Caxton International Money Transfer Review 2023

With the fast rise of technological innovations, international money transfers have become a crucial aspect of our lives. Whether it’s sending money to friends and family, purchasing services or products from other countries, or even handling your own finances while living abroad, having a reliable and cost-effective solution is essential.

Considering the vast number of options out there, it can be a tough challenge to find the perfect provider to match all of your requirements. The first service you stumble upon may seem like the right choice, but if you dig deep enough, chances are you’ll discover a much better, less-known alternative.

Enter Caxton, a minor player in the international money transfer scene but an already established one.

In this review, we’ll explore Caxton’s features, weigh the pros and cons, and assess its safety, speed, fees, and rates. We’ll also discuss customer service, customer reviews, and other aspects to help you decide if Caxton is the right choice for your money transfer needs. So, let’s dive in and get to know Caxton a little better!

Who are Caxton?

Caxton entered the international money transfer scene in 2002 in London, as a service tailored mostly for residents in the United Kingdom.

With a mission to revolutionize the foreign exchange and international payments space, this fintech company has earned a reputation for its fresh and original approach to money transfers. Caxton’s team is a diverse blend of experienced professionals and forward-thinking minds, creating an environment where innovation thrives.

Over the years, Caxton has made a significant impact in the industry, offering a range of services, including currency cards, international payments, and travel money solutions. Their dedication to innovation and technology-driven solutions has garnered a strong following, with more than 660,000 customers entrusting their money transfer needs to Caxton.

What truly sets Caxton apart is its culture of putting customers first. They understand that each transaction holds a story and strive to deliver exceptional service that caters to the unique needs of every individual. 

The company’s economic and social impact is noteworthy, as they continuously work to create cost-effective solutions, enabling customers to save money on international transactions. By providing convenient pricing and eliminating hidden fees, Caxton helps empower individuals and businesses worldwide.

Caxton’s unique blend of innovation, customer-centricity, and reliability has made it a distinguished and original player in the international money transfer landscape. Their dedication to enhancing the user experience and providing affordable solutions has cemented their position as a trusted partner for hundreds of thousands of UK residents.

Caxton Pros & Cons

	Pros	Cons
1.	Multiple payment options – Caxton allows you to fund your transfers using a bank account or debit card, giving you flexibility in choosing the most suitable payment method for your needs.	Limited exotic currency coverage – While Caxton supports a decent range of currencies, it may not cover some exotic or lesser-used currencies, which can be a limitation for users with specific transfer needs.
2.	Amazing customer service – Caxton is known for its responsive and helpful customer support team, ensuring that your queries and concerns are addressed promptly and efficiently.	No option for instant custom quotes – Caxton doesn’t provide an instant custom quote feature, which means you must go through the transfer process to assess the total cost of your transfer.
3.	High Trustpilot rating – A strong Trustpilot rating (4.7/5) reflects the positive experiences of many customers, showcasing Caxton’s commitment to delivering a reliable and trustworthy service.	Available only to UK residents – Caxton’s services are limited to UK residents, which restricts its accessibility to users based in other countries who may want to take advantage of its features.
4.	No transfer fees – Caxton doesn’t charge any fees for transfers, making it more affordable for you to send money internationally.	Undisclosed exchange rates – Caxton doesn’t transparently disclose the markup added to their exchange rates, making it difficult for users to know the exact cost of their transfer and compare it with other providers.
5.	Dedicated account managers – For business users, Caxton provides dedicated account managers who offer personalized support and guidance, ensuring a smooth money transfer experience.
6.	Convenient travel card – Caxton’s Currency Card is a prepaid travel card that allows you to hold and spend money in multiple currencies, providing a hassle-free solution for frequent travelers.
7.	Fast money transfers – Caxton ensures that your transfers are processed quickly, allowing recipients to receive funds in a timely manner.
8.	Exchange rate alerts option – With Caxton’s exchange rate alerts feature, you can set up notifications to be informed when your desired exchange rate is available, helping you make well-timed transfers.
9.	Global service coverage – Caxton’s extensive reach covers over 170 countries, making it a suitable option for a wide range of international money transfer needs.

