Why use currency cards?

Today's business currency card rates

Card enquiries

  • Tel: +44 207 042 7603

Card customers

  • Tel: +44 207 201 0528

Add to your company's bottom line

  • Gain competitive exchange rates for lower business expenses every time you go overseas
  • Eliminate point-of-sale usage charges and management fees when spending abroad*
  • Budgetary control is simple and hassle-free with our online account
  • Have central oversight of all employee cards with easy access to load and view transaction histories

*Caxton FX does not charge for international point of sale. However some merchants or ATMs may levy their own charges.

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We make overseas spending easy

  • Flexible spending - cards are available in euro (Europe Traveller), dollar (Dollar Traveller) and sterling (Global Traveller)
  • Same day turnover to set up your free account
  • 'Chip & PIN' secure
  • Accepted at over 31 million outlets and ATMs worldwide
  • Take a worldwide, Sterling-based card accepted anywhere, or lock in your rates by prepurchasing currency on our Euro or Dollar cards
  • Simply load and reload employees cards online, over the phone or by SMS before a business trip

How it works

Sending employees abroad can be expensive and complicated

Sending employees abroad can be expensive and complicated

Before your employees go abroad, load their currency cards by online. For US dollar or Euro cards, the money is loaded in Euros or dollars at the current rate, and then is available to spend without further fees or charges. For Global Traveller cards, the money is loaded in pounds sterling, and converts at the point of sale.

The card is now ready to use! Whether your employees are going to the United States, Europe, or worldwide, our cards are accepted anywhere Visa cards are, and are Chip-and-Pin secure. They work like a normal debit card, and both you and your employees can check the balance or reload the card at any time by SMS, going online, or calling our automated line.

The cards can be used to pay for employee accommodation, food, expenses and petty cash. They eliminate the need to give employees cash in advance, or reimburse their travel expenses after they go abroad. Instead, they allow you to prearrange how much money each employee will need, adding it remotely if the need arises, and monitor spending online.

Apply now

Take a Currency Card on my next business trip

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See what our Business currency card clients think...

Currency Cards reviews verified by Reevoo

Transparency
8.8
Ease of use
9.1
Value for money
8.9
Overall rating
8.9
Scores 8.9 out of 10 based on 3833 reviews
10 out of 10

Alan

Reading GB
+
Convenience
No
Confirmed purchase: 27 November 2014
Published on: 27 February 2015
10 out of 10

Margaret

co armagh GB
+
Big fan of this product.
None
Confirmed purchase: 26 November 2014
Published on: 26 February 2015
10 out of 10

B

DEvon GB
+
Not having to carry much cash and also the charges are cheaper than using my current account.
having a new pin number to remember, doh!
Confirmed purchase: 26 November 2014
Published on: 26 February 2015
8 out of 10

Nazia

Nottingham GB
+
I used it in Florida and there was not any problem at all. Very happy
Only bad point is that if the card is lost or stolen thn anybody can use it as there is no chip & pin system and the shop assistant hardly see your signature at the back.
Confirmed purchase: 26 November 2014
Published on: 26 February 2015
10 out of 10

Maureen

Luton GB
+
Using the card in restaurants when you can't find an ATM. - It's the modern equivalent of Travellers Cheques but without the fuss. Safer than carrying lots of cash around & easy to top up online when you are away.
Couldn't find an ATM in the US that didn't charge you for using it.
Confirmed purchase: 26 November 2014
Published on: 26 February 2015
10 out of 10

Pieternella

Sherborne GB
+
Reviewer left no comment
No nothing. I found it brilliant. So far no problem with the card in the Far East.
Confirmed purchase: 25 November 2014
Published on: 25 February 2015
10 out of 10

don

Wimborne GB
+
none
Reviewer left no comment
Confirmed purchase: 06 November 2014
Published on: 25 February 2015
10 out of 10

Kate

Armadale scotland GB
+
Easy to use, especially with app.
Reviewer left no comment
Confirmed purchase: 24 November 2014
Published on: 25 February 2015
8 out of 10

Grace

GB
+
Accepted everywhere, easy to upload money with the app once you have the passwords etc set up. Easy to call helpline and free if there are any problems
Lots of different pin numbers/password/verifications etc, understand that it has to be secure but it is a lot more complicated than a debit card
Confirmed purchase: 24 November 2014
Published on: 24 February 2015
9 out of 10

Barbara

catral. Spain GB
+
Quick & easy
Reviewer left no comment
Confirmed purchase: 10 May 2014
Published on: 22 February 2015
Business testimonialspng
The most impressive features for us are: there is a clear audit trail, we always know we’re receiving the best exchange rates and there are no hidden fees and charges. We know exactly what we’re spending and when.
John Watkins, Director, Gulet Barefoot Cruises
Caxton FX is much more cost-effective compared to using a regular bank debit card. Their cards offer genuinely great value for money.

