Saving money on foreign transactions


Occasionally when I come across a service which just seems to make perfect sense I feel the need to write about it.
When it also offers a way to spend less money on stuff you really don’t want to have to pay for at all, then I feel it is all the more important I share the good news!
CaxtonFX is the provider of one such service and I would like to point out at the outset that I have no connection, affiliation or any other commercial interest in them save for being a happy customer! I also realise this service is not unique, but it is the one I have happened across and works for me. CaxtonFX offer a number of services in the foreign transaction space, but the one I am particularly enamoured with is their online foreign currency payments product.
I have used this to pay a number of suppliers and partners in both the Eurozone and the USA with ease and it is certainly a tool we will be making more use off as our global conference recording and web broadcasting business continues to expand.
In a nutshell this service allows me to easily make foreign currency payments at any time I like at a better exchange rate than the bank offers and for NO additional fee. Compare that to the bank who charge me £17 every time I make such a transaction, which can rack up to a significant amount over time. I know some banks don’t even allow foreign currency payments without a lot of form filling. Not only that, with CaxtonFX I can access the payment system at any time I like; with my bank it has to be between 0830 and 1530 (UK time) Monday to Friday, which if you are dealing with a supplier in a different timezone can delay a payment considerably. The service is very simple to use and I make my payments using a debit card, but I think you can also do a bank transfer.

I got to hear about the service when I met Guy Richardson who is Corporate Sales Manager of Caxton FX at an Eventia evening last year. When he told about what they did I was sceptical and thought there had to be a catch – you know the old adage “if it sounds too good to be true it probably is”, or that I wouldn’t be doing enough transactions to be able to access the service. But having used this service a number of times now there really doesn’t seem to be a catch at all. It really is an easy and convenient way for anyone who needs to make foreign currency payments to avoid spending money on stuff you don’t want to! Guy and his team made setting up the account quick and easy and were very available to answer questions the first couple of times I used it.
Thanks CaxtonFX!