Caxton Key Attributes

• Founded: 2002
• Headquarters: London, UK
• Other offices: As a small money transfer company, Caxton hasn’t branched out of its native UK yet. They don’t have any other offices besides the main one in London;
• Annual trading volume: Caxton’s latest annual report reveals that the company successfully transferred an impressive £1 billion in over 8.6 million transactions throughout 2022;
• Number of employees: Caxton is considered a small-sized business, employing around 170 people according to the company’s LinkedIn page;
• Trustpilot rating: Caxton ranks highly among the best international money transfer companies, boasting a Trustpilot rating of 4.7 out of 5 stars as of March 2023.
• Number of clients: Over the years, Caxton has provided numerous services to hundreds of thousands of customers, currently managing international and domestic money transfers for over 660,000 clients;
• Available countries: Caxton operates in almost every country, with only around 20 exceptions, making it a convenient choice for UK residents to securely transfer money to over 170 countries. Customers can also use Caxton’s travel card on more than 35 million ATMs worldwide;
• Number of currencies: Customers can benefit from Caxton’s digital multi-currency wallet, allowing them to store, send, and receive money in more than 28 different currencies;
• Minimum transfer limit: Caxton has a modest minimum transfer limit, requiring at least £100 (or currency equivalent) for each transaction;
• Maximum transfer limit: There is also a maximum transfer limit imposed by Caxton, capping single transactions at £100,000 (or currency equivalent);
• Transfer fee: Caxton does not charge transfer fees for any of its customers when making international money transfers;
• Exchange rate markup: Although Caxton doesn’t openly disclose the markup on their exchange rates, they claim to offer highly competitive rates, typically 1-3% better than most high street banks. The actual markup depends on various factors such as the recipient location, the currencies involved in the transfer, and the payment method used to pay for the transfer;
• Sending money: To make a money transfer with Caxton, customers can link their bank account or debit card to their online account. No alternative payment methods like credit card, cash, PayPal, mobile money, or cryptocurrencies are available. Note that if you wish to fund your transfer using your debit card, you can only load up to £10,000;
• Receiving money: Recipients can receive funds through Caxton directly into their specified bank account;
• Payments flexibility: Caxton offers a user-friendly web platform and mobile app for customers to initiate transfers and make payments by simply connecting their bank account or debit card;
• Supported languages: At the moment, Caxton’s services, including their website, mobile app, and customer support, are available only in English;
• Regulated by: Caxton is regulated under the Financial Services and Markets Act (FSMA) and the funds that it operates with are covered by the Financial Services Compensation Scheme (FSCS). The company is also under the supervision of the UK’s HM Revenue and Customs (HMRC) and the Financial Conduct Authority (FCA);
• Mobile app: Caxton offers an exceptional mobile app available for download on both Google Play for Android devices (unrated) and the App Store for iOS devices (with a rating of 4.6 out of 5 stars). The app equips customers with a variety of financial and transfer features, such as:
  • Conducting international and domestic money transfers;
  • Tracking the status of each transfer;
  • Accessing live currency rates;
  • Managing funds in a digital multi-currency wallet;
  • Exchanging between different currencies;
  • Setting up exchange rate alerts.
    
    Additionally, Caxton provides a dedicated app for managing the Caxton Currency Card, which is also accessible on both the App Store and Google Play store;

• Awards: Besides being constantly mentioned in news and media outlets, Caxton hasn’t received many official recognitions. These are the only awards we could discover that the company received in recent years:
  • FX Provider of the Year (FT and Investors Chronicle Awards, 2018);
  • 5 Star Travel Prepaid Card (Moneyfacts, 2018).

Caxton Features

Caxton offers a range of account options to cater to the diverse needs of its customers, whether they are individuals or businesses. Here, we’ll delve into the types of accounts available with Caxton and provide brief explanations for the benefits associated with each, followed by an overview of the money transfer options and their advantages.

Personal Accounts:

Caxton’s personal accounts are designed for individuals who need to make international money transfers, exchange currencies, or manage a multi-currency wallet. The benefits of having a personal Caxton account include:

• Competitive exchange rates: Enjoy better rates compared to traditional banks;
• Zero transfer fees: Send money without incurring additional costs;
• Access to the digital multi-currency wallet: Store, send, and receive money in multiple currencies;
• Convenient online platform and mobile app: Manage your transactions on the go;
• Exchange rate alerts: Stay informed about favorable exchange rates;
• 24/7 customer support: Get assistance whenever you need it.