Visa prepaid currency cards

Fees & Charges

Fees & Charges Global Traveller Europe Traveller Dollar Traveller
Card purchase Free Free Free
Load and reload (by your Administrator) Free Free Free
Point of sale transaction - international Free Free Free
Point of sale transaction - domestic £1.50 €1.75 $2.00
ATM transaction - international Free Free Free
ATM transaction - domestic £1.50 €1.75 $2.00
Over the counter cash - international £4.50 plus 2% of withdrawal amount €6.50 plus 2% of withdrawal amount $8.00 plus 2% of withdrawal amount
Over the counter cash - domestic £4.50 €6.50 $8.00
FX mark-up where a transaction is performed in a currency different to
that of the card, the rate of exchange used is the Visa Europe rate ruling at that time marked up by 2.75%
2.75% 2.75% 2.75%
Available balance enquiry - online Free Free Free
Available balance enquiry - via SMS Free Free Free
PIN reminder* Free Free Free
Card renewal Free Free Free
Card replacement fee - damaged/lost/stolen £5.00 €7.50 $10.00
Redemption processing fee £1.50 €2.00 $3.00
Dormancy fee - monthly (applicable after 12 months from expiration of the last card in your account) £0.85 per month per card €0.98 per month per card $1.35 per month per card
Investigation fee** Up to £50 Up to £50 Up to £50

Card Limits

LIMITS Global Traveller Europe Traveller Dollar Traveller
Minimum load £100 €150 $200
Maximum single load £7,000 €10,000 $13,000
Maximum total available balance £15,000 €16,000 $25,000
Maximum number of loads per day 2 2 2
Maximum load amount per year £60,000 €70,000 $80,000
Maximum value of a single point of sale transaction £7,000 €10,000 $13,000
Maximum number of ATM withdrawals per 24 hours 2 2 2
Maximum value of ATM withdrawals per 24 hours £300 €500 $750

*Calls are typically charged at between 1p and 12p per minute depending on the time of day for landline customers, plus a call set-up fee. Calls from mobile phones generally cost between 5p and 40p per minute.
**See section 12.7 of terms and conditions

Managing and distributing Business Traveller currency cards

Whether you're looking for more information on how your company can use prepaid currency cards, or you want to know how to get started with your new Business Traveller cards, you'll find everything you need below:

What are Caxton FX Business Traveller cards?

Caxton FX Business Traveller cards are prepaid cards that help you to effectively manage employee overseas travel expenses by loading the required currency before they leave. There are no setup or management fees and there is no cost to issue cards. Cards are embossed with the employee's name and the name of your company.

Which card type is most appropriate for our business?

If your employees primarily need access to US Dollars or Euros then the US Dollar Business Traveller Card or the Europe BusinessTraveller Card are the best cards to use. These cards can be loaded at any time such as when rates are attractive to hedge your travel expenditure. If you would like the convenience of having one card that will work anywhere we will issue your employees with a sterling-based Global Traveller which can be used worldwide.

What documentation is needed to open a Caxton FX Business Traveller card account?

The card application forms should be signed by a Director (or Partner, or Trustee depending on the type of organisation) and we may ask for further documents depending on the structure of the company.

How soon after opening an account will the card arrive?

Your Caxton FX Business Traveller cards will take 5-7 working days to be embossed and delivered.

I have received the cards. What is the next step?

On receipt of the cards please give these to your employees, taking care that cards are correctly allocated. The card carrier gives information to recipients of the card such as the number to call to retrieve their PIN as well as how to login and activate their account to view their card balance and transaction history. As the Administrator you will also be able to activate cardholder accounts using your online platform. The information needed is the 16-digit card number and the card expiry date.

Please see "How do I obtain my PIN?" for the next step.

How do I obtain my PIN?

Cardholders can call 0845 520 0503 (or + 44 207 281 0712 overseas) and follow the prompts to receive their PIN. They can do this any number of times should they forget their PIN. It is important that PINs are kept secret and that the cards are kept secure at all times.

Is it possible to change a PIN?

Yes, cardholders can use any high street ATM in the UK to change the default PIN. This provides a good reason for the cardholder to test out the card. Please ensure this is done before the cardholder leaves the UK.

How secure are the cards?

Our chip-and-PIN cards, if used correctly, offer a safe way to take travel money overseas. Cardholders should keep their currency cards secure at all times and the PIN should only be known to the cardholder and not revealed to anybody else. We recommend that the cardholder frequently checks their transactions by logging in at www.caxtonfxcard.com/business and that the Card Administrator monitors the overall card balances. The Business Card team will be happy to help should there be any suspicious activity, and can be reached at 0207 201 0528.

What to do if a card is lost or stolen?

Your cardholder should call through immediately to our 24/7 lost and stolen helpline 0845 222 2639 (or + 44 207 201 0526 from overseas) to block the card. We will be able to arrange for a replacement card during business hours.

How are the cards loaded?

The Card Administrator can log in to their online platform at www.caxtonfxcard.com/business and follow the instructions to load the cards via debit card. Alternatively it is possible to send in a BACS transfer. Please contact the Business Card team on 0207 201 0528 for details.

Can a cardholder reload the card themselves?

No, Caxton FX Business Traveller cards can only accept funds from companies. However a cardholder can take out a personal Caxton FX currency card by applying online.

How long does it take for the funds to be applied to the cards?

Debit card loads are almost instant, and when funds are sent by bank transfer we credit the cards when the funds have been received.

Where can I find the current rates?

You can see the current load rates above.

Is there a minimum or maximum amount that can be loaded on the cards?

Yes, this varies by currency. The minimum is £100, €150 and $200. The maximum is £7,000, €10,000 and $13,000.

Where can the Caxton FX Business Traveller cards be used?

Anywhere that accepts Visa, including ATMs, shops, restaurants, online or on the telephone.

Can the Caxton FX Business Traveller cards be used in the UK?

