FairFX card from ages ago... best way to recoup the balance?

Three options, cheapest first. **Spend it down**, the card works anywhere Mastercard is accepted, so clearing it to near-zero costs nothing. **ATM withdrawal** costs £1 per withdrawal from FairFX's side, plus any operator surcharge, and small balances often won't dispense. **Bank transfer back** carries a £5 GBP-to-GBP refund fee, so it only makes sense on a meaningful balance. If the card has already expired with money on it, act now: a £2 per month administration fee applies to expired cards with leftover balances.

Does FairFX charge an inactivity fee?

Not on a live card. There is no monthly management fee and no dormancy charge simply for not using the account. The fee that bites is the **expired card administration fee: £2.00 per month (or currency equivalent) on expired cards with leftover balances**. Cards run roughly three years, so a forgotten balance can be ground down after expiry. If this has already happened to you, ask for the fees charged after you first asked for the money back to be refunded, and escalate to complaints@equalsmoney.com if they refuse.

How to cancel a FairFX transaction?

Contact support at **help@fairfx.com** (or live chat / +44 20 7778 9300) immediately. An international payment can only be stopped while it is still in FairFX's hands, once the money has been processed and deposited with the recipient, it cannot be cancelled and becomes a recall request with no guarantee. For a card transaction you don't recognise, freeze the card in your account page and report it to help@fairfx.com; the terms require unauthorised or incorrectly executed transactions to be notified within 13 months of the debit date.

Is there a FairFX cancellation fee?

There is no fee to close the account itself, there is no subscription. The cost sits in getting your money out. Returning a balance to a UK bank account is charged at **£5** (the GBP-to-GBP transfer/refund fee), and foreign currency is converted back at the buyback rate rather than the rate you loaded at. The exception: cancel the card within **14 days of receiving it** and the terms say you are not charged the refund fee at all, with funds returned within five days subject to checks.

What happens to my money if FairFX closes my account?

FairFX can end the relationship under its terms, often without giving a reason. Your balance is still yours: the terms say if they cancel your card you must tell them what to do with any unused funds **within three months** of being notified. Reply in writing with your bank details immediately and keep a copy. FairFX accounts are not FSCS-protected, funds are held in safeguarded accounts instead, so if the money isn't returned, complain to complaints@equalsmoney.com and then the Financial Ombudsman Service.

What if FairFX ignores my cancellation or refund request?

Escalate formally rather than re-sending the same email. Write to **complaints@equalsmoney.com** (FairFX is a trading style of Equals Money Plc) with the words "formal complaint", your account reference, the dates you asked to close, and the amount outstanding. Their published process promises contact within 3 business days. If you don't get a final response within 8 weeks, or you're unhappy with it, the firm is FCA-authorised (FRN 488396), so the Financial Ombudsman Service can take the case for free. Mentioning that deadline in writing tends to unstick things.

Can I downgrade my FairFX account instead of closing it?

Yes, the account type can be changed between Basic and Standard at any point after registration, but not self-serve: you have to contact the team directly, and any cards you already hold will need to be reissued. Since neither tier has a monthly management fee, downgrading saves nothing; the usual reason to switch is Standard's digital-wallet access (Apple Pay, Google Pay, Samsung Pay). If your real goal is to stop using FairFX, closing the account and taking the balance out is cleaner than downgrading.

Can I cancel my FairFX card within 14 days and get everything back?

Yes, this is the cleanest exit. The terms grant a legal right to cancel the card up to 14 days after you receive it without being charged the refund fee, described as the 'cooling-off period', with remaining funds returned within five days subject to checks. One catch: any foreign currency unloaded is exchanged at the current buyback rate, not the rate you loaded at, so an adverse rate move can still cost you. Email help@fairfx.com inside the 14 days and state explicitly that you are exercising the cooling-off cancellation.

REFUND GUIDE

How to Get a FairFX Refund Without the £5 Fee.

Q: How long does a FairFX refund take?

Within the 14-day cooling-off period, the terms say remaining funds are returned **within five days**, subject to satisfactory checks. Outside it, a balance transfer back to your UK bank typically lands in a few working days once processed, but reviewers report transfers sitting "pending" for far longer when something goes wrong, with support slow to explain. If a return hasn't landed after five working days, send a chase to help@fairfx.com referencing the original request date, then escalate to complaints@equalsmoney.com, who commit to responding within 3 business days.

