Prepaid currency cards have become a hit with travellers and holiday markets over the last few years so we show how easy it is to get a Caxton card.
The days of traveller cheques are fading away as business travellers and holiday makers look for more efficient and secure ways to take their money abroad.
Foreign exchange brokers are responding to this market demand by combining their currency exchange services with existing credit card companies to provide prepaid cards that are preloaded with foreign currency.
Prepaid currency cards are then used like a credit card abroad with the added advantage that they can also draw out cash from ATMs without incurring commission charges and other penalties.
Caxton FX has become one of the main prepaid currency card providers and offer some of the most competitive exchange rates available as well as commission free transactions and foreign cash withdrawals so we thought we’d see how easy it is to get one of the Caxton cards.
Caxton have partnered with Mastercard to offer three types of currency cards, depending on the region that you are travelling to: Euro Card, Dollar Card and a Global Card that can be used in any country with any currency.
The partnership with Mastercard means that any of these cards can be used with any vendor displaying the Mastercard Acceptance Mark, or at any Mastercard compatible ATM.
So, how can you get a Caxton card?
Applying for a Caxton card is very easy via their website. You are asked basic personal and bank details, sufficient for them to determine your permanent address and to perform a credit check on you.
You decide which of the three cards best suits your needs so if you are going to both Europe and the USA soon, you will probably need both a Euro card and a Dollar card.
Assuming all is well, then you will receive your card through the post within a few days. You then activate the card by loading a minimum amount (Global Traveller: £100, Euro Card: €150, Dollar Card: $200), although there is no need to do this until you wish to travel abroad.
Although there are no application or card fees, Caxton do require a £10 deposit when you apply, which is then credited to your card when you activate it.
Once activated, you can load up more money before departure, and then, a real advantage of these cards, should you need more money whilst away, visit the Caxton FX website and transfer more money from your UK bank account using your bank debit card details.
The whole process is very quick and easy, both to apply and to pre load your currency card with foreign money.
There are no fees, no ATM charges, no commission charges so using a Caxton card is a far better alternative than using your normal credit card abroad, which can occur some nasty charges for foreign transactions.