Fair FX vs Caxton FX, The Currency Card Stand Off
After booking your ski holiday, one major decision still to be taken is how you'll take your currency over for those little things like food, drinks, lessons, equipment hire, etc. In recent years, we have seen the rise of travel cards that specialise as foreign exchange currency cards. In this article we'll be taking a look at what benefits a currency card can offer you and compare two market leaders, FairFX & Caxton FX to hopefully save you some decision time.
What is a currency card?
They arose from the fact many banks have expensive charges for use of your card abroad and the risks involved with carrying cash were too high. A currency card works by crediting money to either a Mastercard or Visa supported charge card which allows you to pay for things abroad as you would with a regualr credit or debit card. Whilst avoiding many of the charges you would have incurred if you'd used your normal bank card. This gives you the security of knowing your money is safe whilst giving you the flexibility to either withdraw cash as it's needed or pay direct with your card.
Why choose a currency card?
Other then avoiding bank charges and carrying round a wallet full of cash, what are the other benefits of a currency card?
Just like your bank, currency card companies provide support to you both online and over the phone so whether you've lost your card or need help adding money to it, you should always find the answer you're looking for.
Currency cards are used in the same way you would a bank card, using a 'chip & pin' to make spending both quick and safe. On top of that, topping up your card can be done online, over the phone, via text message or by secure phone apps.
Peace of Mind:
As a parent, the thought of your child going away alone for the first time can cause a panic for a number of reasons. Currency cards aim to solve that issue by providing a solution to several common problems:
Running out of money - you can top up a currency card on the go from any location and know they have received it immediately.
Losing their card - all currency cards offer various types of security so that in the event a card is lost you may call up and sort the problem effortlessly without risk to your balance, the balance is safe in the account. If you lose your card whilst away, it can be hard to get a replacement, having a duplicate card in reserve is a good idea.
Over spending - Credit cards offer spending limits that we rarely want to reach! A pre-paid card limits you to the budget you load so it's harder to get carried away! I've you want to top up again or review your spending whilst aborad, live transaction lists & primary user accounts for exclusive top-up rights to help you control those holiday urges and help both you and your bank balance have a good holiday.
FairFX vs Caxton FX
Both companies offer great value cards with various benefits, so how do you choose between them? We'll be comparing the Fair FX 'Anywhere Card' vs the Caxton FX 'Global Card'
Of course, this is subjective but by highlighting the differences between the cards, you should be able to quickly see which card is right for you:
Although both have free mobile managment apps, it's also worth mentioning that the Caxton FX app has a free to use feature that allows anyone to convert almost all currencies using only your camera. You can check out a video demonstration here!
However, no comparison would be complete without checking out the companies themselves regarding how easy it is to contact them etc.
We tried to contact both companies and unfortunately FairFX fell at the first hurdle thanks to a combination of not having a general enquiry number, lots of conditional small print & an unhelpful site layout. It is important to note that ALL currency cards will have small print that you should check carefully but as we know some companies present terms clearly with few nasty suprises in the print. In investigating terms at Caxton FX & FairFX we found most information was there but Caxton FX took the lead in transparency & keeping it simple for the customer.
After calling Caxton FX we were surprised by not only the welcoming introduction but helpful & impartial advice that was given, providing an honest and informative review of both their own card and the FairFX alternative. I came away from the conversation feeling confident that should you require it, Caxton FX would do everything in their power to help you with any issues. Finally, the transparency and clarity that helped with the terms & conditions seemed to be a common trend through Caxton FX, with their website being clear & simple to use and the perfect way to describe my conversation with them.
To sum up, both companies offer competitive services to benefit your holiday experience but when it came down to finding out what sort of operation we were dealing with, Caxton FX really stood out thanks to their honest and approachable attitude.
You can check out the Caxton FX website here or give them a call on: 0845 222 2639.
You can also visit FairFX here.