FOCUS talks to Mariette Ferreira of FairFX

Soon to be exhibiting for the first time at FOCUS, FairFX is one of the leading providers of currency solutions in the UK. We sat down with FairFX’s Head of Marketing, Mariette Ferreira to learn more about the company and what it can offer to the production industry.

Mariette, as a first-time exhibitor at FOCUS please tell us all about FairFX.

FairFX provides expense management and payment solutions to more than 10,000 UK businesses, including over 200 production companies. We give them the ability to take control of their day-to-day expenses as well as saving significant amounts of time and money.

What will you be promoting to producers and production professionals at FOCUS this year?

The FairFX Corporate Card and Expense Platform – it allows you to manage your team’s global spending via Prepaid Corporate Mastercards which link to an online platform where you can track and manage balances in real time.

How can the card benefit producers and production professionals working on both UK and overseas location shoots?

FairFX Corporate Cards can be used anywhere, anytime in over 210 countries. Teams on location don’t have to worry about handling loads of cash plus there’s less hassle with claim-backs and expense forms afterwards.

Will producers save money by using the FairFX cards and if so, how?

Normal credit cards charge roughly 3% for conversions into local currency when you pay with a card or withdraw cash at an ATM. FairFX charges 1.5% – a 50% saving! Plus, the cards are free to use in the UK. We often see companies save up to 20% on expenses when they replace cash with a prepaid card because of the accountability and transparency.

What are the other advantages of the FairFX card producers should know about?

You don’t need loads of cash on location. Taking cash out of the equation is taking lots of stress out too. You can have as many cards as you need for the members of your production crew who are tasked with purchasing. We provided one card to a production company for a shoot and they ended up with over 50 for all HOD’s and crew with purchasing authority.

The producer can see in real-time who is spending what and where. Cards can be loaded in real-time if for example the prop buyer or wardrobe mistress needed more money and quickly.

Producers can also control real-time transaction spend on all cards. Control and expense management all in one! These features save time as all spending is tracked 24/7 online for the producer to monitor and report.

Can the cards be loaded with any currency for a multi-country shoot?

You can load GBP, USD and EUR and use the cards to pay or withdraw cash at any time – wherever you are, your funds will automatically convert to the local currency at only 1.5% as I mentioned before.

What about security?

Apart from the cards obviously being more secure than carrying cash around, producers can also cancel a card at any time. If a card is lost/stolen they can empty the card and transfer the money to another card or back to the central pot. You can also choose to have each card in an individual’s name or simply have a company or production name on it.

How much can be loaded on one individual card at any time?

You can have up to GBP150,000 on each card at any one time.

How long do cards last?

FairFX Corporate Cards are valid for up to three years, after which they can be renewed so it is entirely up to the producer and the duration of the production as to how long they want to use the cards for.

That all sounds great, particularly the 50% saving on foreign currency exchange. How can producers get FairFX Corporate Cards and what is involved?

It’s a very quick registration process and then we send you the card within five working days. We will be signing producers up for cards on our stand (S67) at FOCUS, or they can simply sign up online at fairfx.com/business anytime.

Many thanks Mariette. Looking forward to seeing you and the FAIR FX team at FOCUS 2017

Mini bio:

FairFX provides currency solutions to over 10,000 UK businesses who want to manage their costs and use a smarter way to manage their employee expenses and international money transfers. Through its Corporate Card & Expense Platform, international payments facility and travel cash deliver to your door, businesses can take control of their spending around the world.