Business Accounts:

Tailored for businesses engaged in international trade and transactions, Caxton’s business accounts offer a suite of features and services to facilitate cross-border payments. Business accounts come with all of the benefits included on personal accounts, plus:

• Dedicated account manager: Caxton provides personalized support and guidance to businesses by assigning a dedicated account manager who assists with transactions and offers expert advice;
• Bulk payment options: Businesses can streamline their payment process by sending multiple payments to different recipients in a single transaction, saving time and resources;
• Risk management solutions: Caxton offers tools to protect businesses from currency fluctuations, such as forward contracts and market orders;
• API integration for seamless transactions: Caxton’s API integration allows businesses to automate their international transfers, improving efficiency and reducing manual intervention. This feature helps businesses integrate Caxton’s services directly into their existing software or systems.

Additionally, Caxton users can choose one of the following hedging solutions when making an international money transfer:

• Forward contracts – Secure the present exchange rate for a fixed duration (up to 12 months), providing certainty and safeguarding your profits against unfavorable currency fluctuations;
• Spot contracts – An efficient, fast, and straightforward method for purchasing money to transfer abroad promptly. Obtain the day’s rate, with the flexibility to settle within five working days;
• Market orders – When you have a specific exchange rate in mind but aren’t in a rush to buy immediately, a market order can assist you in securing a more favorable deal.

Caxton Currency Card

Another highly-valued Caxton feature is their Currency Card – a prepaid travel card designed for individuals who frequently travel abroad. Benefits of owning the card include:

• Load and spend in multiple currencies: The card allows you to manage various currencies simultaneously, making it easier to handle expenses in different countries without needing multiple cards;
• Lock-in exchange rates: By locking in exchange rates before your trip, you can protect yourself from unexpected currency fluctuations, ensuring more predictable expenses during your travels;
• No transaction fees while spending abroad: When using the Caxton Currency Card overseas, you won’t have to worry about additional transaction fees, saving on unnecessary costs;
• Contactless payments: The card supports tap-and-go transactions, offering a quick and convenient payment method while you’re on the move;
• Worldwide acceptance (Mastercard®): Accepted at over 35 million ATMs and billions of locations across the globe, the Caxton Currency Card provides you with unparalleled accessibility and convenience during your travels;
• Access to Caxton’s mobile app for easy management: The card can be managed using Caxton’s mobile app, allowing you to monitor your balance, transactions, and more, all from the convenience of your smartphone.

Caxton International Money Transfer Costs

Understanding the cost structure of Caxton’s international money transfers is essential for users to make informed decisions. In this section, we’ll break down the transfer fees, exchange rates, and any additional fees that users might encounter.

Transfer Fees

One of the key advantages of using Caxton for international money transfers is their zero transfer fee policy. This means that users can send money abroad without having to worry about incurring extra charges. This feature is particularly beneficial for those who want to keep their transaction costs low or make small and frequent international money transfers.

Exchange Rates

Caxton offers competitive exchange rates compared to traditional banks, helping users save on currency conversion costs. While the exact exchange rate may vary depending on the currency pair and market conditions, Caxton strives to provide the best possible rates to its customers.

Users should be aware that Caxton may add a markup to the mid-market rate, which is a common practice among currency exchange providers. The markup is not always transparently disclosed, but Caxton claims that their rates are typically 1-3% better than most high street banks.

Additional Fees

In general, Caxton does not charge any additional fees for their international money transfer services. However, users should be mindful of potential intermediary or receiving bank fees, which may be levied by other institutions involved in the transfer process. These fees are beyond Caxton’s control and can vary depending on the banks and countries involved.

Contacting your dedicated account manager or Caxton’s customer support is always a good idea to stay ahead of any hidden fees regarding your planned international money transfers.

How Safe is Caxton?

Ensuring the safety of customers’ funds and protecting their personal information is the first thing to look for when choosing an international money transfer provider. Caxton takes the following measures to ensure their customers are in safe hands:

• Account security: Caxton employs industry-standard security protocols to protect customers’ online accounts. They use secure socket layer (SSL) encryption to safeguard sensitive data during transmission, and their online platform undergoes regular security audits to ensure the highest level of protection;
• Segregated client accounts: To further protect customers’ funds, Caxton holds client money in segregated accounts, separate from their own operating funds. This practice ensures that customers’ money is protected, even in the unlikely event of Caxton facing financial difficulties or collapse;
• Fraud prevention measures: Caxton has implemented robust fraud prevention measures, such as identity verification and transaction monitoring, to identify and prevent suspicious activities. They also educate customers on how to protect themselves from fraud and phishing attempts through website pop-ups, email updates, and mobile notifications;
• Data protection: Caxton complies with data protection regulations, such as the General Data Protection Regulation (GDPR). Under this legislation, Caxton is guided on how to collect, process, and store personal data. This ensures that customers’ personal information is handled securely and responsibly.

