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CaxtonFX or FairFX

Avatar for Happyscot
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I can’t get a Nationwide Debit card only the Cash card. So i’ve decided to go for the pre-loaded cards for my trip.

I understand the basic principles of the FairFX and the Caxton. I’ve been looking on moneysavingexpert.com and am leaning toward the FairFX. however it says the only currencies it uses are Euros and Dollars. **

**FairFX Quick Stats. European Load: 0%. Worldwide Load: 0%. Exchange Rate: FairFX’s own rate, determined daily. Cash withdrawal fee: €1.50/$2. Currencies: Euros/Dollars. Topping up: Free via Debit card online.

Does this mean that I can’t load Sterling onto it or if I can will the exchange rate change or will their be a charge for doing it? Possibly making the Caxton a better choice as you can load Sterling onto it.

Cheers

     
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Joined 2010-02-19

You load sterling onto your FairFX euro cards, and FairFX convert it into euros or dollars. Although thy are euro and dollar cards you can use them anywhere in the world at no extra cost. however, if you want a card in sterling you should go for the FairFX Anywhere card which is much cheaper than caxton.

     
Avatar for Hannah_2208
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Ive gone for the fairfx anywhere card, no charge to withdraw from ATMs and a 1.5% transaction fee which according to martin lewis and just looking around online seems to be pretty much one of the cheapest rates around. Hopefully anyway!

Ive also applied for the nationwide flex account but havent heard back yet, I heard the had started charging to withdraw money abroad, do you know if this is true? Is it just the debit card they have started charging, or the cash card? Im so clueless about things like this, all the terms they use confuse me! Thanks smile

     
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Joined 2010-02-20

hey

ive done a bit of research myself

where are you travelling to/? the nationwide offers free cash withdrawerals and free transactions in shops, but only in europe, outside of europe its a 1% charge, which is still pretty good

the caxtonfx and fairfx global traveller cards, well bascially you load up the card in sterling £, then you can use the card whereever you see the mastercard logo - at atms in shops resturants etc… in that currency. when you withdraw cash in a foreign country you get that currency.

now the caxtonfx has no charge for atm withdrawals, or transactions
the fairfx charges 1.5% at atm withdrawals, ie whatever you take out at a cashpoint that is not in the UK they will charge you an extra 1.5% to them.

neither of them charge to put money on the card.

hope this helps! LOL

     
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sorry think i got abit confused there, the fairfx card charges 1.5% on ATM and sales transactions, there is just no ‘extra’ atm charge, but there is still a 1.5% deduction

im thinking of getting the caxtonfx

does anyone know what exchange rate you get, is it the day you load up or the day you make a transaction?

thansk

     
Avatar for Hannah_2208
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Oh so the caxton card doesnt have any charges atall? I didnt realise that. Even in australia and thailand? Thats where im mainly travelling. Where are you going? Ive only put a tenner on my fairfx card for now until I decided what to do with it. Might have a look at the caxton fx card.

Oh and I think that the day you put money onto your card, you fix the exchange rate for the actual day you load your card, which is good if the exchange rate starts to drop after you loaded your card but if it gets better then there isnt anything you can do! I dont think the exchange rate will dramatically change though will it? xx

     
Avatar for Hannah_2208
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Ive been looking a little bit into the Caxton Fx card and have found thay they charge an FX mark up. I have absolutely no idea what this is!!

“FX Mark Up - 2.5% of transaction amount where the transaction is performed in a different currency to the card”

Does this mean that for every time I use an ATM or purchase something in a shop for instance I am charged 2.5%? If thats true does it then make the FairFx card cheaper as they charge 1.5% for all transactions?

Help!! x

     
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Yes. If you withdraw £100. You would only get £97.50 worth of whatever currency. It’s same when you go to a money exchange, they don’t charge you the proper exchange rate they have there own. It’s a sneaky way of making money without you realising. They offer you commission free but if for example the $ to £ exchange rate was 1.60 to the pound they might only offer you 1.5. This is why the nationwide card is so much better. They give you the proper exchange rate and only charge 1%. Over the course of a year if you spent £10,000, that’s £250 just on fees.

The exchange rates can change quite quickly but as you will be withdrawing smallish amounts over a long period, you can’t really worry about it. It does seem that you can wait for an optimum exchange rate and add all your money to one of those cards, which could help you save money. For example not long ago you could get 1.73 $ to the £. Now it is 1.54. It is unlikely to drop anymore. So buying now would be the worst time. I notice the caxton card is offering 1.51 and the fairfx 1.5225. So the Fairfx looks a better option. Most debit cards will charge you 2.5% so if you can’t get a nationwide flexaccount. These cards seem the next best option.

     
Avatar for Happyscot
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Cheers everyone. FairFX Anywhere Card it is. I’d only be using it for card purchases as i have a Nationwide Cashcard.