CaxtonFX v Fairfax

Johnnyy_Boy

Apologies if done before but new to the site. Going on holiday to Thailand and previously always got money out via my Nationwide account but since they are soon going to charge was looking at a prepaid card purely for using at ATM's.
I can't quite work out how Fairfax is suggested as the best whilst they charge a fee to withdraw when Caxton doesn't.
Whats best ?

ferf1223

I think the travel money guide explains why they rate FairFx higher than Caxton.

The Cheapest Overall: FairFx.

No spending or 'load' fees, plus free £5 bonus

The next cheapest: CaxtonFx.

No spending or load fees, but slightly worse exchange rate.

if you do a search of this forum for fairfx AND Caxtonfx you will find several that have discussed the question including...

https://forums.moneysavingexpert.com/discussion/2625503

https://forums.moneysavingexpert.com/discussion/2470635

Johnnyy_Boy

Thanks pal. I went back a few pages but should of gone back a few more. Appreciate it.

adindas

[FONT=&quot]What is the Exchange rate that will apply at the time we are loading our FairFx AND CaxtonFx EUR/DOL card.

I believe they will be using their own exchange rates which must be worse than Interbank or Master/Visa Wholesale Exchange rate, as this is their business at heard. Also they will make very little profit, in my opinion.

Using Master/Visa Wholesale Exchange rate as a benchmark, how much worse is the difference for:
FairF, CaxtonFx

Which offer better Exchange rate FairFx or CaxtonFX ?

Thank you fro your time answering my question [/FONT]

ferf1223

adindas wrote: »

[FONT=&quot]What is the Exchange rate that will apply at the time we are loading our FairFx AND CaxtonFx EUR/DOL card.

I believe they will be using their own exchange rates which must be worse than Interbank or Master/Visa Wholesale Exchange rate, as this is their business at heard. Also they will make very little profit, in my opinion.

Using Master/Visa Wholesale Exchange rate as a benchmark, how much worse is the difference for:[/FONT]

The rates change regularly - you can see the rates you will get at any given time by looking at the respective websites. You can get the Visa rate here (and take into account any charges by your bank):

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

So you can check for yourself how they compare.

adindas

FOR EUR/DOLLAR CARD

FairFx EUR/DOLLAR CARD
Top up exchange rate : Using FairFx Own Exchange rate at the time of top up. It is slightly less than MasterCard/Visa Card/Interbank Exchange Rate.

For Anywhere card, FairFx is using MasterCard/Visa Card/Interbank Exchange Rate (am I correct?)

CaxtonFx EUR/DOLLAR CARD
Top up exchange rate : Using CaxtonFx Own Exchange rate at the time of top up. It is slightly less than MasterCard/Visa Card/Interbank Exchange Rate

The Exchange rate for CaxtonFx is worse than FairFX but [FONT=&quot]they do not charge for ATM withdrawal anymore while FairFx still charge €1.5 or $2.

Could senior member of this forum check it whether my underrstanding is correct ?

[/FONT]

ferf1223 wrote: »

The rates change regularly - you can see the rates you will get at any given time by looking at the respective websites. You can get the Visa rate here (and take into account any charges by your bank):

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

So you can check for yourself how they compare.

Donnie

adindas wrote: »

FOR EUR/DOLLAR CARD

FairFx EUR/DOLLAR CARD
Top up exchange rate : Using FairFx Own Exchange rate at the time of top up. It is slightly less than MasterCard/Visa Card/Interbank Exchange Rate.

For Anywhere card, FairFx is using the MasterCard/Visa Card/Interbank Exchange Rate (am I correct?)

CaxtonFx EUR/DOLLAR CARD
Top up exchange rate : Using CaxtonFx Own Exchange rate at the time of top up. It is slightly less than MasterCard/Visa Card/Interbank Exchange Rate

The Exchange rate for CaxtonFx is worse than FairFX but [FONT=&quot]they do not charge for ATM withdrawal anymore while FairFx still charge €1.5 or $2.

Could senior member of this forum check it whether my underrstanding is correct ?

[/FONT]

Have cleaned it up for you and added pertinent information.

FairFx EUR/DOLLAR CARD
Top up exchange rate : Using FairFx Own Exchange rate at the time of top up. It is slightly less than MasterCard/Visa Card/Interbank Exchange Rate.

