In response to the needs of its customers, foreign currency specialist, Caxton FX, has launched a new emergency service, allowing customers who may have lost or misplaced their currency card to get a replacement – delivered at any time of the day or night.
The London-based company has teamed up with Life Continuity, the UK’s leading provider of everyday emergency rescue services, to launch the Caxton FX Currency Lifeline service today after they experienced a growing number of their customers missing out on a well-earned holiday by turning up at the airport having forgotten their wallet or purse.
James Hickman, MD of Caxton FX, said: “If you turn up at an airport and suddenly realise that you’ve forgotten your wallet, your best, and probably only, option is to return home quickly to try to retrieve it.
“However, not only do you run the risk of missing your original flight but you may also have to shell out a significant amount of money to pay for a replacement. When booking new flights at the last minute – possibly for your entire family – the cost could be considerable.
He added: “In the peak summer holiday season of 2011, well over a dozen customers a month contacted us to arrange a replacement card in these circumstances. Our rapidly growing customer base, coupled with additional travel associated with the Olympics, means that we anticipate much higher levels this year.
“With our new emergency card service, all they now need to do is phone our regular Customer Services number, any time of the day or night, and we will get them a replacement card within the hour. This ensures that they can continue to travel, safe in the knowledge that they’ve got a widely accepted method of payment.”
Research conducted by Life Continuity reveals that airline rules mean that the cost of missing your flight can really add up. As one might expect, low-cost airlines are the strictest with their terms and conditions. Ryanair does not allow customers to transfer their flights less than four hours before the original flight departs, meaning that you’d need to pay for a completely new flight.
Other airlines, such as BMI Baby, do allow customers to transfer their flights for a £35 fee per person plus the difference in the cost of the original and new flight. However, the low-cost airline pricing model means flights booked at the last minute are often considerably more expensive than those booked in advance.
TheCurrency Lifelineservice costs £50 and, if you are at an airport or city centre, you’re likely to receive the emergency card within an hour; for more remote locations, it’s likely to be within two hours. The cards are delivered from one of 18 depots across the UK.
The funds on the original currency card can be transferred to the emergency card, or the emergency card can be loaded with a fresh supply of funds during office hours.
Caxton FX’s currency cards tend to be used by people going overseas looking to save on their holiday costs. Caxton FX’s newCurrency Lifelineservice, however, could also be a lifeline for people who have lost or forgotten their wallet whilst travelling within the UK, whether for business or pleasure. They can order a replacement currency card to be delivered within the hour, rather than wait several days for their bank to send out a new card.
Research by Caxton FX has shown that the majority of high street banks take between three and five working days to send out replacement cards. Barclays was one of the better performers taking just two working days to deliver. However, Santander and Amex were two of the bigger offenders, leaving customers waiting seven to 10 working days to get a replacement card.
NatWest offers a service where you can access £300 if you have misplaced your debit card. However, you can only withdraw the money from a NatWest or RBS Bank cash machine. You also need to be an online or telephone banking customer – otherwise, you will only be able to withdraw up to £60.
Edward Madden, Director at Life Continuity, said: “I’m sure there are many people who have arrived at a hotel or gone to pay their bill at a restaurant in the UK when they suddenly realise they have misplaced or forgotten their wallet.
“For many, this would mean a ruined business trip or weekend break. Not for Caxton FX customers who, by using the Currency Lifelineservice,just need to call the Customer Services line and request a replacement card. An hour later, the card will be delivered to them to use while they wait for their replacement debit and/or credit cards to arrive in the post.”
Notes to editors
Further details of the service includes:
- Delivery is available 24/7 to anywhere in mainland UK, including Northern Ireland
- The delivery of the card is provided by Life Continuity, which delivers the cards from one of 18 depots across the country
Customer calls Caxton FX during office hours; Caxton FX connects customer to Life Continuity which captures name, detailed location, detailed physical description, mobile number and issues password; the card is delivered by Life Continuity’s couriers
Customer calls Caxton FX outsideof regular hours; the call is automatically transferred to Caxton FX’s out-of-hours service who then talk to the customer before switching the call to Life Continuity; the same process is followed as above
- Life Continuity aims to deliver within the hour (two hours if in remote locations) but cannot guarantee a specific time.
In June, Caxton FX visited the websites and made phone calls to HSBC, NatWest, Santander, Barclays, RBS, Lloyds TSB, Barclaycard and Amex to find out the delivery time of their replacement cards.
Details of NatWest’s emergency cash service can be found here: http://www.natwest.com/personal/current-accounts/g4/cards/abroad.ashx#tabs=section1
Life Continuity visited Ryanair (http://www.ryanair.com/en/terms-and-conditions#regulations-flightandnamechanges) and bmibay (http://www.bmibaby.com/bmibaby/terms_and_conditions/fees_and_charges.aspx) to find out charges to change flight details.
About Caxton FX
Caxton FX is a foreign exchange company authorised and regulated by the Financial Services Authority for the provision of payment services.
At Caxton FX it is our mission to make foreign exchange convenient, fee-free, transparent and protected.
Founded in 2002, it offers great rates and fee-free transfers on large and small currency transfer transactions. The company also offers advice on timing and hedging strategies and is a leading commentator in the media on trends in the foreign exchange markets.
Caxton FX offers three prepaid currency cards: the euro, the dollar and the Global Traveller (Sterling), which is suitable for use worldwide. Caxton FX corporate currency cards offer the same great exchange rates, and administration systems to help reduce business travel costs.
Our FastPay service, which brings an online service enabling regular payments of small sums overseas with no transaction charges, brings significant savings to our customers. Over 96% of our FastPay customers recommend it.
About Life Continuity
Life Continuity™ are specialists in the 24-hour rapid delivery of personal, critical items.
Since 2005, Life Continuity has provided a range of rescue services which enable people who experience an everyday emergency to continue their day with the minimum of disruption. The
services, which provide modern, effective alternatives to expensive or out-dated solutions, include SpareKeys, SparePlastic and MobileQuick.
The company operates a national service from 18 depots across the UK, including Northern Ireland. Rescues are typically completed within an hour of the customer’s request. The record is eight minutes.
The services are currently available to over 500,000 consumers via financial services and retail brands, including Santander Bank and Europ Assistance. SpareKeys is also available direct to the consumer via the new website www.sparekeys.com.
Life Continuity is the trading name of SpareKeys.com Ltd.