FairFX changes to T/C in March

Dick_Turpin99

For those of you who use the Euro or Dollar card outside Eurozone or USA please be aware that transactions will now attract an additional 1.4% usage charge as of 1st March 2011

jen245

I got an email about it this morning, I only use my $ card in the US, so it doesnt really affect me. Not very happy about the new minimum top up amount though, as I like to top up a little bit at a time

AltF4me

Just googled this change and found this thread.. I've sent my complaint to FairFX so make sure you do too! It's insane that they're changing this. I've let them know I'll be closing my account if they go through with this.

JUST TO CLARIFY!. The charge for ATM withdrawals is changing from 1.5% to 1.4% + £1

I use the card as an alternative to carrying cash. By changing the T/C's, the only way to get cash out cheaply is by taking a large amount out at once, which defeats the purpose.

Here are the new T/C's for reference:

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.

(Somebody else will have to post this image as I'm too new): imgur.com/g1wWy


I emailed my complaint to this address: enquiries@fairfx.com

Dick_Turpin99

I've also just registered my dissatisfaction at this move with FairFX.


So which card doesn't nail us for the extra premium (yet)? .....Caxtons?


As you know, at FairFX we are constantly striving to give you the best possible deal and to be transparent with pricing. Given we have now been issuing cards for over 3 years we have a much better understanding of the typical usage of our cards and the costs that these transactions drive. The costs associated with issuing a prepaid card designed for usage globally are extremely complex and constantly change. We are now making some simple amendments to our Terms and Conditions to more accurately reflect the real costs of the various transactions that can be performed with a FairFX card.

The effects of the changes are explained below along with a revised fee table.
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 TransactionZero fees for the Euro and US Dollar cards.

A 1.4% transaction fee for the £ Anywhere Card

International Point Of Sale TransactionZero 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 blockNIL

Customer service telephone enquiries£0.80 per minute

Lost/Stolen Replacement Fee£6, €9 or $12

PIN Issue/Re-issueNIL

Card Load/ReloadFREE 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

MIKE770

caxtons at the moment but keep an eye out you know how the crooks work

Dick_Turpin99

by all accounts the 1.4% is being implemented by Mastercard, FairFX are just passing on the cost to the customer

dougz_2

I didnt seem to get sent any email warning of this change.

Does this mean in future I would be charged an extra 1.4% to buy things on ebay that are priced in USD, paid via paypal using a USD fairfx card, if the seller happens to be based elsewhere than US, i.e Honk Kong etc?

AltF4me

dougz wrote: »

I didnt seem to get sent any email warning of this change.

Does this mean in future I would be charged an extra 1.4% to buy things on ebay that are priced in USD, paid via paypal using a USD fairfx card, if the seller happens to be based elsewhere than US, i.e Honk Kong etc?

You were already getting charged 1.5% on every transaction. So if you took out 5 transactions of £5 each(£25 total), you would get charged 37.5p in total, or 0.075p for each £5 you took out.

However, with the new rate, you will get charged 1.4% (0.1% less than before) but you also get charged £1 more for each transaction. So this means instead of getting charged 37.5p for usage in the example above.. you would actually be charged £5.35.

I know you can't actually withdraw £5 but this is just an example..

Of course what FairFX are saying is if you spend in a certain range then this will work out cheaper.. but this isn't true at all in my case because this isn't how I use my card! If I wanted to carry around large amounts of cash with me then I wouldn't bother with the card in the first place would I?

However who uses their card like this? You want to use the card so that you can take cash out when needed.

madkitty

Id also like to know if there is anything better now - have always been loyal to Fairfx but £1 a time is ridiculous and then to be charged £1.50 to withdraw in the uk too!!

Dick_Turpin99

madkitty wrote: »

Id also like to know if there is anything better now - have always been loyal to Fairfx but £1 a time is ridiculous and then to be charged £1.50 to withdraw in the uk too!!

Well, I have taken out a Caxton card, but the multi-currency travellers version.

Thing is FairFX replied to say they were only passing on the charge levied by Mastercard, seeing as Caxton also use them I reckon they will do the same in time

M_Thomson

madkitty wrote: »

Id also like to know if there is anything better now - have always been loyal to Fairfx but £1 a time is ridiculous and then to be charged £1.50 to withdraw in the uk too!!

Sorry but why would you expect to be able to withdraw from cards denominated in another currency for free in the UK?