Caxton FX - ATM Withdrawal Charges

seanfos

I will soon be travelling in Asia and have been looking at Caxton FX. I am thinking of taking out a Sterling based MasterCard with them that I will use solely to withdraw cash from ATMs. Looking at their fees it states that overseas ATM withdrawals are free, but also states a 2.49% charge for "FX mark-up where a Transaction is performed in a currency different from the currencies available on the card". Does this mean I will be charged 2.49% every time I make an ATM cash withdrawal in the local currency or is it only for purchases made in stores, etc. ? I did contact Caxton FX to ask, but was advised to email instead and received no reply - not the best start!

Many thanks

Sean

DCFC79

I read it as if you make a withdrawal in a currency not on the card you will be charged the 2.49%.

seanfos

Thanks - that is how I read it too. It should still work out cheaper than my bank account, which charges 2.99% for a "non-sterling transaction fee" and 1.5% (minimum of £2, maximum of £4.50) as a "non-sterling cash fee". Unless I am missing better options to allow me to withdraw cash from ATMs abroad?

Sean

PeacefulWaters

Kalixa would be better if your withdrawals are above c£80 a time.

Keep_pedalling

The CaxtonFX Global Traveller card, handles is good as long as you only want to use it for Europe, NA, Auz and NZ, but you can't load any Asian Currencies on it, so it is not much better than using you own bank's card in that part of the world.

clidds

As far as I understand it if you are using a currency not loadable on the card Caxton will convert the local currency to GBP using the interbank rate and then markup 2.49% meaning that essentially they are charging you a 2.49% fee applicable to both ATM withdrawals and transactions but there are no other fees on top of this.

I frequently travel in Asia using currencies that aren't ordinarily on traveller cards and I've never found a currency card that is cheaper than Caxton for ATM withdrawals in these countries, as most providers charge a markup and an ATM withdrawal fee, obviously this is frequently the only option available as there are limited places that accept card payments.

Kalixa can work out cheaper but charges a set £2.25 foreign ATM fee per transaction, which is fine if you're taking out large amounts of cash but I tend to be withdrawing only around £50 or less as I don't want to carry too much cash but using an ATM almost every other day so in these circumstances Kalixa works out more expensive than Caxton.

I'd be keen to hear from anyone that knows of a cheaper card provider in these circumstances?

eDicky

seanfos wrote: »

Unless I am missing better options to allow me to withdraw cash from ATMs abroad?
Sean

clidds wrote: »

I'd be keen to hear from anyone that knows of a cheaper card provider in these circumstances?

For the best travel cards, including those with no overseas spending fees, foreign exchange loading or cash withdrawal fees (except possible local ATM fees), have you seen the relevant MSE page?

http://www.moneysavingexpert.com/travel/cheap-travel-money

clidds

Yes I have, I believe the fees for the cards are as follows, so based on withdrawing the equivalent of 50 GBP the costs will work out as:

Kailixa Pay - £2.25 ATM fee = £52.25

FairFX- £1 ATM fee and 1.4% fee for non USD/EUR withdrawals = £51.70

Ukash - No ATM fee but 2.75% fee for withdrawing currency other than USD/EUR = £51.38

Travelex cash passport (£9.99 purchase fee) - 2.49% fee for ATM withdrawals = £51.25

Caxton FX card (free to get) - Same as Travelex = £51.25

So unless you are withdrawing above the equivalent of 85-£90 GBP at a time from an ATM Caxton and Travelex work out the cheapest long term with Caxton being free to purchase. I understand that in countries using the top 8/10 currencies this is different but when travelling in Asian countries as the OP suggested these cards seem to be best, unless you can show me cheaper alternatives?

The exception to this would be to open either a Halifax credit card or N&P current account which would cost less than all the currency cards currently on the market!

PeacefulWaters

clidds wrote: »

Yes I have, I believe the fees for the cards are as follows, so based on withdrawing the equivalent of 50 GBP the costs will work out as:

Kailixa Pay - £2.25 ATM fee = £52.25

FairFX- £1 ATM fee and 1.4% fee for non USD/EUR withdrawals = £51.70

Ukash - No ATM fee but 2.75% fee for withdrawing currency other than USD/EUR = £51.38

Travelex cash passport (£9.99 purchase fee) - 2.49% fee for ATM withdrawals = £51.25

Caxton FX card (free to get) - Same as Travelex = £51.25

So unless you are withdrawing above the equivalent of 85-£90 GBP at a time from an ATM Caxton and Travelex work out the cheapest long term with Caxton being free to purchase. I understand that in countries using the top 8/10 currencies this is different but when travelling in Asian countries as the OP suggested these cards seem to be best, unless you can show me cheaper alternatives?

Useful. But you've not taken into account exchange rate loadings.

The exception to this would be to open either a Halifax credit card or N&P current account which would cost less than all the currency cards currently on the market!

Are Cumberland Building Society still in the game?