How Safe is Fairfx?

[gemmybear83]

From seeing a few posts on here fairfx seems the way to go with the poor exchange rate, how safe are the cards, am I protected if something went wrong with the company (like you are when you pay on a credit card?)?

 

[wickesy]

Your money is completely safe on a FairFX card. This is a section of an email I got from FairFX and posted in full on here in November (NBS stands for Newcastle Building Society who issue the card):

When monies are loaded on to FairFX prepaid cards, these funds are deposited at NBS on behalf of our customers. The funds are held in a 'client money' account at NBS. This is a totally segregated account which is governed by strict FSA rules regarding Client Assets. NBS cannot use this money for extending loans or for any purpose and it is 'ring-fenced' in the same way as money is protected in a solicitor's client account. Therefore, in the unlikely event of NBS running into financial difficulties, the money would be protected. Indeed, the following statement has been made by NBS directly - "We are able to guarantee the safety of all prepaid card balances as this money is held completely separately in a designated client account, which would not be affected even in the event of the Society experiencing financial difficulty"

 

[Beep]

I queried about the protection and as it is Mastercard it is the same. The oly difference between the Fairfx card and a 'normal' credit card is that you pay upfront rather than borrowing.

 

[orangetiggs]

ours was great in aug/sept we used it to pay disney for our wedding and also during our trip to disney and honeymoon in mexico. I will be topping up again for this years trip as well. I dont think I will buy currency anywhere else, alwyas got a better rate on fairfx

 

[gemmybear83]

Thanks guys! Orangetiggs its your posts that have made me check it out so thank you

 

[orangetiggs]

i'm glad i could help

 

[madmumof2]

Yep, the people who finance/run/own (can't remember now lol) are one of the few companies now giving hundreds of jobs to people who lost their jobs at certain banks, which is a very good indicator of how unlikely it is for them to follow the recent unfortunate companies and go under.

 

[misscrossbee]

I used mine exclusively during our trip in October (and my other half used his pretty much for the whole trip as well) with no problems whatsoever. I did a bit of research into the card/bank beforehand and I felt quite confident that the whole operation was safe and my money was secure.

That was back in the days when you could get $2/£1...ahhh sweet memories.

 

[madmumof2]

You can also use it here too. I've done that (wish I hadn't now though, I got a rate of $2 to the £ and went and spent it! lol) and never had any problems. Have taken cash out here too.

 

[meryll83]

Does anyone know how I go about getting a new PIN for my card? I don't actually remember receiving one in the first place to be honest and I have no idea what it might be!!

 

[orangetiggs]

I would email them and ask

enquiries@fairfx.com

they are normally pretty quick at replying

 

[Hollytigs]

What happens if you have a few dollars left on the card after the holiday? Can you get it back, and do you have to pay a fee?

 

[orangetiggs]

I have $ left on ours and we are keeping it there for next time, you can use it here or on the net anywhere that accepts mastercard.

You can get it refunded but it costs I think £10 and I doubt you will get the rate you purchased the $ at it will be different rate

 

[madmumof2]

There's no point getting the money back off your card. If you have any left, either save it until the next time you go, or spend it here or online.

It costs £10 to get it back when there's no need, especially when there's not a lot left on it.

 

[gemmybear83]

Signed up for my fairfx card and got an exchange of 1.40 tonight