Caxton is also a subject of the following regulatory authorizations: 

• The Financial Services and Markets Act (FSMA);
• The UK’s HM Revenue and Customs (HMRC);
• The Financial Conduct Authority (FCA);
• The funds that it operates with are covered by the Financial Services Compensation Scheme (FSCS).

This means that Caxton is subject to strict regulations and oversight. These regulatory institutions set high standards for finance and money transfer companies, including anti-money laundering and consumer protection measures. Caxton’s FCA registration number is 900663, serving as proof that provides users with confidence in the company’s adherence to regulatory requirements.

How Fast is Caxton?

The speed of international money transfers is a critical factor for many users, particularly when dealing with time-sensitive transactions. In this section, we’ll examine how fast Caxton’s money transfers are and what the company does to expedite the process. Additionally, we’ll provide a comparison with the industry average.

1. Transfer speed: Caxton’s international money transfers typically take between 1-3 business days to reach the recipient’s account. However, the exact time frame may vary, depending on factors such as the currencies involved, the destination country, and the receiving bank’s processing times. Caxton works diligently to ensure transfers are processed as quickly as possible, with many transactions being completed within 24 hours;
2. Faster payments: Caxton is a participant in the UK’s Faster Payments Service, which allows for near-instant transfers between participating banks in the country. This means that when transferring funds within the UK or converting GBP to another currency, Caxton can process the transfer even faster;
3. Comparison with the industry average: The industry average for international money transfers ranges from 1-5 business days, depending on the provider and the specific transfer details. Caxton’s transfer speed of 1-2 business days positions them favorably within the industry, offering users a faster and more efficient service compared to many traditional banks and some other money transfer providers.

How to Use Caxton

Caxton prides itself on offering an easy and straightforward process for international money transfers, ensuring that customers can efficiently send money across borders without any hassle. To begin Caxton for your international money transfers, check out the following step-by-step guide:

1. Sign up for an account: Start by visiting the Caxton website (or download their mobile app) and register for a personal or business account. During registration, you’ll be asked to provide basic personal or company information, as well as proof of identity;
2. Verify your account: After signing up, Caxton will verify your account. This process may involve providing additional documents for identity verification and address confirmation. Once your account is verified, you’ll gain access to all of Caxton’s features;
3. Add a recipient: Before initiating a transfer, first add the recipient by entering their name, address, bank account number, and bank routing details (such as SWIFT/BIC or IBAN). You can save this information for future transfers, making it even more convenient for subsequent transactions;
4. Initiate a transfer: When you’re ready to make a domestic or international transfer, first choose the currency pair (the currency you’re sending and the currency your recipient will receive). Then, input the amount you’d like to send and select your preferred payment method (either bank account or debit card). Caxton will then provide you with the exchange rate and transfer details;
5. Confirm and send: Review the transfer details, including the exchange rate, and the estimated arrival time. If everything looks correct, confirm and send your transfer;
6. Track your transfer: You can monitor the progress of your transfer using the Caxton website or mobile app. Stay informed with notifications updating you on the transfer’s completion and real-time status tracking.

By following these straightforward steps, you’ll discover the ease and convenience of Caxton’s international money transfer service, designed to accommodate both personal and business users.

Caxton Cancellation Policy

Understanding the cancellation policy of a money transfer provider is essential for customers who may need to cancel or modify their transactions. Let’s explore how Caxton handles cancellations and refunds and the ease or difficulty of canceling an international money transfer with them.

