Which is better value - Caxton or FairFX

M4RKM

The caxton card has hit the news recently, as it has dropped it's charge on taking out money via ATM's in the country the card is designed for, and as I'm going to the USA, i decided to take a peek and see which is better value, out of the Caxton, or the FairFX.


Now, the FairFX gives a higher exchange rate, fee free on transactions, however, $2 withdrawl fee from ATM's.

So, lets say, at todays rate - $1.6325, I load on $1010. This costs me £618.68

I could easily use the card only on transactions, and I have $1010 to spend, but let's say, I make 5 withdrawals over a week, all of them cost me $2, so that's $10. Overall, I've now got $1000 to spend.

Now, on the fee free, Caxton card, the exchange rate is lower, so, for my $1000 (no fees, so no need to load that extra $10 on there), at todays rate of $1.621 that costs me £616.90

Now, the only way you're going to get the Caxton card to be more cost effective, is if you use it more than 5 times in this above example. I don't think I withdraw cash in the UK more than 5 times a week, so, it's very doubtful I will while on holiday...

something to ponder if you're shopping around for the prepaid card...

M

tommycolla

Caxton FX customer feedback shows that travellers tend to make more than 5 withdrawals in a week whilst on holiday, hence we dropped the ATM fees.

People dont like to carry wads of cash whilst abroad, so it is safer and now cheaper to make more withdrawals of lesser amounts.

Tom

3_cheeky_princesses

I have to say i have gone for both for our August hols in Spain. I am basing the following on the Euro cards not sure if the USA ones differ tho

Fairfax have slightly better exchange rate but have a small fee for ATM withdrawals but Caxton have no charge for ATM's and when we phoned them with some questions their cs was very polite and helpful.

I am loading our Fairfax for buying meals, tickets etc and the Caxton to use for withdrawing cash (there are always things you cant buy with a card when on hols).

Plus that way if one card gets stolen or loss we have another as a back up!

Both are free too so might be worth having the 2......

laffer

I have a Caxton card and I have found them to be good. When I initially enquired with FairFX I was told that I could not get a card for some ID reason. Anyway Caxton were very helpful and we have stayed with them since.

sillygoose

Having looked at both, Caxton seems to meet my needs. My problem is working out how much to load it with. The website 'avoids' too much information on the subject of refunding the money to you bank card. It seems there is a fee for this.

However am I correct in my understanding that the card (Euro) can be used like any other in the UK without charges for purchases so any balance on it could be spent up on my return?

M4RKM

I disagree with withdrawing more than 5 times when on holiday... maybe I just plan and think how much i'm going to need, and not have to keep going to an ATM as i've not taken enough out.

3_cheeky_princesses

markymoo wrote: »

I disagree with withdrawing more than 5 times when on holiday... maybe I just plan and think how much i'm going to need, and not have to keep going to an ATM as i've not taken enough out.

I have to agree with you i think i would only withdraw cash once maybe twice on holiday. Maybe i am a good planner too :beer: