caxton fx global card

[jondawn157]

yes we use hsbc machine in square

[jondawn157]

yes we use hsbc machine in square

[Jonny328]

I'm looking into this 2.5% fee, it says that "2.5% of transaction amount where the transaction is performed in a different currency to the card", which would seem to mean being in turkey but purchasing on-line from another country. If this is correct then it shouldn't be an issue. I've personally got a Natwest debit card which seems to be one of the worst so will probably go for the Caxton FX card, seems straightforward enough to set up.

[Annemc]

Got our cards today. Gave Caxton a call to clear up the confusion about the charges and they said that when you load the Global card with sterling and withdraw in sterling there is no charge. If you were to withdraw lira then the charge would apply.

[clungy11]

As I understand it you have no ATM fee so can lift lots of small amounts and not carry lots of money at one time to avoid paying lots of ATM fees. Caxton website says •The exchange rate applied is fixed at 2.5% from the prevailing interbank rate. This means you take 2.5% off the interbank rate which puts you at the ratee that you will get from the bureau de change. This is the only rate or fee that I can see. It seems like win, win to me.

[davidn]

why dont you take travellers cheques,bank was going to charge me 1.5% but told me if i ring the number on the back of my credit card i will get them free of charge,im going to take cash plus travellers cheques.

[Sayea]

Got our cards today. Gave Caxton a call to clear up the confusion about the charges and they said that when you load the Global card with sterling and withdraw in sterling there is no charge. If you were to withdraw lira then the charge would apply.

really stupid rule... what would be the point of loading the money on going to turkey then withdrawing themoney in sterling to go change into lira.. when you could just take cash/cheques and save the middle man

[jondawn157]

Got mine & a spare one in case we lose one loaded with cash ready for our hols. The advantage of this card is you are not carrying a large amount of cash around you just withdraw the amount you need for a couple of days a few years ago in gumbet i lost £500 that i took out of our safe to buy my wife some jewellery if i had this card then it wouldnt have been a problem

[Annemc]

Got our cards today. Gave Caxton a call to clear up the confusion about the charges and they said that when you load the Global card with sterling and withdraw in sterling there is no charge. If you were to withdraw lira then the charge would apply.

really stupid rule... what would be the point of loading the money on going to turkey then withdrawing themoney in sterling to go change into lira.. when you could just take cash/cheques and save the middle man

We always take cash with us and after reading about the card on this forum and the fact that two people said they had cash stolen from safety deposit boxes we thought it was a great idea as it means we won't have to leave cash in the safety deposit box. There is no "middle man" - it's a debit card, it costs you nothing to get it except if you want a second card then there is a £5 charge but that's optional and there's no commission like when you buy travellers cheques. A lot safer as well than carrying cash around with you as you only need to withdraw what you need. The cash machines are central so you’re not having to go out of your way to withdraw the money. Each to their own as they say but I think it’s a great idea.

[tamii]

i think it's a great idea if your bank charges you for foreign ATM withdrawals - mine doesn't otherwise I would definately opt for this

[Kneale]

I emailed Caxton to see if you got charged for withdrawing Sterling in Turkey on their Global Traveller (Sterling) card and received this reply:

"Yes you will incur the 2.5% as the transaction will always be processed in the local currency even though the ATM may dispense Pounds Sterling."

I think I'm going to get a FairFX prepaid card when Nationwide start introduce their 2% load (and £1 ATM fee) - their Anywhere card has a 1.5% load on the interbank rate for purchases and using ATMs.

[jondawn157]

This is a copy of an email i received today so i dont think i will be putting any more cash on this card i will take the rest in sterling.

We exchange at 2.5% below Interbank, meaning that as of today you would be withdrawing 2.31 Lira to the Pound at Turkish cashpoints. If you find a Turkish cashpoint that vends GBP then there would be a £1.50 fee, although most cashpoints that advertise this in fact vend the local currency and are essentially offering to put the transaction through at their own exchange rate, which is rarely favourable.



Kind Regards,


Tom Bealby
Card Services
Caxton FX Ltd
4 Grosvenor Place
London
SW1X 7HJ