1. Cancellation window: Once you’ve initiated a transfer with Caxton, you can cancel your transaction within a short period of time. Make note that it’s very important to act quickly, as transfers are always processed quickly. Once the funds have been sent, it becomes increasingly difficult to cancel and reverse the transaction;
2. Contacting customer support: To cancel or modify your transfer, it’s best to reach out to your dedicated account manager or Caxton’s customer support team as soon as possible. They will assist you in determining whether the transfer can be canceled or altered. Their assistance can be particularly helpful in cases where the funds have not yet been sent or converted to the recipient’s currency;
3. Refunds: If you successfully cancel a transfer, Caxton will typically refund the amount you sent, minus any fees or exchange rate losses incurred during the process. Generally, refunds are issued to the initial payment method, like your bank account or debit card. Remember that the duration for receiving a refund may fluctuate based on the payment method and specific circumstances.
4. Difficulty of cancellation: Canceling an international money transfer with Caxton may be more challenging if the funds have already been sent or converted to the recipient’s currency. In such instances, it’s necessary to contact customer support to make sure that cancellation or modification is feasible and to identify the necessary steps to address the situation.

Caxton Customer Service

Caxton is known for its strong commitment to providing excellent customer service, which has been widely praised by its users. The company offers several support options to ensure that customers have a positive experience while using their money transfer services.

• Multiple channels: Caxton provides various ways to reach their customer support team, including phone, email, and live chat. This makes it easy for customers to choose their preferred method of communication and receive assistance in a timely manner;
• Quick response time: Customers have praised Caxton’s prompt response times, with many reporting that their queries and concerns were addressed effectively and efficiently. This quick turnaround helps ensure that customers feel valued and supported throughout their interactions with the company;
• Knowledgeable staff: Caxton’s customer service team is well-trained and knowledgeable about the company’s products and services. That makes them highly competent in providing accurate and helpful information to customers, allowing them to make informed decisions about their money transfers;
• Positive reviews: Caxton has received a high Trustpilot rating (4.7 out of 5 stars as of March 2023), with many customers commending the company’s responsive and helpful customer service. These positive reviews indicate that the company’s customer support plays a significant role in maintaining customer satisfaction.

To contact Caxton, you can use the following customer support channels:

Personal users:

• Email: card@caxton.io
• UK phone: 0333 123 1815
• International phone: +44 (0) 207 235 3435
• Lines are open from Monday to Friday from 8 am to 6 pm

Business users:

• New customers:
  • Phone: 0207 042 7611
  • Email: hello@caxton.io
• Existing customers:
  • Phone: 0207 201 0554
  • Email: support@caxtonfx.com
• Lines are open from Monday to Friday from 8 am to 7 pm

Currency Card users:

• Email: card@caxton.io
• UK phone: 0333 123 1812
• International phone: +44 (0) 207 201 0526
• Lines are open from Monday to Friday from 8 am to 7 pm and Saturday to Sunday from 9 am to 5 pm

How Does Caxton Compare With Its Competitors?

When we talk about Caxton’s place in the international money transfer scene, it’s evident that they’ve made a name for themselves by offering competitive rates, top-notch customer service, and features that cater to both individuals and businesses. Let’s take a closer look at how they compare to other big names in the world of international money transfers.

Where Caxton excels:

• No transfer fees: Unlike some competitors, Caxton stands out by offering fee-free international money transfers, allowing users to save on costs;
• User-friendly platform: Caxton’s intuitive web platform and mobile app make it easy for customers to navigate and manage their transfers, giving them an edge over some competitors with less user-friendly interfaces;
• Currency Card: The unique Caxton Currency Card is a major plus for frequent travelers, offering convenience and cost savings that other providers may not have in their product lineup.

Where Caxton could improve:

• Exchange rate transparency: While Caxton claims to have competitive rates, they don’t clearly disclose their exchange rate markups, which may leave some users feeling uncertain. Big competitors like Wise (formerly TransferWise) are known for their transparent fee structures and real-time exchange rates;
• Speed of transfers: Some competitors, such as Remitly or WorldRemit, may offer faster transfer options. While Caxton provides a solid service, they may not always be the quickest choice for customers who need to send money urgently;
• Additional payment methods: Caxton currently allows users to fund transfers via bank accounts or debit cards, but they don’t support credit cards, PayPal, or mobile money. Competitors like Revolut and WorldRemit offer a wider range of payment methods, giving users more flexibility.

