Should I use CaxtonFX for money transfers?
Pros:
Cons:
Services Offered by CaxtonFX
Official Website:
CaxtonFX Review: Executive Summary
Caxton FX is a money transfer service that allows users to send and receive money in foreign currencies. The service offers competitive exchange rates and low fees, making it a fairly popular choice for those looking to send money abroad. Caxton FX also offers a mobile app, and a pretty flashy website, but it is remarkbly smaller than leading competitors in the realm fx brokerage with a smaller selection of currencies.
2,952
404Not Top 10 Ranked
Where is CaxtonFX Available?
Our Top Rated CaxtonFX Alternatives
On Money Transfer Comparison, we have reviewed 80+ money transfer services, 40+ of which could be considered direct CaxtonFX competitors. View our best rated CaxtonFX money transfer alternatives which have received higher ratings below:
Currencies Direct: Best Overall for International Money Transfers
Why Choose Currencies Direct?
- 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
- Global Leader in International Money Transfers - £10bn in Annual Turnover
- 20+ Global Offices
TorFX: Strong Guidance and Staff - Property Specialists
Why Choose TorFX?
- Headquarters Outside of London - Lower Staff Costs Rolled Over to the Client
- Quick Onboarding Process and Highly Professional
- Trading Desk with 100+ Years of Experience
- Excellent Online System
- Competitive Exchange Rates
Key Currency: Up and Coming Currency Broker with Local Presence UK/Spain
Why Choose Key Currency?
- Fastest Growing UK Currency Transfer Provider
- Strong Onboard Team, Get an Immediate Callback
- Recipient of Multiple Industry Awards
- Close and Personal Touch, Excellent Support
- Specialists in the UK-Spain Corridor with Local Offices
Xe: Biggest Name in Currency Exchange Since 1993
Why Choose Xe?
- Easy to Register With - Less Than a 2 Minute Process
- Global Company, Conglomerate Owned, Running Since 1993
- A Very Familiar Name (xe.com used to the biggest foreign exchange hub)
- A Combination of a Work-Of-Art Online System with Brokerage for Large Transfers
- Superb Customer Reviews
moneycorp: Oldest and Most Reputable Foreign Exchange Service
Why Choose moneycorp?
- Providing FX Services since 1979
- Very Recognisable Brand with Excellent Reputation - £36.9bn Transfers Annually with Offices in Every Continent
- Business Specialists
- Long-Term Forward Contracts Available, With Many Other Hedging Tools
- Sophisticated Payment Solutions
OFX: Known Provider - Specialising in eCommerce Customers
Why Choose OFX?
- Traded Publicly
- £20bn Turnover per Year
- Multi-Currency Collection Account for eCommerce Customers
- Global Presence
This review of CaxtonFX money transfers review will reflect all the data we have managed to discover about the firm.
Is CaxtonFX Safe?
Company size:
Caxton FX remains to be an SME, with around 110 employees on LinkedIn. The company has only one office, which is based in London. Having been founded in 2002 however, Caxton is a well-established player in this market, with a keen eye of specialisation.
Regulated By:
Caxton is fully regulated in the UK under the Financial Conduct Authority (FCA) and HMRC. The FCA ensures that your money is safe when using Caxton — if the company gets into financial difficulty, “Client Money” is safe. Caxton also claims to be committed to anti-money laundering policy.
Security:
Caxton FX has now implemented two-factor authentication (2FA) for improved account security, ensuring safer transactions across its mobile and online platforms.
Awards:
Caxton’s most recognisable award was winning the FX Provider of the Year, awarded by the FT and Investor Chronicle Awards (2018). They are regularly featured in the media, in which they are mentioned several times per month by British newspapers regarding travel currency service providers.
Conclusion:
Caxton FX isn’t a household brand name, but it’s certainly established. The company is a medium-sized company, with over 100 employees, and is fully regulated.
CaxtonFX Customer Reviews
Research:
Trustpilot has 5,137 reviews on Caxton FX, in which they are rated 4.7 out of 5.
*Valid as of September 2024
Conclusion:
On aggregate, Caxton FX have a very strong reception by customers. This is backed up on other review sites too, not just Trustpilot. However, the negative reviews shouldn’t be ignored, as they allude to the possibility of being able to get a better exchange rate elsewhere (some competitors use the interbank rates), as well as having a very limited selection of countries that the card works in.
CaxtonFX Exchange Rates & Fees
Fees:
There are no fees incurred when using the card abroad. There are fees however when you use the card domestically (£1.50).
Exchange Rates:
The exchange spread taken is not publicly disclosed as a flat rate. They do say that exchange rates can be locked in, which is a good feature, but it’s impossible to say much about the exchange rates other than they’re not the interbank rate, which is what Revolut uses.
Limits:
Minimum of £50 can be put onto the card. A maximum single deposit is £12,000 (£50,000 annual). Importantly, there is a maximum ATM withdrawal per day amount of £300.
Conclusion:
There’s a dangerous misconception around Caxton claiming to have no fees abroad. Whilst this is true, customers are not warned that the ATM providers themselves may have a large fee, meaning customers have been put into a disadvantageous situation because of how Caxton market themselves.
CaxtonFX Global Reach & Service
Research:
- Dedicated Dealer: No
- Offices: London
- Ways to approach: Email, Twitter, Phone
- Translations: No
- Accepts clients: UK only
- Currencies Handled: 30+
Client reviews: Mostly positive (4.7 on Trustpilot out of 5,137 reviews)
Conclusion:
Caxton FX do not have much of a global presence. Whilst their customer service has been praised by reviews, there is not a dedicated dealer, nor is there much of a need for one due to their limited services. The lack of global presence however could make it harder to contact them when far across the globe. Lastly, the limited amount of currencies supported means that this is not a card you can rely on when travelling the world. Instead, it’s a card that you would more likely use for a single destination trip.
Additional Functionalities
Caxton has everything that you expect when it comes to having a card. You can manage it from your app, it has contactless, and it has chip and pin security. Given that it’s somewhat borderless, the card can have multiple currencies on one card.
If you’re worried about currency fluctuations, you can lock in a fixed rate with Caxton. They don’t define this as hedging, but it is similar, as we can only assume that they give you a slightly worse rate for taking on more risk. You can also be alerted each morning with an email regarding the exchange rates.
Conclusion:
As far as having a card goes, Caxton seems to have a good amount of functionality for it. However, their focus on this has a trade off: there’s not much functionality elsewhere, such as hedging forward contracts, integration with other software and so on.
Caxton FX Review Summary
Caxton Money Transfers Review Summary
Caxton is an established company with a great track record. They perform well in reviews, which appears to be down to one key reason: they specialise in providing only one, simple but effective service. This is a card that can be used abroad with no fees. Whilst it may lack functionality elsewhere, this can still be useful for many people (mostly holiday makers). It is limited however, as it isn’t appropriate for world travellers (limited amount of currencies) or domestic use (£1.50 charge). There is also an issue of not having a guaranteed exchange spread (or lack thereof), but you can lock in a rate for your trip.