.50 for the Euro card, $2.00 for the US Dollar card and £1.50 for the £ Anywhere Card

International ATM Transaction

€1.50 for the Euro card and $2.00 for the US Dollar card and £1 for the £ Anywhere Card

Lost and Stolen block

NIL

Customer service telephone enquiries

£0.80 per minute

Lost/Stolen Replacement Fee

£6, €9 or $12

PIN Issue/Re-issue

NIL

Card Load/Reload

FREE card load online by Debit or Bank Transfer. 2.5% charge for Credit Cards

Administration Fee

£10.00 per disputed transaction (this may be refunded in certain circumstances)

Refunds

£10 for Euro and US Dollar cards. 1.40% for £ Anywhere Card subject to minimum charge of £10

FX Fee (when card used out of card currency)

1.40% for Euro, US Dollar and £ Anywhere Cards

CountryGoose

Switch to Travelex Global Cash Passport if you must have a pre-pay card.

Alternatively, Halifax Clarity works well for most people and has reasonable interest charges vs. others FX fees, even with a 19.9%APR. (Usual is 12.9%)

Kyresa

Just got this mail too.

Will probably be cancelling the cards as not happy about the new minimum loads. I used mine to buy stuff from Amazon in Euro and $ to avoid the bank charges. Didn't use them enough to warrant putting the equivalent of £50 on each a time!

stilltheone

Also what they failed to mention was a sneaky extra charge for topping up via CC from 1.5% to 2.5%.

I write 'sneaky' because it is not mentioned at all in the blurb.

ferf1223

stilltheone wrote: »

Also what they failed to mention was a sneaky extra charge for topping up via CC from 1.5% to 2.5%.

I write 'sneaky' because it is not mentioned at all in the blurb.

??

Card Load/Reload

FREE card load online by Debit or Bank Transfer. 2.5% charge for Credit Cards

Unless you mean the charge from your CC provider, which is nothing to do with FairFX, so I can't see why they would be expected to mention it?

bcl999

I'll be keeping my Anywhere card - it's still useful for Ryanair. I also have a Travelex Airmiles passport card but their charges for use in non-sterling transactions are scandalous. I used my Fairfx card in Europe & Africa when I was away recently and was was very happy with the rate they used to convert. I think it's still competitive even with the £1 ATM charge (I used to use Nationwide Flex card and they have introduced the £1 charge from November. Can't remember whether they arer 1.5% or 2% though.)

apt

I think the new £50 minimum top-up is a big disadvantage re using the card to pay for bargain basement Ryanair fares. It's an inconvenience that outweighs the small reduction in fees from 1.5% to 1.4%.

bcl999

I don't see a problem having to top up with £50. Even if I didn't spend it for a year, with interest artes the way they are, how much would I lose? £1.50 (gross) maybe. I'd rather save £4 a time on each Ryanair ticket.

stilltheone

ferf1223 wrote: »

??

Card Load/Reload

FREE card load online by Debit or Bank Transfer. 2.5% charge for Credit Cards

Unless you mean the charge from your CC provider, which is nothing to do with FairFX, so I can't see why they would be expected to mention it?

It is 1.5% now. So it is increasing as part of the changes in March.

It is in the T&Cs, but not alluded to at all in the blurb.

Get it now?

adindas

I am just using my FairFx card to beat budget arilines charge.
So I just need to top it up once I need it to pay ryan air.

Do you know how long does it takes until you could use the fund if you top it up using debit card ?

ADINDAS

stilltheone

adindas wrote: »

I am just using my FairFx card to beat budget arilines charge.
So I just need to top it up once I need it to pay ryan air.

Do you know how long does it takes until you could use the fund if you top it up using debit card ?

ADINDAS

Should be immediate.