Caxton vs. TorFX

Feature	Caxton	TorFX
Founded in	2002	2004
Trading Volume	£1 billion per year	Over £10 billion per year
Trustpilot Rating	4.7 / 5	4.9 / 5
Suitable for	Both small and large money transfers.	Both small and large money transfers.
Transfer Fee	No fee	No fee
Average Exchange Rate Markup	Caxton’s exchange rate markup is not disclosed but they claim they provide 1-3% better exchange rates than traditional banks and other money transfer services.	Added to the mid-market exchange rate and varies between 1.9% for large transfers and 2.7% for small transfers.
Minimum Transfer Amount	£100 (or currency equivalent)	£100 (or currency equivalent);(£500 for recurring money transfers).
Maximum Transfer Amount	£100,000 (or currency equivalent); £10,000 if paying with a debit card.	No limit (£10,000 for recurring money transfers).
Transfer Speed	1-2 business days on average	0-2 business days on average
Dedicated Dealer	Only for business customers	Yes
Countries Covered	Over 170 countries worldwide	Over 120 countries worldwide
Currencies Covered	28 global currencies	More than 40 global currencies
Payment Methods	Bank account and debit card	Bank account for all users;Bank account, debit/credit card, and check for UK bank holders.
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	No. Quotes are available through email for registered users.	No. Quotes are available through email for registered users.
Business Features	Spot contracts, forward contracts, API integration, risk management tools, batch payments, and rate alerts.	Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, rate alerts, and automatic payments.
Flagship Debit Card	Caxton Currency Card (multi-currency travel card)	No
Mobile App	Yes	Yes
Cancellation Policy	While Caxton does offer a cancellation policy, the ease of canceling an international money transfer largely depends on how quickly you act and the status of the transaction.	Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.

Read our full TorFX review.

Caxton vs. Wise

Feature	Caxton	Wise
Founded in	2002	2011
Trading Volume	£1 billion per year	£76.4 billion in 2022
Trustpilot Rating	4.7 / 5	4.5 / 5
Suitable for	Both small and large money transfers.	Small money transfers
Transfer Fee	No fee	Variable fee – 0.4% – 0.6% of total amount (on average);Fixed fee – £0.2 – £0.3 on average.
Average Exchange Rate Markup	Caxton’s exchange rate markup is not disclosed but they claim they provide 1-3% better exchange rates than traditional banks and other money transfer services.	No markup on mid-market rates.
Minimum Transfer Amount	£100 (or currency equivalent)	£1
Maximum Transfer Amount	£100,000 (or currency equivalent); £10,000 if paying with a debit card.	$6,000,000 USD;$1.8 million AUD;$1.5 million CAD;€6,000,000 EUR;£5,000,000 GBP.
Transfer Speed	1-2 business days on average	0-2 days (within minutes for over 50% of the transfers)
Dedicated Dealer	Only for business customers	No
Countries Covered	Over 170 countries worldwide	Over 170 countries worldwide
Currencies Covered	28 global currencies	Over 50 global currencies
Payment Methods	Bank account and debit card	Bank account, credit/debit card, Apple/Google Pay, PayPal
Receiving Methods	Bank account	Bank account or ATM (through an online account)
Cash Pick-Up Option	No	No
Instant Custom Quote	No. Quotes are available through email for registered users.	Yes
Business Features	Spot contracts, forward contracts, API integration, risk management tools, batch payments, and rate alerts.	Batch payments, invoicing, multi-user access, recurring transfers, digital multi-currency wallet, rate alerts, and API integration.
Flagship Debit Card	Caxton Currency Card (multi-currency travel card)	Yes
Mobile App	Yes	Yes
Cancellation Policy	While Caxton does offer a cancellation policy, the ease of canceling an international money transfer largely depends on how quickly you act and the status of the transaction.	Users can cancel a transfer as long as they’re able to see the “cancel transfer” option on their transfer.

Read our full Wise review.

