This is a process imposed by the merchant or ATM provider and not by Caxton FX.
The merchant or ATM should ask you if you wanted to pay in the local currency. When processing a transaction in sterling on your card, the retailer or ATM converts the transaction in your home currency with the intention of providing the exchange rate and, generally, you will lose out.
In order to avoid this happening, please check the payment or ATM screen or ask the merchant for the currency in which the transaction is being processed. If the value you are shown is in sterling, please ask that it be changed to the local currency to avoid DCC. You can find more information here
To update your personal information such as your address, phone number and contact email you can do this yourself via the online system. Once logged into your account in the top right hand corner click 'Manage Account'
Please note an address change can take up to 24 hours to be approved if documentation is required.
If you need to update your name, please send in a copy of your marriage or deed poll certificate to email@example.com
If you need to update your email address/username please email firstname.lastname@example.org from your current username.
To add a new debit card to your account please follow the steps below:
1- Log into your account and go to 'My Debit Cards' and delete any old debit cards - (you can only have 2 registered at a time) 2 - Click 'Add Debit Card’ 3 - Enter your card details 4 - Click ‘Submit’ 5 - You will then be redirected to your bank and will need to complete your banking password 6 - You have now added your debit card*
*Please note that the success of adding a debit card is subject to an address check and successful completion of your banking password.
Please be aware you cannot load via the app until you have made a card load online.
You can use your card in a country where you are unable to preload the local currency you will need to load your card in Sterling. When you use your card overseas we will use the MasterCard settlement rate and an FX mark up of 2.49% to exchange the funds.
With regard to the FX mark-up, the 2.49% relates to the margin we apply to the MasterCard settlement rate when converting your sterling into local currency.
- assume that the £ to € MasterCard settlement exchange rate is £1 = €1.25
- converting £10 would yield €12.50 and, with the 2.5% differential, £10 = €12.1875
Naturally, whilst the yield is lower than that represented by the MasterCard settlement exchange rate, it tends to be better than that offered by the banks.
Your card is loaded in sterling and those funds are not converted to the local currency until you make a purchase or an ATM withdrawal. The 2.49% margin is charged at that point since the transaction occurs in a currency different to that which is on the card.
To make a money transfer from the online system. Simply log into your account online or click here and click the 'International Payments' tab along the top of the page. Or you can call our traders on: 0333 123 1815 - Helpdesk open: Monday - Friday 08:00 - 18:00
Please note the Currency Card and Money transfer products are separate. Funds on the Currency card cannot be used for a Money transfer and funds in money transfer (currency bank balance) cannot be loaded onto the card.
To update your address, you simply need to log into your account online and click 'Manage Account' in the top right hand corner. An address change can take up to 24 hours to be approved (this maybe longer over the weekend)
If we require documentation to support your address change the following is acceptable as long as it is showing your name and address and dated within the last three months:
gas, electricity or water bill council tax bill home telephone bill (not mobile) bank statement (not credit card)
The Card is an e-money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Card. This means that in the unlikely event that Valitor hf. becomes insolvent your funds may become valueless and unusable and as a result you may lose all of your money.
Valitor hf. ensures that once it has received your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your Card. In the event that Valitor hf. becomes insolvent, funds against which Valitor hf. has already issued electronic money are protected against the claims made by creditors.
If the currency you want to load is not available to load directly onto the card we would recommend loading GBP (Great British Pounds) on to the card, the card will then convert to local currency at the time of the transaction.
When paying overseas always choose to pay in local currency never chose to pay in GBP as you may receive the merchants exchange rate which is normally poorer.