Yes, all cards will work in the UK. Please refer to our Terms and Conditions for the fees associated with domestic use of the cards.

Can my cardholder use a US Dollar Business Traveller card in Europe?

Yes, cardholders can use the US Dollar card in Europe. Where a transaction is performed in a currency different to that of the card, the rate of exchange used is the Visa Europe rate ruling at that time marked up by 2.75%.

Should our cardholders use the Caxton FX Business Traveller cards for security deposits?

No. It is best to use the Caxton FX Business Traveller card to pay for hotels and car hire, but to avoid security deposits which will reduce the available balance on the card. It is best to use another card when checking in to a hotel, or when leaving a deposit when renting a car. This is because a security deposit hold can be in place for up to 15 days and will temporarily decrease the available balance on your Caxton FX card.

What happens if a cardholder tries using a card with insufficient funds?

If the available balance is lower than the transaction amount the transaction will be declined.

Should cardholders be paying in sterling or local currency when given the choice abroad?

Always choose to pay in the local currency to avoid Dynamic Currency Conversion (DCC). If the merchant carries out the transaction in sterling they will have used their own exchange rate and this could be unfavourable. Your cardholders should check the payment terminal, and if the amount is shown in sterling, they should ask to have it changed.

Can I have the funds returned to our account?

Yes, funds can be redeemed by the organisation at any time and funds will only be returned to the loading source.

What happens if an item purchased by a cardholder needs to be returned?

Each retail store has its own return policy and will handle the returns in the same manner as any other Visa transaction.

Can cardholders withdraw cash from ATMs?

Yes, they can withdraw up to £300, €500 or $750 with a maximum of two withdrawals per 24 hours.

My cardholder cannot find an ATM, are there any online tools to help?

Yes, a list of all nearby ATMs can be found at < a href="http://www.visa.com/atmlocator/" target="_blank">http://www.visa.com/atmlocator/

Where can I access all of my cardholder’s recent transaction information?

You can login at a by clicking on "login/activate" at the top of the page and use the Account ID and password provided to you at the time of sign up. If you are having trouble signing in please contact the Business Cards team on 0207 201 0528.

Can my cardholders log in to check their individual balances?

Yes, by clicking on "login/activate" at the top of the page. They will have been allocated an Account ID and have set their own password when they activated their cards. Should they have forgotten either their password or Account ID they can retrieve them by using the links on the login site.

Can I transfer money between cards?

Yes, please contact the Business Cards team on 0207 201 0528.

Do balances on Caxton FX Business Traveller cards attract interest?

No interest is earned on funds loaded on currency cards.

Our contact details have changed, what do I need to do?

Please contact the Card team on 0207 201 0528.

How do I cancel a card?

Please contact the Cards team on 0207 201 0528.

What is the complaints procedure?

The Prepaid Card programme is managed by Caxton FX Ltd, Portland House, Bressenden Place, London SW1E 5BH. If you are unhappy in any way with your currency card or the way it is managed, tell us by using the e-mail enquiry facility on the Website so we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly. You may be able to take unresolved complaints to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone: 0845 080 1800 and e-mail: enquiries@financial-ombudsman.org.uk

I would like to speak to a Business Card team member. What is the number to call?

Please contact the Business Cards team on 0207 201 0528.

Can I put a temporary hold on a card?

Yes, please contact the Business Cards team on 0207 201 0528.

What happens when a Card expires?

All cards will be valid for 3 years. When they expire we will issue you with a replacement card only if you let us know one is required. You will be contacted by email at your registered email address one month before expiry and you will be required to re-confirm the details of the cardholder.

Using and managing your prepaid currency card

Your Caxton FX Business Traveller Visa card has been arranged for you by your organisation's Administrator. You’ve been authorised to enter into transactions when using the Business Traveller currency card and so please ensure you understand your organisation's policy on travel-related expenses, which are below.

What are Caxton FX Business Traveller cards?

Caxton FX Business Traveller cards are prepaid cards that help you to effectively manage employee overseas travel expenses by loading the required currency before they leave. There are no setup or management fees and there is no cost to issue cards. Cards are embossed with the employee's name and the name of your company.

What currencies are supported?

Caxton FX offers a Global Business Traveller card (Sterling) which can be used worldwide, a Dollar Business Traveller Card (US Dollar) for travel specifically to the US and a Europe Business Traveller Card (Euro) for travel in Europe. Caxton FX cards will be accepted wherever the Visa logo is displayed.

How does my organisation apply for a Caxton FX Business Traveller card?

Please click on the following link and fill in the required information. Your organisation will be sent an application form that needs to be completed by a Director (or Partner, or Trustee depending on the type of organisation) and will require the submission of further documentation in support of the application. If you would like to speak to a member of our Business Card team please call 0207 201 0528.

When will I get my card?

Your Caxton FX Business Traveller cards will take 5-7 working days to be embossed and delivered.

The cards have arrived, what is the next step?

Once you have received your card you can log in to activate your card using the instructions provided. Alternatively your Card Administrator can activate them using their online platform. The information needed is the 16-digit card number and expiry date. Please see "How do I obtain my PIN?" for the next step.

How do I obtain my PIN?

Please call 0845 520 0503 (or + 44 207 281 0712) and follow the prompts to receive your PIN. You can do this any number of times should you forget your PIN.

Is it possible to change my PIN?

Yes, you can use any UK high street ATM to change the default PIN and provides a good reason to test out the card. Please ensure this is done in the UK.

