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Basically, I am travelling soon and require 1500€ which converts to around (£1,183.06) which is fairly good for today's currency exchange rate.

The issue is that it's through a company called Air Money (https://www.air.money)

Reading through their "About us section" it states that:

air.money launched in June 2016 to bring convenient and inexpensive travel money to consumers, wherever they are in the United Kingdom. We believe that ordering foreign currency should be a simpler and more enjoyable experience.

This seems like it's a very new venture. Should I therefore be wary of handing over money to them as they are a new company? Is there a way, or protection / standards that allows me to claim my money back if something goes wrong?

shoover
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Phorce
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2 Answers2

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The air.money website is actually a service of city forex which is registered with FCA/HMR/ICO:

FCA AUTHORISED PAYMENTS INSTITUTION# 524412 HMRC MSB Registration #12191402 ICO Registration #Z8811634

Therefore, you should be okay transacting with air.money

Burhan Khalid
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Update: it appears airmoney has been acquired by fairfx.

AirMoney seems to deliver money either through the Doddle service, or the Royal Mail. You are given a tracking number for either, so the transfer of money is nothing to worry about. You can contact Doddle if you find that they never send a package or they give you a false tracking number.

In regards to claiming compensation if you do get shafted, AirMoney is owned by CityForex Limited, who are registered with the FCA (#524412). You can complain here.

Finally, in AirMoney's T&C's, Section 5.1.5, they state that "If there is a Shortage in any Package the Client must notify Airmoney within 48 hours after receipt of the Package. In the event that the Client notifies Airmoney of a Shortage in accordance with Clause 5.1.6, Airmoney may review its CCTV footage of the Package being packaged for delivery." You can contact then via the details noted in Section 11.11.

If you would like my opinion of a good travel money option, Revolut saves you a lot of time - you can load money in your home currency, and withdraw in a number of currencies. Money is exchanged at interbank rates.

Alternatively, a number of other prepaid choices exist for UK customers: WeSwap, FairFX, Caxton, ICE, MoneyCorp, Travelex, EVEN, and AA. They all offer differing transaction fees, withdrawal fees etc. You can find out information about them by searching "Compare multi currency prepaid cards", and following the link from MoneySupermarket. Hope this helps!

dylan-myers
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