Caxton vs. Remitly

Feature	Caxton	Remitly
Founded in	2002	2011
Trading Volume	£1 billion per year	$20.4 billion in 2021
Trustpilot Rating	4.7 / 5	4.1 / 5
Suitable for	Both small and large money transfers.	Remittances (small monthly money transfers to family or friends).
Transfer Fee	No fee	$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).
Average Exchange Rate Markup	Caxton’s exchange rate markup is not disclosed but they claim they provide 1-3% better exchange rates than traditional banks and other money transfer services.	1% – 2.5% on mid-market rates on average (can range between 0.5% and 3.7%).
Minimum Transfer Amount	£100 (or currency equivalent)	$1 (or currency equivalent)
Maximum Transfer Amount	£100,000 (or currency equivalent); £10,000 if paying with a debit card.	Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).
Transfer Speed	1-2 business days on average	Within minutes (Express delivery);3-5 business days (Economy delivery).
Dedicated Dealer	Only for business customers	No
Countries Covered	Over 170 countries worldwide	Over 180 countries worldwide
Currencies Covered	28 global currencies	Over 75 global currencies
Payment Methods	Bank account and debit card	Bank account, credit or debit card, Passbook (USA), Klarna (Germany and Austria), SEPA (France), and iDEAL (the Netherlands).
Receiving Methods	Bank account	Bank account, cash pick-up, mobile wallet, and home delivery.
Cash Pick-Up Option	No	Yes (about 400,000 locations worldwide).
Instant Custom Quote	No. Quotes are available through email for registered users.	No
Business Features	Spot contracts, forward contracts, API integration, risk management tools, batch payments, and rate alerts.	No
Flagship Debit Card	Caxton Currency Card (multi-currency travel card)	Yes (Passbook card)
Mobile App	Yes	Yes
Cancellation Policy	While Caxton does offer a cancellation policy, the ease of canceling an international money transfer largely depends on how quickly you act and the status of the transaction.	Only available for transfers that are still “in the hands” of Remitly. Once they are intercepted by a bank, transfers cannot be canceled.

Read our full Remitly review.

Caxton Customer Reviews

When it comes to understanding Caxton’s reputation, looking at customer reviews can provide valuable insights into the overall user experience. Based on online feedback, Caxton appears to enjoy a largely positive reception from its customers.

On Trustpilot, Caxton boasts a high rating of 4.7 out of 5 stars (as of March 2023), which speaks volumes about their commitment to customer satisfaction. Many reviews praise the company for its user-friendly platform, competitive exchange rates, and responsive customer support.

Customers often highlight the convenience and ease of use provided by the Caxton app and web platform. They appreciate the simple process of initiating transfers, tracking their progress, and managing their accounts. The lack of transfer fees is also frequently mentioned as a reason for choosing Caxton over other providers.

However, it’s worth noting that no company is without its critics. Some customers have mentioned concerns regarding the speed of transfers or a lack of transparency in exchange rate markups. While these issues are not prevalent, they are important to consider when evaluating the overall customer experience.

Positive Caxton Customer Reviews

Booked parking through Holiday Extras and there was an offer to open a prepaid currency card with Caxton. I opened the account and loaded the card with currency but there was no sign of the offer being credited to my account. I sent an email explaining the situation and once I gave the booking reference, the money was immediately credited. Great service and a company that looks after its customers.

– Ian Marshall

Thank you Caxton for a swift response to my account access difficulties. I had a problem with my Caxton card and rang the company today for advice. The person I spoke to was very helpful and determined that it was an IT problem. She told me she would refer it although it could take a few days to resolve. I was therefore surprised – and extremely grateful – to get an email this afternoon explaining the problem and advising me that it would be resolved by tomorrow. I am so relieved as I will be traveling abroad soon. Thank you to both the helpline person and to Micaiah in IT

– Pip Kings

Help with navigating a potentially difficult process. Being away from the UK and needing to top up a foreign currency and having problems with one’s bank can prod worrying moments, or more. Clara Hickey at Caxton came to my rescue to help with an alternative process to get more currency on my much-needed card. Her patient outline of what to do step by step with international payments helped this non-techie navigate a potentially difficult process that worked. And her follow-up check showed real customer focus. Huge thanks.

– Ronnie Stronge

Expired Caxton card. I phoned up to ask about my Caxton card which had been lying in a drawer for the last couple of years and had expired. It was easy to get through on the phone, and the customer advisor was quick to understand my concerns and provide answers. She also explained clearly how to use the card to avoid charges in future, and was able to reinstate my account and order a new card for me.

– Orla

Negative Caxton Customer Reviews

App isn’t great but the customer service team did a good job. The app didn’t work well for me (it still doesn’t) so when a top up transfer completes there’s no way to close the window, instead you have to go back through the steps and hope it went through!

I was keen to know if a transaction had been completed but as the opening hours are restricted that’s hard to do in the middle of a family holiday. All that said, the customer service team were helpful and checked everything I requested with much patience given my frustration here!

