Fairfx vs. Caxtonfx

Wannie_2

marcopolo123 wrote: »

STILLTHEONE I suspect you work for Travelex or have a vested interest.
You have given no reasoning as to why other prepaid cards should not be used or why Travelex is better. Personally I think your advice should be completely ignored. Travelex has a record for giving lousy FX rates to customers. eg have you noticed how bad their rates are at airports?
I've also used other prepaid cards before and they have always worked for me. In fact my wife and I are about to go to Argentina and Chile for several months. We will get a couple of global Caxton FX cards (one each) as well as having our UK bank debit/credit cards for back-up. We will not be getting Travelex cards though.

You are joking, right?

Surely you are no so dumb that you prefer to pay a 2.99% commission as opposed to 0.99% or 1.49%?
There may be a good reason for taking a Caxton card, and that may be in order to have a VISA card with you.
But if you think that the card is better value, you need your head examined.

Wannie_2

Doshwaster wrote: »

Sometimes I think StilltheOne is on commission from TravelEx for every time he mentions their card.

There is no doubt that the Globe card is a very good one for travelling but pre-paid cards in Dollars and Euros also have their advantages and are better than almost all High Street bank debit cards. I have Euro and Dollar cards from Caxton and I have been very happy with the way they work. I may have been able to save a few pounds over the course of a two week trip by using the TravelEx Globe card (then again, with currency fluctuations, I could have been a winner) but it's not something I'm going to lose sleep with or have an argument over.

The main thing that I like about the Caxton currency cards is that if you have, say, €200 in the account and withdraw €50 then you know you have €150 left. With a Sterling card you never know for certain as it depends on the daily exchange rate.

There is no cost-free way of spending abroad. You just need to do your own research and make your own judgement between the various options in terms of cost, convenience and security.

Sorry mate, but your post is just nonsense.

No cost-free way of spending abroad?? Do you mean that you can't spend without it costing something??

I assume that you mean that there is no commission free way of spending abroad. That is completely wrong. Did you even engage your brain before you wrote that??

What about Metro Bank's debit card? N&P's Gold Classic & Gold Light accounts? Cumberland Building Society?

For purchases; Metro Bank's credit card, Santander Zero, Halifax Clarity, Saga Card, Post Office Mastercard, older Nationwide credit card(in Europe)...

Of course if money saving is not your aim, but the fact that you need your money in easy to understand chunks, then go for one of the poorer value cards.

But if you are talking about the best value cards, or Prepaid cards, it seems that stilltheone is on the money.

marcopolo123

Hi Wannie,
First, I assume you don't work in the diplomatic service? :-)
Anyway, I have just done some further investigations on Caxton. It is very unclear in their marketing about the use of the FX mark-up, but I now understand what they have done and I agree that the Travelex card does offer better value. By the way you are incorrect on the rates as the Caxton mark-up is 2.5% vs the 1.49% with Travelex. Nonetheless it does make it better for people travelling outside the USD/Euro zones. I shall probably take a Caxton Global card as back-up instead of using my bank debit card as it is the next best vs FairFX in the preload card market.

Doshwaster

Wannie wrote: »

Sorry mate, but your post is just nonsense.

No cost-free way of spending abroad?? Do you mean that you can't spend without it costing something??

I assume that you mean that there is no commission free way of spending abroad. That is completely wrong. Did you even engage your brain before you wrote that??

Welcome to MSE. It's always nice to meet new friendly people.

Wannie_2

marcopolo123 wrote: »

Hi Wannie,
First, I assume you don't work in the diplomatic service? :-)
Anyway, I have just done some further investigations on Caxton. It is very unclear in their marketing about the use of the FX mark-up, but I now understand what they have done and I agree that the Travelex card does offer better value. By the way you are incorrect on the rates as the Caxton mark-up is 2.5% vs the 1.49% with Travelex. Nonetheless it does make it better for people travelling outside the USD/Euro zones. I shall probably take a Caxton Global card as back-up instead of using my bank debit card as it is the next best vs FairFX in the preload card market.

Apologies, it is 2.75%, not 2.99%

CaxtonFX Global Traveller Card

If you're travelling outside of the Euro and USD zones, or even to multiple destinations including Europe and the US, this could be the card for you. A truly global card, it can be used in any country, with any currency, and with any vendor displaying a Visa sign.

Here's how it works:

No overseas ATM fees charged by Caxton FX.

No fees, commission, or extra charges on your transactions meaning all costs and charges are included in the exchange rate applied.

Simply load the card using your UK debit card either online, over the phone, or via SMS.

The balance remains in sterling at all times. Funds are converted live to the appropriate currency at the point of a sale, including ATMs, giving you the flexibility to use it globally.

It's a Visa card meaning it can be used anywhere you see a Visa sign whether in a store, online or at an ATM.

The exchange rate applied is fixed at 2.75% above the prevailing interbank rate

Travelex Cash Passport Globe

Cash Passport Globe, with its one totally transparent flat usage fee of 1.49% (or 99p for transactions in British pounds), is simply more cost effective than your credit or debit card when used abroad. Plus Cash Passport Globe offers you the best possible MasterCard® exchange rate of the day, commission-free. With a FLAT FEE OF 1.49% Travelex’s Globe card is better value than traditional Credit and Debit cards which typically charge around 2.75% (for currency conversion)

Next best versus FairFX? The Travelex card is clearly the best. How is that difficult for you to understand? :money:

Wannie_2

Doshwaster wrote: »

Welcome to MSE. It's always nice to meet new friendly people.

Thank you.

marcopolo123

Just when I thought I understood this, I had an email response from Caxton to explain their X rate and the 2.5% as follows:
"The FX mark up simply refers to the exchange rate you will receive on all transactions, which is 2.75% below the interbank rates.
So the current rates for Argentine Peso is 1.00 GBP = 6.88808 ARS
Our rates would be approx. 6.69
I'm not sure if Travelex charge an extra 1.49% commission on top of their exchange rates. They will also charge you to withdraw cash from ATMs. We do not have any transaction fees."
I looked at the Travelex rate for the same day and it was 6.856 Argentinian Pesos to the Pound, but then they charge 1.49% on top for ATM cash. My plan to take a Caxton and Travelex prepaid card still stands, but I will use the Caxton as primary, unless I've missed something in the marketing blurb!

dzug1

marcopolo123 wrote: »

Just when I thought I understood this, I had an email response from Caxton to explain their X rate and the 2.5% as follows:
"The FX mark up simply refers to the exchange rate you will receive on all transactions, which is 2.75% below the interbank rates.
So the current rates for Argentine Peso is 1.00 GBP = 6.88808 ARS
Our rates would be approx. 6.69
I'm not sure if Travelex charge an extra 1.49% commission on top of their exchange rates. They will also charge you to withdraw cash from ATMs. We do not have any transaction fees."
I looked at the Travelex rate for the same day and it was 6.856 Argentinian Pesos to the Pound, but then they charge 1.49% on top for ATM cash. My plan to take a Caxton and Travelex prepaid card still stands, but I will use the Caxton as primary, unless I've missed something in the marketing blurb!

If that travelex rate is correct (where did you get it from?) then that still works out at an effective (after deducting the 1.49% fee) rate of 6.75, which is better than 6.69.

Wannie_2

The Mastercard rate available for the Globe card on Tuesday was 6.88207. So the rate available for purchases and withdrawals was 6.78. There are no further charges.

clairbear_3

I have a FairFX Card with £50 ish on it I want to close it whats most efficient way to do this??