Absolutely Avoid Fair FX Cards -- No Cash From ATMs!

zagfles

trevor2522 wrote: »

Thanks, I'll take a look at Kalixa as FairFX is getting the chop as soon as I return home!

I mostly travel to S.E. Asia. At the right exchange shops, cash is now the best form of travel money. ATMs impose extra fees for foreigners in Thailand and Philippines -- in addition to existing charges there and at home -- so they're not economic any more. Exception: some foreign-bank ATMs like Aeon & Citibank (which don't impose the foreign-card surcharge, yet) where there's a little more value for the customer. Greedy Thai & Filipino banks see us as a soft touch to be milked for £3 on every withdrawal. Given low withdrawal limits in some places, this adds up!

In Europe I would buy Euros at the best Internet rate and have them delivered before departure. Never touch airport or Euro-destination exchange booths! Unlike the third world, where skimming goes on, plastic is safe to use for hotels and purchases in Euroland.

I'd agree it's much more marginal in places like SE Asia, as you can get good rates for changing cash there, plus ATM charges can be hard to avoid.

But in Europe, it's a no brainer. Charging ATMs are very much the exception, I've never come across one. I'd never go to the hassle of researching the best internet cash rate (which will always be worse than the Mastercard rate) and hoping it gets delivered on time when I can simply make a withdrawal at an ATM when I get there at a much better rate.

callum9999

trevor2522 wrote: »

The T & C are ambiguous and confusing with respect to ATMs and imply there is only a £1 per transaction charge.

If you think the sun shines out of FairFX's backside, fine ... but they stranded me abroad without cash by changing the PIN number I set 2 years ago. This is a cardinal sin for a travel-money outfit. No second chances!

Just because politicians and businessmen are moral criminals, who purposefully lie and deceive, doesn't mean they can be locked-up like the true criminals they are. If the people don't hold them to account, they will continue in the same vein like the psychopaths they are.

Why does that little irrelevant (and just plain wrong) rant not surprise me...

It's not hidden anywhere - nor are they remotely "ambiguous" or "confusing". It took me less than a minute to find a list of charges on the FairFX website and locate the foreign exchange fee of 1.4%. The fact that you couldn't be bothered to check this before you bought it (surely the first thing you do when buying a travel money card is look at the fees...) is no-ones fault but your own.

Not to mention they will give you your PIN over the phone if you call them up (something which took me less than 30 seconds to discover on their website).

Paul_Varjak

My Filipino fiancee has a FairFX card so that I can send her money each month. If I sent her my debit card I would be breaching bank regulations and it might look a bit suspicious if she had a card with my name on it!

With a FairFX card, I get a card in my name and can add any name of my choosing to a second card, without any ID checks; that is ideal for our situation. But there is always a backup plan, should the FairFx card fail to work.

Firstly, she has a second FairFX card and if they both failed I can send via World Remit or Azimo. They are cheaper than any prepaid card in countries, such the Philippines, where there is now a hefty ATM owner withdrawal fee of around £3 per £150.

The only reason I don't use World Remit or Azimo all the time is that my fiancee's employee collects the money I send and she has no ID whatsoever.

My real point is that if you are stuck overseas, with a non-working card, you may well have the option of sending money to yourself by using an institution, such as Western Union, Moneygram, World Remit or Azimo, providing you know your card details. With World Remit, at least, you can send money direct from your bank account, even if you have no debit card.

corsa57

I have used Fair Fx for a couple of years with no problems. I am however concerned that client money is now no longer deposited with the Newcastle Building Society but WDCS which I understand is owned by a German bank.
While I appreciate that my money was never covered by the Financial Services Compensation Scheme with either institution, I was more comfortable that the deposit taker was a UK institution and much easier to keep up to date with news about that building society.
Does anyone know of another pre paid foreign currency card provider backed by a UK bank or building society?.

Bob_the_Saver

corsa57 wrote: »

I understand is owned by a German bank.

Not Johnny foreigner :eek: :eek:

Given the German economy compared to the UK economy .........................

Depending where you are in the country you might even be closer to Germany than Newcastle.

bignred05

I've got a FairFX card, with just under £50 left in cash

the card expires at the end of Jan2013

whats the best way to get all my money, with the least cost of course

I've read about getting the cash from an ATM with a small fee

how does this work if say I have £54

do I withdraw £50

antenna

bignred05 wrote: »

I've got a FairFX card, with just under £50 left in cash

the card expires at the end of Jan2013

whats the best way to get all my money, with the least cost of course

I've read about getting the cash from an ATM with a small fee

how does this work if say I have £54

do I withdraw £50

If you withdraw £50 this will leave you with around £3 or less,then spend the rest on-line (probably only £2 available).

Bob_the_Saver

Spend the balance online with Amazon (not forgetting the Fairfx charges) because they don't block any extra on the card, or didn't with me.

bignred05

antenna wrote: »

If you withdraw £50 this will leave you with around £3 or less,then spend the rest on-line (probably only £2 available).

Bob_the_Saver wrote: »

Spend the balance online with Amazon (not forgetting the Fairfx charges) because they don't block any extra on the card, or didn't with me.

Thanks for the answers/replies

not used to using this type of card (leaving a balance on for fee etc)
here's another option can I use the card to pay for petrol then only pay so much or do I leave a balance on it

I'm not renewing the card come the end of jan when it expires

Thanks

Mark2spark

bignred05 wrote: »

...can I use the card to pay for petrol then only pay so much or do I leave a balance on it

I'm not renewing the card come the end of jan when it expires

Thanks

Yes you can use it anywhere that you can use a Mastercard. But beware of the currency that is on the card v the currency you're paying in. They'll be a day to day exchange rate fluctuation, plus the charge for foreign exchange.

But if you've got the funds on the card in £'s, then just go to an ATM and withdraw it, leaving the £1.50 ATM fee on the card?