How to withdraw money from a FairFX card

Whether you're at home in the UK or abroad, your FairFX card does more than just help you make purchases. This prepaid Mastercard also allows you to withdraw cash from ATMs or transfer funds directly to your bank account.

In this guide, we'll walk you through how to withdraw money from a FairFX card. We’ll explain the different methods for doing this, cover the fees involved and outline any associated costs.

We’ll also show you a cost-effective alternative that can help you manage your finances while travelling. For all international purchases, whether online or in person, you can rely on the Wise international debit card. You can even withdraw cash like a local for low fees* at the mid-market exchange rate.

FairFX multi-currency card

The FairFX multi-currency card is a prepaid Mastercard that lets you hold funds in 20 currencies and use the card globally for spending and withdrawals. The list of currencies includes pounds, euros, US dollars, Japanese yen and many more.

The FairFX card can be used in 190 countries. You can use it to pay at 35 million locations, since it works wherever Mastercard is accepted. Many of its features are free, such as foreign transactions, monthly costs or transaction fees when paying in one of the 20 supported currencies.¹

The card is available to you in both physical and virtual forms, making it easy to add to your mobile wallet. To manage your spending, simply use the FairFX app and website.¹

You can also use the card to pay in unsupported currencies, though an exchange fee will apply.²

How to withdraw money from a FairFX card

There are three ways to withdraw money from a FairFX card:

• Over the counter
• Via a transfer to your bank account
• At an ATM

Over-the-counter withdrawals usually come with the highest fees. Each time you withdraw in person, you’ll pay a £2 flat rate per transaction, as well as 3.75% of the withdrawn amount.¹ To avoid these fees, you can use one of the other two methods.

How to withdraw money from a FairFX card to a bank account

In order to withdraw money to your bank account, you’ll need to add your UK bank account details to the FairFX app first. Make sure you list your account as one of the recipients.³

Once that’s done, go to the 'Payments' page, select the option to make a payment and choose your saved bank account as the destination. Then, enter the amount you wish to transfer.³

After you’ve completed these steps, the transfer will be processed and should appear in your bank account within the estimated time. Keep in mind that GBP to GBP transfers come with a £5 fee.³

How to withdraw from an ATM with FairFX card

The cheapest option for FairFX card withdrawals is using an ATM. You won’t be charged extra for using an ATM abroad compared to using one in the UK. There’s a £1 fee for every ATM transaction, both in the UK and overseas.¹

This withdrawal method is the same as any other ATM transaction. Simply insert your FairFX card into the ATM, enter the amount you wish to withdraw and the machine will dispense your cash.

However, there is a limit on withdrawals. The FairFX card allows you to withdraw up to £1,500 per day, which can be done in up to three withdrawals of £500 each. Check the ATM’s withdrawal limit too, if there is one.⁴

Are there fees for withdrawing money with a FairFX card?

Each time you withdraw money from an ATM using your FairFX card, a £1 fee is charged. This applies whether the ATM is in the UK or abroad. If you choose to withdraw money in person, there's a £2 flat rate per transaction, plus 3.75% of the withdrawn amount. Withdrawing money to your bank account doesn’t have additional costs, except with GBP to GBP transfers. In that case, you’ll pay a £5 fee.¹

Additionally, exchange rate fees and markups can add to the cost of withdrawing money. FairFX uses the Mastercard exchange rate, so your withdrawals may end up costing more.

An alternative for low-cost spending abroad - the Wise card

That’s our guide on how to withdraw money from a FairFX card. We’ve covered ATM and in-person withdrawals, as well as sending money to your bank account. Keep an eye out for any possible updates on fees and withdrawal charges in the future.

And if you want another option for withdrawing abroad without worrying about exchange rates and hidden fees, the Wise card could be a great solution.

You can use your Wise card for all international payments and ATM withdrawals 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*.

Open a Wise account online, hold and exchange 40+ currencies and order the Wise card for a one-time fee of £7.

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

Learn more about ATM fees in the video below.

Sources used:

1. FairFX - FairFX currency card
2. FairFX - FairFX card FAQs
3. FairFX - sending money from FairFX back to your bank account
4. FairFX - FairFX ATM withdrawal limit

Sources last checked on date: 13-Dec-2024