Equals Money: FairFX cards, Card One Money and transfers

Equals Money is the brand name used by a UK payments business that also trades as FairFX, equals and Card One Money. It sells three broad things: prepaid currency cards and linked travel cards under the FairFX name, a current account under the Card One Money name, and international money transfers. It is not a bank, so the money you hold with it is not covered by the Financial Services Compensation Scheme. Instead, customer money is held in safeguarded accounts with named banks¹.

FairFX, Equals Money and Card One Money are all trading names of the same FCA-registered firm, so what you are opening is a payment account rather than a bank account². That distinction matters to a consumer for one reason: it decides what happens to your money if something goes wrong, and it is not the same protection a bank account gives you.

This page covers what each product does, how charges are structured, who can open an account, how to manage it, how to complain, and how safeguarding works when the FSCS does not.

What Equals Money offers: FairFX, Card One Money and currency transfers

Equals Money runs three product lines under one roof. FairFX is the travel money side: prepaid Mastercards you load before you go, and linked cards that let family members hold and move money between currencies. Card One Money is a current account aimed at people who want day-to-day banking without a high street branch. Alongside those, the business handles international transfers and currency exchange.

The three lines are not separate companies. FairFX, Equals Money, equals and Card One Money are all current trading names of the same FCA-registered firm². The register also lists a long set of previous names, including Equals Direct, cardonemoney, Cardonebanking, Acorn Account, Muloot Money, Fair Everywhere, Equals Solutions, Equals Money UK and Equals Money Faster Payments². If you hold a card or account under any of those older names, it is the same business and the same protections apply.

For a consumer, the practical question is which product fits which job. A prepaid travel card is for spending abroad without touching your main account. A current account is for receiving salary, paying bills and holding a balance. A transfer service is for moving a larger sum to another country. Each has its own fee structure, and each is covered by the same safeguarding arrangement rather than by deposit insurance.

If you are comparing the current account against what else is on the market, our guide to current accounts sets out how they work. For the travel side, see money transfers and money abroad.

The FairFX prepaid currency card and international transfers

The FairFX prepaid Mastercard is a load-and-spend card. You top it up before you travel and spend in the currency you have loaded. The card supports 21 currencies for transactions, and the provider states that point-of-sale spending is free when you are spending in one of those 21 currencies⁴. Loading the card is free, the first card order is free, card renewal is free, and there is no monthly management fee⁴.

ATM use is the main cost. The provider charges a flat fee per withdrawal in the UK and internationally, and the amount is set out on its own site⁴. Replacement cards are free for the first replacement, with a charge for subsequent ones⁴. Because these figures change, check the provider's current fee schedule before you rely on any of them.

The linked cards work slightly differently. They are designed for giving family members spending money while travelling, and you can add money in up to 15 major currencies⁵. The card itself holds 20 currencies for in-card transactions, and point-of-sale spending is free when you are in one of those 20 currencies⁵. Linked card orders are free, and the first card order is free⁵. ATM withdrawals carry the same flat per-withdrawal fee as the prepaid card⁵.

For sending money abroad rather than spending on a card, the same business handles international transfers. Our guide to sending money in the UK and abroad explains how transfer services differ from banks, and money abroad covers the wider picture for travel and living overseas.

The Card One Money current account and how cashback is earned

Card One Money is the current account brand. It sits alongside FairFX and Equals Money under the same FCA-registered firm, so it is a payment account rather than a bank account². That means it can receive your salary, pay direct debits and provide a debit card, but the money in it is safeguarded rather than covered by the FSCS.

Card One Money's own fee schedule is not published here, so check the provider's site for the charges that apply to your account. How cashback on a card is normally paid is more predictable: where a card pays cashback, the cashback is paid back to your credit card and shows on your statement each month⁶. That is the general mechanic, not a Card One Money figure.

Because it is a current account, the usual switching machinery applies. The Current Account Switch Service is designed to move your account, balance, direct debits and standing orders in one go, and most banks have agreed to use it⁴. Our guide to current accounts covers what to compare, and how to open, switch or close your bank account walks through the process step by step.

How Equals Money charges work

Equals Money's charges fall into a few recognisable types, and the pattern is worth understanding even though the exact figures sit on its own site.

Transaction fees apply when you spend in a currency the card does not hold. ATM fees are flat rather than percentage-based, charged per withdrawal in the UK and internationally on both card types⁴. Card issuance and loading are free on the prepaid card, with a charge only for a second or later replacement⁴.

Where a service charges a regular fee, the rules set out what happens if you end the contract early. Regular charges must be apportioned up to the time the contract terminates, and any charges paid in advance must be reimbursed proportionally⁷. That rule applies to payment service contracts generally, so it is worth knowing if you cancel a paid-for account partway through a period.

Who can open an account and how to switch

Opening an account with Equals Money follows the same routes as most UK accounts. Depending on the account you have chosen, you can usually apply online, using an app, over the phone, or in person⁸. The provider's own site will confirm which routes it offers for each product.

Switching is where the rules get specific. The Current Account Switch Service is designed to take seven working days⁴. It works for joint accounts, provided you are switching to another joint account and all account holders agree⁹. You can also switch a sole account to a joint account elsewhere, but you cannot use the service to go from a joint account to a sole account⁴.

Joint accounts themselves normally let two or more people receive payments, pay by debit card, transfer money and manage the account, depending on the bank⁹. Both account holders can manage the account and withdraw cash, which is why the guidance is to be sure you trust the person you open one with⁹.

If you are weighing up whether to move, our guide to current accounts covers the features that matter, and how to open, switch or close your bank account sets out the steps in order.

