Prepaid currency cards are being offered by more and more providers, from high street banks such as Lloyds to specialist providers such as FairFX and Caxton FX. To help you select the best for your needs, we are reviewing a number of them, starting with the FairFX currency card.
Who are FairFX?
FairFX plc is based in the City of London and claims to provide ‘you with the best value Travel Money around.’
FairFX offer 3 main ways for buying foreign currency – the FairFX currency card, travel cash or money paid into a foreign currency bank account.
An Introduction to the FairFX currency card
It is a prepaid MasterCard Card that works like a debit card, albeit it is prepaid meaning funds are loaded onto it before you use it.
You apply for the card online and preload it with either Euros or US Dollars using cash from a UK sterling debit card, credit card or bank transfer.
You can top-up the card anytime online and it’s free if you load online by Debit card or bank transfer.
As you preload the money in Euros or US Dollars you lock-in the exchange rate at that point.
It usually takes about 7-10 days for the card to be delivered.
The currency card lasts for 3 years and you can top it up as many times as you like.
How much does the FairFX currency card cost?
There are no purchase charges in the Eurozone or the USA.
For cash withdrawals from an ATM there’s a fee of €1.50/$2.
There is usually a £9.95 application fee but
MoneyHighStreet currently has a special reader offer with FairFX
You can get a FREE FairFX currency card here – just sign up and load €10 and get the card free
There isn’t a monthly management fee and providing you have a minimum of 2 currency loads during the lifetime of the card, there’s no card renewal fee.
More on prepaid currency cards
As prepaid currency cards are used more and more, particularly for holiday travel money, it’s important to consider what they offer, compared to such as using debit or credit cards, travellers cheques or cash.
For more background you might find our article on prepaid ‘Currency cards – are they the best option for travel money?‘ helpful.