Caxton FX Money Transfer

This review of CaxtonFX money transfers review will reflect all the data we have managed to discover about the firm.

📝 CaxtonFX isn’t of the top 10 best ranked companies on Money Transfer Comparison October 2021 list, based on its editorial ranking. Want to find other options? take a look at Caxton FX recommended alternatives here.
Logo
🏛️ Established2002
🌎 International ClientsNo – UK Only
💱 Currencies Offered28
💷 Minimum Transfer£50
📲 Trading viaOnline / Mobile
🏢 Offices InLondon
⚖️ RegulationHMRC & FCA
🤯 FeesNo fees on overseas withdrawals and purchases, but a £1.50 fee for domestic ATM and transactions
Promotional CodeNone
👨‍👩‍👧‍👦 Client Reviews2,504 reviews (Trustpilot)
⭐ Client Rating4.7/5 (Trustpilot)
Websitehttps://www.caxtonfx.com/
🏆 AwardsFX Provider of the Year, awarded by the FT and Investor Chronicle Awards (2018)
👍 Advantages
  • A focus on a strong ATM and card experience
  • No fees on foreign purchases or ATM withdrawals abroad
  • Positive customer experiences
👎 Disadvantages
  • Limited amount of currencies
  • Limited amount of other services
  • Fees incurred when uses domestically

View Recommended Alternatives:

You can find top 3 Caxton online competitors:

UK EU Currencies Direct: Best Overall for International Money Transfers
Headquarters:
1 Canada Square, Canary Wharf, London E14 5AA, UK
97.8% Editorial rating
5,000 Client Reviews
Minimum transfer:
£100 / €100 / $100 or equivalent - Send From: UK, Europe, US, Canada, South Africa, India
Why Them?
  • #1 Rating on MTC for the Past 2 Years - Tailored to Larger Transfers with Excellent Phone Service
  • No Fees on any Transfers, Ever
  • Very Friendly Online Platform
+Read more
Australia UK EU USA New Zealand OFX: The Publicly-Traded Money Transfer Company from Down Under
Headquarters:
Level 19, 60 Margaret St, Sydney, NSW 2000, Australia
90.4% Editorial rating
4,500 Client Reviews
Minimum transfer:
£100 / €100 / $100 or equivalent, Send From: Australia, New Zealand, UK, Europe, US, Canada
Why Them?
  • Excellent Reach - Transfer to Any Country
  • Excellent Online System, Easy to Understand and Use
  • 24/7 Support Wherever You Are on The Globe (Unique Perk)
+Read more
EU UK USA Australia Wise (Previously TransferWise): Valued at £10bn
Headquarters:
17 Avenue Marnix, 1000 Brussels, Belgium
86.8% Editorial rating
124,000 Client Reviews
Minimum transfer:
No Minimum- Send From: UK, Europe, US, Canada, Singapore, Japan, Indonesia, Malaysia, Australia, New Zealand
Why Them?
  • Largest Money Transfer Provider of its Kind
  • Fees for Most Routes under £1
  • Fully-Online Journey
+Read more
EU UK USA Australia One of the Hottest Money Transfer Startups
Headquarters:
Colm House, 91 Pembroke Rd, Ballsbridge, Dublin, Ireland
86.8% Editorial rating
5,000 Client Reviews
Minimum transfer:
No Minimum - Send From: UK, Europe, Australia, Hong Kong, Singapore
Why Them?
  • No Fees on GBP payments, EUR Charged at €3
  • Very Low Margins, Down To 0.33%
  • Great Reputation And Client Reactions
+Read more
UK Australia Hong Kong Singapore Unique payment network offering 134 currencies
Headquarters:
IDA Business and Technology Park, Ring Road, Kilkenny, Ireland R95 ETN5
N/A Editorial rating
14,000 Client Reviews
Minimum transfer:
No Minimum, Transfer from Number of Countries Worldwide, including 51 US States, UAE and Many Parts of Asia
Why Them?
  • Send 134 Currencies to 162 Countries
  • Available in 51 US States
  • £10 for personal transfers
+Read more
UK Germnay Turkey TransferGo: Rated 4.8 / 5 from over 22,000 reviews
Headquarters:
241 Southwark Bridge Rd, SE1 6FP, London, United Kingdom
72.0% Editorial rating
22,000 Client Reviews
Minimum transfer:
No Minimum, Remit from UK and Europe to over 65 destinations.
Why Them?
  • ltilingual Support Team
  • Excellent Client Feedback
  • Over 2.5 million Customers to Date
+Read more

Our Rating: N/A%

Status: Not In MTC’s Most Recommended List

Read full review

 

Read More:

Company Information and Credibility


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.


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. 

 

 

Client Feedback


Research:

Trustpilot has over 2,500 reviews on Caxton FX, in which they are rated 4.7 out of 5. 

4.3/5 rated on Google with 9 reviews.


Positive:

  • Reliable service
  • Easy-to-use app
  • Good customer service
  • Strong product
Negative:

  • Rates being better among competitors, such as Revolut
  • Doesn’t work in many different countries
  • Faulty contactless function
  • Bug-ridden app

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.

 

 

Exchange Rate & 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.

 

 

Global Reach & Service


Research:

  • Dedicated Dealer: No
  • Offices: London
  • Ways to approach: Email, Twitter, Phone
  • Translations: No
  • Accepts clients: UK only
  • Currencies Handled: 28

Client reviews: Mostly positive (4.7 on Trustpilot out of 2,499 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 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.