FairFx ANYWHERE Card
For the ANYWHERE card, FairFx is using the Mastercard Rate minus 1.5%. No ATM withdrawal fees.

CaxtonFx EUR/DOLLAR CARD
Top up exchange rate : Using CaxtonFx Own Exchange rate at the time of top up. It is slightly less than MasterCard/Visa Card/Interbank Exchange Rate

The Exchange rate for CaxtonFx is worse than FairFX but they do not charge for ATM withdrawal while FairFx charge €1.5 or $2.

Caxton GLOBAL TRAVELLER card
For the Caxton GLOBAL TRAVELLER CARD they use the Mastercard Rate minus 2.5%. No ATM withdrawal fees.


Be careful to differentiate the ANYWHERE/GLOBAL TRAVELLER products from the currency cards.

adindas

Dear Donnie

Thank you for your time. Now, it is clear for me ...

ADINDAS

Donnie wrote: »

Have cleaned it up for you and added pertinent information.

FairFx EUR/DOLLAR CARD
Top up exchange rate : Using FairFx Own Exchange rate at the time of top up. It is slightly less than MasterCard/Visa Card/Interbank Exchange Rate.

FairFx ANYWHERE Card
For the ANYWHERE card, FairFx is using the Mastercard Rate minus 1.5%. No ATM withdrawal fees.

CaxtonFx EUR/DOLLAR CARD
Top up exchange rate : Using CaxtonFx Own Exchange rate at the time of top up. It is slightly less than MasterCard/Visa Card/Interbank Exchange Rate

The Exchange rate for CaxtonFx is worse than FairFX but they do not charge for ATM withdrawal while FairFx charge €1.5 or $2.

Caxton GLOBAL TRAVELLER card
For the Caxton GLOBAL TRAVELLER CARD they use the Mastercard Rate minus 2.5%. No ATM withdrawal fees.


Be careful to differentiate the ANYWHERE/GLOBAL TRAVELLER products from the currency cards.

Zebra

Donnie wrote: »

FairFx EUR/DOLLAR CARD
Top up exchange rate : Using FairFx Own Exchange rate at the time of top up. It is slightly less than MasterCard/Visa Card/Interbank Exchange Rate.

FairFx ANYWHERE Card
For the ANYWHERE card, FairFx is using the Mastercard Rate minus 1.5%. No ATM withdrawal fees.

So the question is, is "slightly less" greater or less than 1.5% (not taking into account the €1.50 charge for the euro card)?

The current euro exchange rates from FairFx and Mastercard websites are showing the FairFx rate to be 1.75% less than Mastercard.

Meaning that for euros the Anywhere card is still better value than the Euro card, even excluding the €1.50 charge for the eurocard.

Have I got that correct?

Donnie

Zebra wrote: »

So the question is, is "slightly less" greater or less than 1.5% (not taking into account the €1.50 charge for the euro card)?

The current euro exchange rates from FairFx and Mastercard websites are showing the FairFx rate to be 1.75% less than Mastercard.

Meaning that for euros the Anywhere card is still better value than the Euro card, even excluding the €1.50 charge for the eurocard.

Have I got that correct?

Of course there is the extra variable of exchange rate movement, but with all things being equal, yes. Bear in mind that the summaries are written for simplicity.
As what actually occurs with the Anywhere card is that they take 1.5% of your spend. They don't touch the exchange rate at all.
So if you spend or withdraw the equivalent of £100 anywhere. There will take an extra £1.50 out of your account.
The 'rate minus 1.5%' is only there for simplification, as many have found it difficult to understand the pros and cons of the different cards.

Donnie

The average person can work out the extra charge by using this simple formula: 0.015 x spend.
For overall exchange rate: Add extra charge to the spend. Then divide the amount of currency obtained, by the (spend plus extra charge).

For example: A £100 spend and an exchange rate of 1.20 euros to the Pound from Mastercard direct. So 120 euros obtained.

0.015 x £100 equals £101.5. Divide 120 by 101.5. Actual exchange rate achieved: 1.18226601 Euros to the Pound.

Perhaps you can understand why I use a much simpler, though less accurate explanation in my posts.

I imagine a few would be put off, if Maths was not their favourite subject.