How secure are the cards?

Our chip-and-PIN cards offer a safe way to pay for transactions overseas. You should treat your currency card like cash in a wallet. If a card is lost or stolen, the company may lose some or all of the money on the card. As a result, your Caxton FX card must be kept safe at all times and not be used by a third party. Your PIN should only be known to you and must not be revealed to anybody else. We recommend that you frequently check your transactions by logging in at www.caxtonfxcard.com/business and that the Card Administrator monitors the overall card balances. The Business Card team will be happy to help should there be any suspicious activity, and can be reached at 0207 201 0528.

What to do if a card is lost or stolen?

You should call through immediately to our 24/7 lost and stolen helpline 0845 222 2639 (or + 44 207 201 0526 from overseas) to block the card. We will be able to arrange for a replacement card during business hours.

How are the cards loaded?

Your Card Administrator can load your card with funds either online with an organisation's debit card or by electronic bank transfer.

Can I reload the card myself?

No, Caxton FX Business Traveller cards can only be loaded by the Card Administrator. The Business Traveller cards cannot accept personal funds. If you would like a card for personal use, please apply for a personal Caxton FX currency card card online.

How long does it take for the funds to be applied to the cards?

Debit card loads are almost instant, and when funds are sent in by bank transfer we credit the cards when the funds have been received.

Is there a minimum or maximum amount that can be loaded on the cards?

Yes, this varies by currency. The minimum is £100, €150 and $200. The maximum is £7,000, €10,000 and $13,000.

Where can the Caxton FX Business Traveller cards be used?

Anywhere that accepts Visa, including restaurants, shops, online or ATMs.

Can the Caxton FX Business Traveller cards be used in the UK?

Yes, all cards will work in the UK. Please refer to our Terms and Conditions for the fees associated with domestic use of the cards. Using cards outside of their denominated currency would involve an extra foreign exchange conversion. This exchange rate would be determined by Visa rather than Caxton FX.

Can I use a Caxton FX Business Traveller Card for a transaction in a currency different to that of the card?

The most efficient use of Caxton FX Business Traveller Cards is to use them within their designated currency. However, all cards will work out of zone. Using cards outside of their denominated currency involves an extra foreign exchange conversion. The exchange rate applied for any Point of Sale or ATM transaction in a currency other than the currency of the card will be determined by the Visa Europe exchange rate applicable at that time marked-up by 2.75%. You should check with your Administrator before you travel.

Should I use the Caxton FX Business Traveller cards for security deposits?

No. When, for example, booking in to a hotel or renting a car the merchant often requires a deposit which reduces the available balance on your card and may be held for up to as much as 15 days. It is best to use the Caxton FX Business Traveller card to pay for the final hotel cost and car hire, but to avoid security deposits which can be done by using an alternative card.

What happens if I try using a card with insufficient funds?

If the available balance is lower than the transaction amount the transaction will be declined.

What happens if a cardholder tries using a card with insufficient funds?

If the available balance is lower than the transaction amount the transaction will be declined.

Should I be paying in Sterling or local currency when given the choice abroad?

Always choose to pay in the local currency to avoid Dynamic Currency Conversion (DCC). If the merchant carries out the transaction in Sterling they will have used their own exchange rate which could be unfavourable. Remember to check the payment terminal, and if the amount is shown in Sterling, you should ask to have it changed.

What happens if I have purchased an item that needs to be returned?

Each retail store has its own return policy and will handle the returns in the same manner as any other Visa transaction.

Can I withdraw cash from ATMs?

Yes, you can withdraw up to £300, €500 or $750 with a maximum of two withdrawals per 24 hours.

I cannot find an ATM, are there any online tools to help?

Yes, a list of all nearby ATMs can be found at http://www.visa.com/atmlocator/

Are there any charges for withdrawing cash from ATMs?

Caxton FX does not levy a fee to withdraw cash from ATMs when used overseas. A fee is applied if an ATM is used domestically within the UK. Please refer to the fees and charges for a full description. Some ATM operators may impose a withdrawal fee. You will always be advised of a surcharge before the transaction takes place.

Can I have the funds returned to me?

No, we can return the funds to the loading account only.

Where can I access all of my transactions?

You can log in at www.caxtonfxcard.com/business by clicking on "login/activate" using the Account ID and password you set up when activating your card. Should you need to have a reminder you can retrieve both Account ID and password by using the links from the login page. Alternatively if you are having trouble signing in please contact the Business Cards team on 0207 201 0528.

Can I transfer money between cards?

Yes, please have your company Cards Administrator contact the Business Cards team on 0207 201 0528.

Do balances on Caxton FX Business Traveller cards attract interest?

No interest is earned on funds loaded on currency cards.

My contact details have changed, what do I need to do?

Please have your company Cards Administrator contact the Business Cards team on 0207 201 0528.

How do I cancel a card?

Please have your company Cards Administrator contact the Business Cards team on 0207 201 0528. To report a card lost or stolen please call through immediately to our 24/7 helpline 0845 222 2639 (+44 207 201 0526 from outside the UK) to block the card.

What is the complaints procedure?

The Prepaid Card programme is managed by Caxton FX Ltd, Portland House, Bressenden Place, London SW1E 5BH. If you are unhappy in any way with your currency card or the way it is managed, tell us by using the e-mail enquiry facility on the Website so we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly. You may be able to take unresolved complaints to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone: 0845 080 1800 and e-mail: enquiries@financial-ombudsman.org.uk

I would like to speak to a Business Card team member, what is the number to call?

