FX Online payments charges on the increase

mar bonnin palmer

“Online FX payments on the increase”

New research from online payment service FairFX.com , shows that customers are using money transfer services more frequently as opposed to traditional phone based brokers or banks.

The FairPay service they provide is a completely online money transfer service and it was launched one year ago this month. Over the last 12months, the online service has helped to increase their small transfers dramatically (typically less than £25,000). They estimate the increase to be 19 fold in the space of a year. Their telephone broking payments have remained the same.

Whilst some are still using telephone based service for larger amounts with an average payment of £52,000, the majority are turning to the hassle free online service with average payments of £1,500.
Over 80% of small payments are for paying mortgages or property servicing abroad.

FairFX CEO Stephen Heath said “There is still a place for personal contact and service for larger sums of money however for smaller transfers it seems consumers are happier with online hassle-free services. They can see the actual amount that will land in the overseas account and can transfer anytime day or night without the need to speak to anyone. It makes sense that consumers are turning to these services, it can save time and money which is clearly important to people with overseas homes to manage.”

This week, FairFX launched a new range of currencies as part of its online transfer service FairPay. As well as Euros and Dollars, customers will now be able to take advantage and transfer to Australia, New Zealand, South Africa, Canada and Switzerland.

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FX Online payments charges on the increase

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