Whilst there are not as many abroad as there would be normally and using pre paid cards such as Fair FX (which we do) The FCA have now suspended the currency card as of yesterday. The card, and many others, were issued by Wirecard whose parent company in Germany has collapsed amid allegations of fraud.Apparantly the auditors were the same ones overseeing Thomas Cook before it collapsed hmm..
Here is some info from the FCA which indicates because of our UK rules, funds are safeguarded: https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation?utm_source=FairFX&utm_medium=email&utm_campaign=11639996_FFX%20service%20email%20wirecard&dm_i=1Q0N,6XHH8,ELNILZ,RV8E2,1
FairFX are working with Mastercard, the FCA and the issuers to sort something out. I would imagine all such currency cards were part of Wirecard.
Don't forget to leave a review of the French and other European campsites you have visited!
We stopped using prepaid cards many years ago, total waste of time and effort imho, we had the Thomas Cook one and FairFX.
But when the no charge debit cards came along we moved to those, firstly Norwich & Peterborough which folded, so then we moved on to Metro Bank which has been fine.
For Credit Card we use Halifax Clarity Mastercard , the card is only used for our holidays to France, been using that for years.
Our experience has been very good over many years, with FairFX, allowing us to lock in good rates whenever they were available.We also have the no charge debit cards but you only get the prevailing rate on the day you use it.But whatever suits I suppose.
I was always a bit suspicious of prepaid cards and glad I never had one, just couldn't see the point when there were so many other options (with greater protection) out there.
David
Don't forget to leave a review of the French and other European campsites you have visited!
The Financial Services Compensation Scheme guarantees savings up to £85,000 , but paying money upfront to a company which isn't in that scheme, and hoping they will keep it safe, never appealed to me either.
Just had a further e mail from Fair FX saying that they have received, in writing, confirmation that all monies held, were ring fenced in an Escrow account at Barclays as they were required to do under the FCA regulations.
For once things seem to have worked as they should.No timescale for funds to be released though.
A day of all things motorhome and campervan. The show is held both in the main indoor arena and across the grounds. Catering, hot drinks and food options are available. Easy access to the site and free parking included. Win one of five pairs of day tickets
Topic: Fair FX card suspended