Please contact the Business Cards team on 0207 201 0528.

Can I put a temporary hold on a card?

Yes, please contact the Business Cards team on 0207 201 0528.

What happens when a Card expires?

All cards will be valid for 3 years. When they expire we will issue you with a replacement card only if your company Card Administrator lets us know one is required. They will be contacted by email at their registered email address one month before expiry.

Terms and conditions

These are the terms and conditions of the agreement between “Us” and “You”, the organisation which entered into this Agreement.

If there is more than one of You, these Terms and Conditions apply to all of You together. In the definitions of the full Terms and Conditions, we have set out some special meanings We have given to"

1. Definitions

“Account” means Your Caxton FX Visa Business Account which is linked to the use of Your Card(s) and is maintained for Your Card(s).

“Agreement” means Your submitted application with Us in relation to the Card(s) and which is made up of these Terms and Conditions, any amendments to them as notified to You and any other document which You are required to sign for the provision of the Account and Visa Business Traveller Card(s).

“ATM” means an automated teller machine or cash dispenser bearing the Visa logo.

“Authorised Administrator” means the person(s) nominated by You (the organisation) to administer the Card(s) on Your behalf.

“Authorised Person” means an individual to whom a Card(s) is supplied by You (the organisation) under these Terms and Conditions.

“Available Balance” means the value of funds loaded onto the Cardholder’s Card and available for them to spend from time to time.

“Business Day” means Monday to Friday, 9am to 5pm excluding public holidays in the UK.

“Card” or “Prepaid Card” means the Caxton FX Business Traveller plastic Prepaid Card(s) issued to You under this Agreement which You may use in accordance with these Terms and Conditions.

“Card Carrier” means the documentation that is enclosed with Your Card(s) and is sent to You in relation to Your Card(s) when it is delivered to You, including any specific functionality that Your Card(s) may have.

“Card Details” means any information relating to Your Card(s), including the Card number, which may be required to make a Transaction.

“Card Distributor” means the entity that has requested that a Card(s) is (are) issued to You and, in this Agreement, means Caxton FX Limited (registered number: 04610337) whose registered office is at Portland House, Bressenden Place, London SW1E 5BH.

“Cardholder” means the Authorised Person issued with a Card who enters into the Agreement.

“CAT terminal” means any Customer Activated Terminals such as but not limited to Pay@pump, Toll Roads, Car Parks or Train Ticket Terminals.

“Customer Services” means the website or helpline operated by Us or on Our behalf which deals with queries and requests from Cardholders in relation to the activation and use of a Card under these Terms and Conditions. The contact details for Customer Services are set out in section 22.

“Director” means any Director who has signed this agreement on Your behalf (where you are a corporate entity).

“Disputed Transaction” means any Transactions not authorised by You or have been posted against Your Account in error in any way.

“e-money” means the money issued by R. Raphael and Sons plc which is held electronically on the Card(s) and is available for You and the Authorised Person to spend.

“FCA” means the Financial Conduct Authority.

“Fee” means the charges for the use of Your Card(s) as set out or described in section 17 of these Terms and Conditions.

“Merchant” means a retailer, or any other person, firm or company that displays the Visa logo and can accept Visa debit cards using an electronic terminal.

“PAN” means the 16-digit number on the front of Your Card(s).

“PIN” means the Personal Identification Number given to You (or which You have chosen) for use with the Card (where applicable).

“Raphaels” or “Raphaels Bank” means R. Raphael & Sons plc (registered number 01288938) whose head office and registered office is at 19-21 Shaftesbury Avenue, London, W1D 7ED. 

Raphaels Bank is a bank regulated and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 161302 and is permitted to issue e-money.

“Reload” or “Load” means to add further money to the Cardholder’s Card which will be shown in the Available Balance.

“Spend” means spending by an Authorised Person using Your Business Prepaid Card(s) either through retail outlets and over the internet or withdrawing funds from an ATM or over the counter in a bank.

“Terms and Conditions” means these Terms and Conditions and those set out in any product leaflet, Website or Card Carrier.

“Transaction” means any payment made or cash advance obtained by the use of the Card(s) or any Card Details or in any manner authorised by You or an Authorised Person.

“Visa” means Visa Europe who operates the Visa programme subject to the Visa Europe Operating Regulations (and all other rules referred to therein).

“We”, “Us”, “Our” or “Ourselves” (or any other variations thereof) means Raphaels and/or, where the context so admits, the Card Distributor and/or any other person or entity to whom We may transfer or assign Our rights and obligations in the future.

“Website” means Our website at www.caxtonfx.com

“You”, “Your”, “They” or “Their” means the person or organisation entering into this agreement with us, being an individual, partnership, limited partnership, limited company, charity, public authority or other entity (corporate or otherwise).

2. Your Business Traveller Prepaid Visa Card

2.1. The Cardholder can use the Card at any location that displays the Visa acceptance mark, including shops, restaurants, online or on the telephone. The Cardholder can also use Your Card overseas. Before using the Card, You need to make sure there are enough funds loaded on it. The Cardholder will not be able to use Your Card after the expiry date of the Card. 
However, We will invite You to renew Your Card approximately one month prior to expiry.

2.2. Your Card is not a credit card and can only be connected to Your bank account for the purposes of loading the Card. You will not earn any interest on any funds loaded on Your Card.