– Katy

Good but some worrying issues. Love the idea of the card in principle but a few things make me anxious. I registered many months ago but only applied for a card this month. I didn’t get my £10 from Caxton without a bit of debate as they said it’s for new customers only which I had to prove I was. Yesterday (in Spain) my card kept being declined in stores even though I have lots of credit loaded. I’d put my trust in this Caxton card and had no other way of paying so had to borrow from friends.

With that, now comes bank charges and embarrassment. I tried the email address and Twitter to find out what the problem was and finally after an age I got them on the phone to find out the problem is their end. It’s now working again but I’m not sure I can rely on this. What’s the point of loading a card to avoid bank charges if the card won’t work?

– Paul McNulty

It isn’t easy to communicate. I called customer service and after waiting for about 15 minutes, I was only able to leave a message with the operator. I was promised that somebody would call me that day, before 7 o’clock or even tomorrow, all day long. Obviously, this company does not have enough staff to answer telephone calls, which could be a problem if you need to resolve something instantly.

– Lyudmila

Caxton Alternatives

WorldRemit

WorldRemit is a popular option in the international money transfer space, offering some unique features that may make it a better choice for certain users when compared to Caxton. Some of these features include:

• Transfer options: WorldRemit offers a wider variety of transfer options beyond traditional bank transfers. Customers can send money through cash pickup, mobile money, and even airtime top-ups for mobile phones;
• Speed of transfers: WorldRemit is known for its fast transfer times, often completing transactions within minutes or hours, depending on the destination country and transfer method;
• Payment methods: WorldRemit supports a broader range of payment methods, including credit cards, debit cards, bank transfers, and even Apple Pay or Google Pay in some countries;
• Promotions and discounts: WorldRemit occasionally offers promotions and discounts for new customers, providing incentives to try their services and potentially save on transfer costs.

Revolut

Revolut is another popular financial service provider that offers slightly different features and services from Caxton. Here are some key aspects of Revolut that make it a compelling alternative to Caxton for international money transfers and related services:

• Multi-currency accounts: Revolut allows users to hold and manage multiple currencies in their account, which can be beneficial for frequent travelers or those who conduct business in various countries;
• Competitive exchange rates: Revolut offers real-time interbank exchange rates for money transfers, which are typically more competitive than traditional banks and some other financial service providers. This can lead to cost savings when sending or receiving money internationally;
• Instant money transfers: Revolut’s money transfer service is often faster than Caxton’s, with many transfers being completed within seconds;
• Cryptocurrency support: Revolut offers support for buying, selling, and holding a variety of cryptocurrencies, which can be an attractive feature for users interested in digital assets. Caxton does not provide this option;
• Budgeting and analytics tools: Revolut provides users with budgeting tools and spending analytics, which can help them manage their finances more effectively. This feature may not be as comprehensive with Caxton;
• Subscriptions and rewards: Revolut offers different subscription plans, including premium and metal plans, that provide additional benefits like cashback on spending, overseas medical insurance, and priority customer support;
• Integration with other platforms: Revolut can be integrated with popular platforms like Apple Pay and Google Pay for easier online and local payments.

OFX

OFX is another reputable player in the international money transfer market, offering some distinct features that may make it a more suitable option for certain users when compared to Caxton. Some of these unique features include:

• No transfer limits: Unlike Caxton, which imposes a minimum and maximum limit on transfer amounts, OFX does not have any maximum transfer limits;
• Competitive exchange rates: OFX is known for offering highly competitive exchange rates, especially for larger transfer amounts;
• 24/7 customer support: OFX provides round-the-clock customer support, allowing users to get assistance with their transfers at any time;
• Limit orders: OFX offers additional tools for managing currency risk, such as limit orders that allow customers to set a target exchange rate for their transactions;
• Dedicated account managers: OFX assigns dedicated account managers to all of their customers, providing personalized support and guidance throughout the money transfer process.

Conclusion

As we’ve explored in this review, Caxton stands out as a solid contender in the international money transfer arena, offering an array of features that cater to both personal and business users. Their competitive exchange rates, user-friendly platform, and commitment to customer satisfaction make them an appealing choice for many.

That being said, the fintech landscape is ever-evolving, and staying in the loop with the latest innovations and players is a necessary trait. As we’ve discussed, alternatives like WorldRemit and OFX also bring unique benefits to the table, which might better suit your specific needs. 

At the end of the day, it’s all about finding the most suitable tool for your money-transfer adventures.

F.A.Q.