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FairFX Prepaid MasterCard Card Review

Date Reviewed: 22nd Feb, 2010

Product Snapshot If there is one travel accessory you need to get before you travel, it is a travel money prepaid card and the FairFX prepaid MasterCard is a good place to start. The FairFX prepaid currency card is accepted globally at 29million retailers and at over 1.5million ATM's that accept that the MasterCard brand. The Fair FX currency cards are available in EURO, USD and GBP currencies and provide users with safety, security and convenience when spending abroad. The exchange rates are highly competitive and much better than the high street exchange rates (typically 6-8% better). The one stand out feature of FairFX prepaid cards, unlike other FX cards, is that you can use the card in countries with a different currency without incurring any additional fees. In addition to that, with no point of sale charges, fixed fee ATM charges and free reloads using bank transfers and your debit card, the FairFX prepaid MasterCard is a strong contender in the Travel Money and FX Cards market. The Good The FairFX Prepaid MasterCard guarantees an excellent exchange rate and with 3 currencies, to choose from, you have a card option that you can use anywhere in the world. With free POS transactions and no additional fees on ATM transactions, the Fair FX currency cards are an excellent buy. What's more - you do not get penalised for cross border usage - that means - for using your GBP card in a USD region or a EURO region or vice versa. The Not so Good The FairFX prepaid MasterCard is simply good value and with three currencies on offer, it is difficult to be critical of the product. The card is also mooted at £9.95 but is currently Free for all applicants through Prepaid365. It is worth checking this offer at the time of application.	Key Features MasterCard Acceptance Chip & PIN Security Online, Debit & Credit Reloads
Application Process The application process for the FairFX prepaid MasterCard is quick and easy . You apply online by filling in a simple form. Apply online - if you at least 18 years old and a UK resident, you can apply for a FairFX Prepaid MasterCard online. You will need to provide some evidence of who you are and your address and your card will be issued when these details have been verified. Details of how you can activate your card are included with the letter you receive with your card. This is typically in the form of an activation code which you can then use to activate the card on the FairFX currency Card website.
Card Features Available in EURO, USD and GBP. No Cross Border Usage Fee (You can use the card in different currency regions). No Point of Sale or Retail transaction Fees on EURO and USD Cards
Card Design At this stage, one card design is available for each currency.
Card Fees The Fair FX Prepaid Card is available in three currencies - GBP, EURO and USD. Fair FX GBP (Anywhere) Prepaid MasterCard: Card Issue Fee - ~~£9.95~~ - FREE for Prepaid365 Customers. Monthly Fee - Free. Transaction Fee UK - 1.5%. ATM Withdrawal Fee UK - 1.5%. Reload Fee - Free load online by Debit or Bank Transfer, 1.5% charge for Credit Cards. Fair FX EURO Prepaid MasterCard: Card Issue Fee - ~~£9.95~~ - FREE for Prepaid365 Customers. Monthly Fee - Free. Transaction Fee UK - Free. ATM Withdrawal Fee UK - €1.5. Reload Fee - Free load online by Debit or Bank Transfer, 1.5% charge for Credit Cards. Fair FX USD Prepaid MasterCard: Card Issue Fee - ~~£9.95~~ - FREE for Prepaid365 Customers. Monthly Fee - Free. Transaction Fee UK - Free. ATM Withdrawal Fee UK - $2.00. Reload Fee - Free load online by Debit or Bank Transfer, 1.5% charge for Credit Cards. Issue Fee Note : The FairFX Prepaid MasterCard cards are issued at £9.95 but are currently Free for all Prepaid365 customers (as of 25.02.10) but please check at the time of application to ensure the offer is still valid.
Online Account Management and Self Servicing You can service your account on the FairFX prepaid MasterCard website. Using this services you can view your current balance. check your transactions online free of charge and load your card using a debit or credit card You can also use the Fair FX currency card SMS service to receive a text with your card balance sent to you anywhere in the world you have mobile phone reception.
Using Abroad The FairFX Card is available in GBP, USD and EURO's. The GBP card is best suited for usage abroad when travelling to non EURO/USD region where Euro's or dollar's are not the trading currency. Using a GBP card abroad will cost you 1.5% of the transaction value at ATM or POS. If travelling to a EURO or USD region, then you should get a EURO or USD card respectively. A POS transaction abroad (in EUR/USD) is Free in the respective regions and an ATM withdrawal will cost you €1.50 or $2.00, respectively. Note: If the Dollar or Euro card is used in territories outside of the above there is no cross border fee but your card will be charged at the existing FairFX conversion rate - which is pretty good.
Reload Options Funds can be loaded on to your FairFX prepaid MasterCard card in a number of ways: Internet top up using your Debit card - Free Bank Transfer/ Standing Order- Free Internet top up using your Credit card - 1.5% Debit Card loads and topping up via Bank Transfer or Standing order are the recommended options for loading your Fair FX currency card.
Customer Service There are a number of ways you can get in touch with the FairFX Prepaid MasterCard customer services team if you need more information, need to discuss your card or need to report your card lost or stolen.. By Email: enquiries@fairfx.com. By Telephone : +44 (0)1753 778619 (lo-cal rate) Lost and Stolen Cards: +44 (0)115 957 7420 (lo-cal rate) By Post: Card Services, PCT (Retail) Ltd, PO BOX 3544, Chester, CH1 9FZ
Complaints Procedure The Prepaid Card programme is managed by Payment Card Technologies (Retail) Ltd. If you are unhappy in any way with your Prepaid Card or the way it is managed, tell us by using the e-mail enquiry facility on the Website so we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly. You may be able to take unresolved complaints to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone: 0845 080 1800 and e-mail: enquiries@financial-ombudsman.org.uk
Awards The FairFX Currency cards are yet to win any formal awards yet but recognition has come through the Prepaid365 consumer awards indicating the high regard consumers have for the Fair FX products. The Fair FX Prepaid MasterCard also draw's a fair bit of positive comment in Broadsheet and online Media. Runner Up: Best Travel Money Prepaid Card - Prepaid365 Prepaid Card Awards 2010 Runner Up: Best Travel Money Prepaid Card - Prepaid365 Prepaid Card Awards 2009
Overall Card rating Travel further with the FairFX Prepaid MasterCard