2.3. Where You have requested a Card, You authorise Us to issue a Card and PIN to the Authorised Person and You authorise each Authorised Person to authorise Transactions on Your behalf.

3. Applying for and activating Your Business Traveller Prepaid Card

3.1. To apply for Our Prepaid Card, You must comply with all current UK legal regulations concerning You (the organisation) and consumer law for all Authorised Persons. We will require evidence of who You are and Your address. We may ask You to provide some documentary evidence to prove this and/or We may carry out checks on You electronically.

3.2. You must instruct all Authorised Persons to sign the signature strip on the back of the Card as soon as it is received. Please refer to Our Website (www.caxtonfx.com) for all Card loading options, or refer to the “Loading Your Prepaid Card” section below.

3.3. To activate the Authorised Person’s new Card, they will need to know their PIN. This can be retrieved by calling 0 845 520 0503 or +44 207 281 0712 when calling internationally and following the steps in the automated process. The Authorised Person will also need to set up Their online Account before They can start using Their Card. To do this, please instruct the Authorised Person to visit Our Website and access the User Guide www.caxtonfxcard.com/business and follow the simple steps to set up an Account ID and password.

3.4. By distributing and using the Card(s), You are agreeing to these Terms and Conditions.

4. Loading Your Prepaid Card

4.1. Funds can be loaded to Cardholders’ Cards via the Internet or bank transfer top-up. Simply follow the instructions on the Website.

4.2. The maximum initial load on Your Card is £7,000, €10,000 or $13,000 depending on the currency of the Card. The minimum load value for both the initial load and subsequent reloads is £100/€150/$200 depending on the currency of the Card. Your Card cannot be loaded more than twice in any one day. The Available Balance on Your Card can never exceed £15,000, €16,000 or $25,000 at any time. We reserve the right to refuse to accept any particular loading Transaction.

4.3. Once loaded, funds will usually be available for use on the Card within minutes.

5. Cardholders using Your Prepaid Card

5.1. The User Guide providing detailed instructions on how to use Your Card is found on the Website. Cardholders will need to follow these instructions when using Your Card.

5.2. We will deduct the value of Transactions from the Available Balance on Your Card as soon as they are made. We will also deduct any applicable Fees as soon as they become payable by You. Please see section 17 below for details of Our Fees.

5.3. The Card belongs to Us. We may ask the Cardholders to stop using Your Card and return it to Us or destroy it. We may at any time suspend, restrict or cancel Your Card or refuse to issue or replace a Card for reasons relating to the following:

  • We are concerned about the security of the Card(s) We have issued to You;
  • We suspect Your Card is being used in an unauthorised or fraudulent manner;
  • We need to do so to comply with the law.

If We do this, We will tell You as soon as We can or are permitted to do so after We have taken these steps.

5.4. Like other payment cards, We cannot guarantee a retailer will accept Your Card.

5.5. We may also refuse to authorise a Transaction:

  • if We are concerned about security of Your Card or We suspect Your Card is being used in 
    an unauthorised or fraudulent manner;
  • if sufficient funds are not loaded on Your Card at the time of a Transaction to cover the 
    amount of the Transaction and any applicable Fees;
  • if there is an outstanding Shortfall on the Card in accordance with section 18;
  • if We have reasonable grounds to believe that You are acting in breach of this Agreement;
  • If We believe that a Transaction is potentially suspicious or illegal (for example, if We believe 
    that a Transaction is being made fraudulently);
    because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing Transactions.

5.6. If We refuse to authorise a Transaction, We will, if practicable, tell You why immediately unless it would be unlawful for Us to do so. You may correct any information We hold and which may have caused Us to refuse a Transaction by contacting Us (see section 22).

6. Authorising Transactions

6.1. Subject to the features of the particular Card, the authorisation of a Transaction can include authorising any single Transaction, a series of recurring Transactions (including Transactions for an indefinite period) or pre-authorising future Transactions of a certain or uncertain amount.

6.2. Where You have requested Authorised Persons to become Cardholders, You authorise each Authorised Person as a Cardholder to authorise Transactions on Your behalf.

6.3. A Card Transaction will be regarded as authorised by You where an Authorised Person authorises the Transaction at the point of sale by following the instructions provided by the Merchant to authorise the Transaction, which may include: 
a) entering Their PIN or providing any other security code; 
b) signing a sales voucher; 
c) providing the Card Details and/or providing any other details as requested; 
d) waving or swiping the Card over a card reader or inserting Your Card into a card reading device for the purpose of making a payment; 
e) inserting a Card and entering Their PIN to request a cash withdrawal at an ATM; 
f) making a request for a cash withdrawal at any bank counter.

6.4. Authorisation for a Transaction may not be withdrawn or revoked by You or an Authorised Person after the time it is received. However, We may withdraw a Transaction which is agreed to take place on a date later than the date it was authorised if You or an Authorised Person gives notice to the supplier and provides a copy of the notice to Us no later than the close of business on the Business Day before the Transaction was due to take place.

7. Expiry of Your Prepaid Card

7.1. Your Card will be valid for two years. When it expires, We will normally issue You and any Authorised Person with a replacement Card if You let Us know one is required. You will be contacted by email at Your registered email address one month before expiry, at which point You and the Authorised Person will be required to re-confirm Your (the organisation’s) and the Authorised Person’s details and which replacement Card(s) You require. On issuing a replacement Card, on expiry the Available Balance held on Your Card will be automatically transferred to Your replacement Card.