Managing your account: app, online and live chat

Equals Money accounts are managed digitally. Equals Money's own app, online banking and live chat hours are not published here, so check its website or app for current opening times.

For general money questions, MoneyHelper runs a webchat service from Monday to Friday, 9am to 5pm, and is closed at weekends and on bank holidays¹⁰. MoneyHelper is a free, impartial government-backed service and is separate from Equals Money. It is a reasonable place to go if you want to understand a product type before you commit, or if you want guidance on a decision that is not specific to your Equals Money account.

If you need regulated advice on a pension or retirement decision, the government's guidance service is free and separate from any provider¹⁰. Our guide to pensions explains the difference between guidance and advice.

Scams and fraud: how reimbursement claims work

If you think you have been scammed, the order of steps matters. Contact your bank or payment services provider immediately, contact the police on 101, report the scam to Report Fraud, and keep records of all contact and correspondence between you and the scammer¹¹. If money or account details are involved, contact your bank straight away, and you can also report it to the police at reportfraud.police.uk or on 0300 123 2040¹².

For authorised push payment scams, where you are tricked into sending money yourself, the reimbursement rules are set by the Payment Systems Regulator. The requirement is to reimburse in all but exceptional cases, so more victims get their money back¹³. The costs are split 50:50 between the sending and receiving payment firms, which is intended to make both sides act¹⁴. If the rules apply and you were particularly vulnerable to the specific type of scam, your bank or payment service provider must reimburse you¹⁶.

There are limits. A consumer who is themselves party to the fraud or dishonesty giving rise to their claim, including first party fraud, is not eligible for reimbursement¹⁷. Claims are also subject to a 13-month time limit after the last payment was sent to the scammer as part of the same scam¹⁸. Scams are crimes, and reporting them is not a sign that you did anything wrong¹⁹.

If your bank refuses to refund you after a scam, there are routes to challenge that decision¹⁸. Our guide to scams and fraud covers the full picture, and consumer protection explains the rules that sit behind it.

Complaints and the Financial Ombudsman Service

Complain to Equals Money first. If you are unhappy with the outcome, or eight weeks pass without a final response, you can take the complaint to the Financial Ombudsman Service. Bringing a complaint to the ombudsman is straightforward and will not cost you anything⁵. The service is free and easy to use²².

The ombudsman looks at a wide range of banking and payment complaints, including account closures, disputed transactions, IT failures, and problems with switching services²⁵. When it looks at complaints about electronic money services, it uses the standards that applied at the time of the event the customer is complaining about⁵. That matters for older complaints, because the rules may have changed since.

The ombudsman publishes data on how often it upholds complaints. Across all financial products, it upheld 30% of the complaints it resolved in 2025/26²². In the fourth quarter of 2024/25, it upheld 33% of complaints resolved in that quarter²³. Electronic money complaints are a small but real category: 8,933 were opened in 2025/26²².

If you are unhappy with a claims company rather than a financial firm, you can also complain to the ombudsman about the service you received, for example the results of your claim or the fees charged²⁶. Our guide to consumer protection explains where the ombudsman sits in the wider system.

Not FSCS protected: how safeguarding protects your money

This is the section that matters most if you are deciding whether to hold a balance with Equals Money.

Equals Money is not a bank, and the Financial Services Compensation Scheme does not cover payment services²⁷. The FSCS does not cover cases where the payments firm itself fails³. That is the central risk: if the firm went under, the FSCS would not step in the way it would for a bank deposit.

What replaces it is safeguarding. FairFX states that because its accounts do not fall under the FSCS, money is protected via safeguarding, held in specially designated, safeguarded bank accounts separate from FairFX's other assets¹. The named banking providers differ by card. For cards starting with 558047 or 549619, money is held in a safeguarded account with Barclays¹. For cards starting with 539250 or 533919, funds are segregated with Citibank UK, Royal Bank of Scotland or Barclays¹.

There is one narrow route back to the FSCS. The FSCS may look through the payments firm to compensate its customers if the firm's UK safeguarding bank fails, but it does not cover cases where the payments firm itself fails³. So the protection depends on the safeguarding bank, not on Equals Money.

Our guide to consumer protection explains how safeguarding and the FSCS differ, and regulation in the UK covers who sets the rules.

Extra support for vulnerable customers, bereavement and money worries

Financial firms are expected to take extra care with customers who are vulnerable. In lending, that includes supporting customers with a mental capacity or other limitation that may affect their decision-making²⁹. The wider principle is that care is taken to ensure vulnerable customers are appropriately catered for and concerns such as coercion are addressed before a case proceeds³⁰. A toolkit developed with debt advisers focuses on better supporting customers experiencing vulnerability, mental health challenges or economic abuse³¹.

If you are dealing with a bereavement, there is separate help. Bereavement Support Payment gives financial help to deal with the more immediate costs caused by the death of a spouse or civil partner³². Civil partners and same-sex spouses are entitled to it in the same way as heterosexual married couples, and eligibility has been extended to unmarried couples with dependent children³³. In Northern Ireland, there is separate guidance on financial help for bereaved people³².

Charitable grants are another route. Some funds also help the dependants of the people their fund supports, such as partners, ex-partners or dependent children³⁴. If you are struggling with money more broadly, our guide to debt sets out the options, and benefits covers what you may be entitled to.

If you need accessible banking, there is guidance on what firms should provide³⁵. For free, impartial help with money decisions, MoneyHelper is the government-backed service, and its webchat runs Monday to Friday, 9am to 5pm¹⁰.