Inside 14 days their own policy is on your side; statutory cooling-off rights may stack on top. Outside it, you've still got tools, a clear email, a card-issuer chargeback, the lot. Here's the playbook for FairFX.

Last verified today against FairFX’s own Terms · UK, US, and EU rights covered below

The short answer

FairFX is a prepaid multi-currency card and payments account, not a subscription, so there is no recurring fee to claw back, the money at stake is your loaded card/wallet balance. Cancel the CARD within 14 days of receiving it and the balance comes back fee-free, normally within five days after checks; outside that window a balance return to a UK bank account carries a £5 GBP-to-GBP refund/transfer fee and foreign currency is converted at the buyback rate, not your original load rate. Leftover balance on an EXPIRED card is a separate trap: a £2 per month administration fee eats it until you ask for it back. INTERNATIONAL PAYMENTS are different again, a transfer can only be stopped by contacting support before funds land with the recipient, and disputed/unauthorised card transactions must be reported within 13 months of the debit date.

Or let yoink chase the refund.

30 seconds to set up. yoink emails FairFX, cites the policy, escalates if ignored, and surfaces the win when the money lands.

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What FairFX actually says

“You have a legal right to cancel your card up to 14 days after you receive it without being charged the refund fee.”
, verbatim from FairFX’s terms

14-day cancellation windowPro-rata refund: noStatutory cooling-off: 14 days in UK + EU on new subs

How long does a FairFX refund take?

Most merchants agree to a straightforward refund within 1 to 3 working days of a well-written email request. Once agreed, the money itself takes another 3 to 5 working days to land, that part is card-network processing and no merchant can skip it. If nothing has arrived 10 working days after a written “refund approved”, reply on the same thread asking for the ARN (acquirer reference number), which your bank can trace.

Note FairFX’s own policy works on a 14-day window, ask inside it and the request is routine; outside it you’re relying on goodwill or statutory rights.

What you can claim

The law where you live is the strongest hook, lead with it when you contact the company.

United Kingdom

Consumer Contracts Regulations 2013
Full refund within the 14-day window.
Inside 14 days of starting any FairFX subscription, you’re entitled to a full refund of any payment taken, no questions, no policy override.
Citizens Advice + Trading Standards
For repeated bad-faith refusals.
Free escalation lane: file with Citizens Advice (08082231133), they pass it to Trading Standards. Slow (8-12 weeks) but creates a paper trail FairFX can’t ignore.

Worldwide

Card-issuer chargeback
Visa/Mastercard chargeback works everywhere they do.
Open a chargeback for “subscription not cancelled” or “services not as described”, your bank initiates, FairFX has ~45 days to defend. Works regardless of where FairFX is headquartered.
PayPal Buyer Protection
If you paid via PayPal, open a dispute.
PayPal’s Buyer Protection covers “item not as described”, applies to services that didn’t deliver. Resolution typically within 20 days.

Rights in other regions (United States, European Union)

United States

Fair Credit Billing Act (FCBA)
Dispute any credit-card charge in writing within 60 days.
For US credit-card payments, the FCBA gives you 60 days from the statement date to dispute a FairFX charge in writing. Your card issuer is required to investigate and may withhold the disputed amount during the process.

European Union

ECC-Net cross-border escalation
EU Consumer Centre network mediates against EU sellers.
If FairFX is based in another EU country, your local European Consumer Centre will mediate the dispute for free. List of national contacts at commission.europa.eu.

The 4-step refund email

Email the right address
Use help@fairfx.com, the route yoink has verified actually gets read for FairFX.
Use a clear subject line
Subject: Refund Request, [your account email]

Send this body

Hi FairFX team,

I'm requesting a refund of the recent charge on my subscription, account [your account email].

Under the Consumer Contracts Regulations 2013, I'm entitled to cancel this contract by notice through the same channel it was formed in. Please confirm by reply that the refund will be processed to my original payment method.

Best,
[your name]

Wait 7-14 days, then escalate
If you haven’t heard back in 14 days, escalate via the regional route above, a card-issuer chargeback works in every market.

Refund FAQ for FairFX

There is no close button in the app or web account. FairFX's own FAQ says: contact the team at **help@fairfx.com** or through the Live Chat function on the website. Email is the stronger route, it is covered 7 days a week and gives you a timestamp. Send it **from your registered email address**, subject line *"Close my account and refund my balance"*, and include your name, account/card reference and the UK bank account (in your own name) you want the balance sent to. Ask for written confirmation of closure.