FairFX currency card review: Fees, rates and more

Searching for a new travel card? You might need something for everyday spending abroad, as well as for buying souvenirs and doing some shopping outside the UK. If you haven’t heard of the FairFX card yet, we’re here to introduce this option and help you explore it.

We’ve created this FairFX currency card review to give you a better idea of its features and benefits. We’ll cover everything from fees to rates and limits, so you can make an informed decision.

And if you need another cost-effective option for handling your finances across borders, check out the Wise card. It lets you pay and withdraw cash like a local in countries - and all for low fees* and at the mid-market exchange rate.

What is the FairFX multi-currency card?

The FairFX multi-currency card is a prepaid Mastercard that allows you to hold funds in 20 currencies. The list of supported currencies includes pounds, US dollars, euros, Japanese yen and other major ones. You can transfer money between those currencies and use the card for worldwide spending, which makes it ideal for international travel.¹

To be precise, this card can be used in 190 countries and at more than 35 million locations. Since this is a Mastercard, you’ll be able to use it wherever Mastercards are accepted, which is virtually everywhere. You can even pay in a currency other than the 20 supported ones, though an exchange fee will apply.

You can use the card in either physical or virtual form, as part of your mobile wallet. If you prefer the safety of digital wallets, this is a great option. FairFX’s handy website and app can also help you manage your money and keep track of your holiday spending.²

You can only have one physical FairFX currency card at a time. However, you can have up to 10 virtual cards. Additionally, you can add up to 10 cardholders to your account and order a card for each of them. You can adjust the settings so that they draw from the main balance or from a separate balance.¹

FairFX currency card benefits

There are many advantages to the FairFX currency card. Here are a few of the main ones you might find important:

• 20 major supported currencies
• Wide acceptance
• Apple Pay and Google Wallet compatibility
• Up to 3.5% cashback opportunities both in-store and online
• No monthly fees
• No foreign transaction fees
• No card issuance fees²
• Budgeting made easier, since this is a prepaid card

FairFX vs Wise: Quick comparison

Wondering what the similarities and differences are between the FairFX currency card and the Wise international debit card? Let’s go through a short comparison:

The main difference between these cards is the type. While the FairFX is a prepaid card you load when you need to use it, the Wise card is an international debit card. However, you can use both of these cards in the UK and overseas.

What exchange rate does FairFX use?

The FairFX currency card is a prepaid Mastercard, so the exchange rate applied is also the one set by Mastercard.¹ Like we mentioned before, when you use your FairFX card to pay in a currency not held in your account, you’ll face a 2.25% out-of-currency fee.

On the other hand, Wise uses the mid-market exchange rate. This rate is essentially the rate at which banks trade currencies with each other and it doesn’t include any hidden margins or mark-ups. There’s also no need for you to do anything, as your money will be converted at the mid-market rate automatically each time that’s needed.

FairFX multi-currency card limits and fees

Like any card, using your FairFX currency card comes with a set of fees and costs you should be aware of. However, there are also features that are completely free of charge.

One of the largest costs is the over the counter withdrawal fee. Each time you withdraw money from a FairFX card, you pay £2 and an additional 3.75% of the transaction amount. However, this is easily avoided by using an ATM. Also, each time you spend in a currency that’s not in your account, a 2.25% fee will be applied.

Make sure to check the expiration date of your FairFX card. There’s a £2 monthly fee called the expired card administration fee. Essentially, if your card expires and there’s a leftover balance, you’ll be charged this fee.

On a positive note, let's also highlight the FairFX currency card features that are free. For example, you won’t pay any monthly fees, card issuance fees or card replacement costs. Since this card is primarily designed for travel, you’ll be happy to know that foreign transaction fees don’t apply. Additionally, when paying in one of the currencies in your account, there are no transaction fees.

If you happen to lose your card, you can get a replacement card for free. However, this applies only to the first replacement, as each subsequent one will cost you £6.²

When it comes to card limits, you can arrange them yourself in your account settings. You’ll have the option to set both spending limits and maximum single transaction limits. Make sure you do this if you’re trying to stay on budget, because you’ll otherwise be able to use your full available balance.

FairFX currency card spending limits can be adjusted and refreshed on a daily, weekly or monthly basis. You can also set them once and make them permanent. Be sure to check with FairFX directly for the most up-to-date information on their limits for loading, withdrawing, and spending money.³

International ATM fees²

When it comes to ATM fees when using your FairFX card, there’s no difference between using international and UK machines. There’s a £1 fee for every ATM transaction, both in the UK and abroad.

In order to avoid additional fees when withdrawing money abroad, make sure you choose to be charged in the local currency. If you let the ATM handle the exchange, you’ll likely be hit with a hefty fee and unfair rates.

A great alternative for low-cost spending abroad - the Wise card

That concludes our FairFX multi-currency card review. We’ve covered everything you need to know, from fees to limits and exchange rates. We’ve also highlighted some of the benefits of using the FairFX currency card, so you should now be able to decide whether it's something you'd like to try.

And if you want another option for spending abroad, but without worrying about exchange rates and hidden fees, the Wise international debit card might be the ideal travel companion.

You can use your Wise card for all international payments in 150+ countries. It automatically converts your pounds to the currency you need in your destination at the mid-market exchange rate with only a small, transparent currency conversion fee*.

You also get two free ATM withdrawals to the value of 200 GBP each month. After that, there is a small charge of 0.5 GBP per withdrawal. There’s also a 1.75% fee on any amount you withdraw above 200 GBP.

Open a Wise account online, hold and exchange 40+ currencies and order your Wise card for a one-time fee of £7 for international spending in 150+ countries.

Order your Wise card 💳

Sources used:

1. FairFX - FairFax card FAQ page
2. FairFX - information on FairFX currency card
3. FairFX - FairFX spending limits

Sources last checked on date: 27-Nov-2024