7.2. If You do not require a replacement Card on expiry, You are entitled to a redemption of any Available Balance held on the Card, as set out in section 14 below.

7.3. Where Available Balances are not redeemed and where You have not contacted Us to request a replacement Card, any Available Balance will remain on the expired Card.

8. Expiry of Agreement

8.1. Your Agreement will expire on the date of the expiry of the last Card in Your Account.

8.2. After 12 months following expiry of the last Card in Your Account and expiry of the Agreement, a dormancy Fee of £0.85 will be applied per expired Card per month to the Available Balance until either the funds are redeemed or the balance reaches zero.

9. Cancellation of Your Prepaid Card and termination of this Agreement

9.1. Under these Terms and Conditions, You have the right to cancel Your Prepaid Card at any time without notice. You can cancel Your Card by sending an email to Us using the “Contact Us” facility on the Website, and confirming that You have destroyed Your Card.

9.2. You can cancel this Agreement at any time by telling Us to do so by post, email or Secure Message.

9.3. If You cancel Your Card, once all Transactions and Fees have been deducted, We will arrange for any unused funds remaining on Your Card to be returned to the original loading source within five days subject to satisfactory checks being completed. You will not be entitled to a refund of money that any Authorised Person has already spent on authorised Transactions, or pending Transactions or any Fees for use of the Card before the Card is cancelled or expires; see section 14 for further information.

9.4. A redemption processing Fee will be charged (see section 14) unless:

  • You have arranged to transfer Your Available Balance to another Card managed by Us; or
  • You request a redemption within 12 months from expiry of the last Card connected to your Account; or
  • You cancel Your Card due to changes initiated by Us as indicated in section 16 and section 26 below.

9.5. We can end this Agreement at any time. We will normally give You 60 days’ notice by post, email or Secure Message. However, if there are exceptional circumstances, We may end this Agreement immediately and tell You about it afterwards, unless We are required by law to give You notice first.

9.6. We may also terminate Your Agreement for any reason and in case of the following:

  • If You or Your Authorised Person breaks an important part of this Agreement, or repeatedly breaks the Agreement and fails to resolve the matter in a timely manner;
  • If You or Your Authorised Person acts in a manner that is threatening or abusive to Our staff, or any of Our representatives;
  • If You fail to pay Fees or charges that You have incurred or fail to put right any shortfall;
  • In the event of You (the organisation) being subject to a notice of liquidation, winding-up order, strike-off, or if You cease trading.

9.7. We may cancel, restrict or suspend the use of the Card immediately if We suspect You, an Authorised Person or a third party are involved in any crime, fraud or misuse in relation to the Card(s) or PIN(s), or break an important part of this Agreement, or repeatedly break the Agreement and fail to resolve the matter in a timely manner, or where We are required to do so by law. If We do this, We will tell You or Your legal representative as soon as We are legally permitted to do so.

9.8. If We cancel Your Card, You must tell Us what You want Us to do with any unused funds within three months of the date We tell You Your Card is cancelled. If We receive no contact within three months, We will attempt to return the funds to the loading source.

9.9. If We or You and any Authorised Person cancel Your Card, You should where possible provide instructions to cut the Card in half through the magnetic stripe and chip and then dispose of the Card and any other materials that belong to Us carefully.

9.10. If Your Card is cancelled, We will immediately block Your Card so it cannot be used.

10. Keeping Your Prepaid Card secure

10.1. You and the Authorised Persons should treat Cards like cash. If a Card is lost or stolen, You may lose some or all of Your money on Your Card, in the same way as if You lost cash in Your wallet or purse. As a result, You must keep Your Prepaid Card safe and not let anyone else use it who is not authorised to do so.

10.2. You should instruct Authorised Persons not to keep Their PIN with the Card, or disclose Their PIN to, or otherwise make it available to, any other person. They can change Their PIN to something more memorable at most ATMs in the UK, Isle of Man or Jersey by following the on-screen instructions.

10.3. If the Authorised Person changes Their PIN, They should not choose a PIN that can be easily guessed such as Their telephone number or date of birth. The Authorised Person must notify Customer Services as soon as possible if They believe that Their PIN has been obtained or changed without Their consent.

10.4. You and the Authorised Person are responsible for checking the Available Balance on the Card regularly. The Available Balance can be checked online at the Website or by phone on +44 (0) 845 520 0503. We will provide You and any Authorised Persons with the Card Available Balance and a statement of recent Transactions either by electronic means or on Our secure webpage at any time.

10.5. Your statement will show information relating to each Card Transaction which will identify:

  • the amount of the Card Transaction shown in the currency in which the Transaction was paid or debited to the Account;
  • the amount of Fees for the Transaction;
  • the date the Transaction is authorised or posted on to the Account.

11. Lost and stolen Prepaid Cards

11.1. You and any Authorised Persons must tell Us without undue delay, by calling Us on Our 24-hour lost and stolen card helpline +44 (0) 20 7201 0526, if it is known or suspected that the Card is lost or stolen, the PIN or password is known to an unauthorised person, or You think a Transaction has been incorrectly executed.

11.2. Your liability is limited to £50 for use of a lost/stolen/compromised Card before notice is given to Us.

11.3. You are not liable for any Transactions after notice has been given to Us unless the Cardholder acted fraudulently or with gross negligence.

11.4. Your organisation has unlimited liability for Transactions if there is fraud or gross negligence.

12. Disputed and unauthorised Transactions

12.1. If You or an Authorised Person asks Us to do so, We will investigate any disputed Transaction or misuse of Your Card and We may need more information and assistance from You.

12.2. If You or an Authorised Person think that any Transactions were not authorised or have been posted against Your Account in error, You should contact the Merchant first as this may lead to a quicker resolution of the dispute.

12.3. You or an Authorised Person must contact Us if You cannot resolve the Disputed Transaction with the Merchant and in any event no later than 13 months from the date of the Disputed Transaction. Unless We have reason to suspect fraud or deliberate or grossly negligent behaviour on Your or the Authorised Person’s part, We shall immediately process a refund of the amount of the Disputed Transaction on the day you contact us about the claim or, if outside business hours, the next business day.

12.4. If You or an Authorised Person uses a CAT terminal, please be aware that these usually take a security deposit when You first swipe Your Card. No money actually leaves Your Account at this point, but Your Available Balance is reduced. Only when the settlement decrease goes through has money actually left Your Account. This procedure must be taken into account when investigating Transactions.

12.5. If We refund a Disputed Transaction to Your Account and subsequently receive information to confirm that the Transaction was authorised by You or an Authorised Person and correctly posted to Your Account, We shall deduct the amount of the disputed Transaction from the Available Balance.

12.6. If we refund a Disputed Transaction to Your Account where it has not yet been determined to be unauthorised, the following rules apply:

  • Merchant disputes and chargeback rules
  • We can investigate and therefore delay reimbursement if evidence of ‘effective’ authorisation and a correctly executed Transaction exists.

12.7. If Our investigations discover that the Disputed Transaction was genuine and originated by You or Your Authorised Person directly or indirectly, or that You or Your Authorised Person has acted fraudulently or with gross negligence, We will charge You an investigation Fee of up to £50.

13. Our liability

13.1. We will not be liable for any loss arising from:

  • misuse of the Card by Your Authorised Persons where the misuse forces You not to be in compliance with our Terms and Conditions; or
  • any cause which results from abnormal or unforeseen circumstances beyond Our control; or
  • consequences which would have been unavoidable despite all Our efforts to the contrary; or
  • a retailer refusing to accept Your Prepaid Card; or
  • Our compliance with legal and regulatory requirements;
  • or loss or corruption of data unless caused by Our wilful default.

13.2. We are also not liable for:

  • business interruption, loss of revenue, goodwill, opportunity or anticipated savings;
  • any indirect loss You may suffer as a result of Your use of or inability to use Your Card or for matters for which we are not responsible. We reserve the right to charge You for any reasonable costs that We incur in taking action to stop You using Your Card and to recover any monies owed as a result of Your activities.

14. Your right to a redemption of the funds on Your Prepaid Card

14.1. You have the right to redeem the funds on Your and any Authorised Person’s Card at any time in whole or in part. To do so, send Us an email using the “Contact Us” facility on the Website, or contact Us on +44 (0) 845 222 2639 requesting a redemption and indicating the amount to be redeemed.

14.2. If You request redemption of all funds on Your or any Authorised Person’s Card, You may keep Your Card(s) with a zero Available Balance ready to load for Your or Your Authorised Person’s next trip. There are no Fees or charges levied for Cards with a zero Available Balance.

14.3. When We process Your redemption, We will charge a redemption processing Fee (see section 17) other than

  • during the 12 months following the expiry of the last Card connected to Your Account;
  • when You are cancelling Your Card due to the circumstances explained in sections 16 and 26.

14.4. Funds will usually be returned in Sterling and, where a conversion from a foreign currency to Sterling is required, the conversion rate will be calculated using the prevailing buy rate applicable at the time of the redemption and can be confirmed by telephone. We can return the funds to the loading source, to Your bank account or We can issue a cheque to You for the redemption amount. Please note We may need to verify Your identity in order to satisfy anti-money laundering requirements.

14.5. We will not redeem the value of the funds on Your or the Authorised Person’s Card to You if Your request for redemption of the funds is received by Us more than six years after expiry of this Agreement.

15. Refunding Transactions

15.1. You may be entitled to claim a refund in relation to Transactions where:

  • the Transaction was not authorised under this Agreement;
  • We are responsible for a Transaction which was incorrectly executed and notified to Us in accordance with section 11 above;
  • a pre-authorised Transaction did not specify the exact amount at the time of its authorisation and the amount charged by a supplier is more than You or an Authorised Person could reasonably have expected, taking into account normal spending patterns on the Card or the circumstances of the Transaction;
  • We were notified of the unauthorised/incorrectly executed Transaction within 13 months of the debit date.

15.2. A claim for a refund in the circumstances set out above (clause 15.1) will not be accepted if the amount of the Transaction was made known to You or Your Authorised Person at least four weeks before the Transaction date.

16. Changes to these Terms and Conditions

16.1. We may change these Terms and Conditions at any time and will notify You by email or other agreed means at least 60 days before the change is due to take effect unless We are required to change these Terms and Conditions immediately by law or if We reasonably consider this is to Your advantage and there is no increased cost to You.

16.2. The up-to-date version of the Card Terms and Conditions will always be available on the Website. The change will automatically take effect and it will be taken that You have accepted the notified change unless You tell Us that You do not agree to the change. In that event, We will treat that notice as notification that You wish to immediately terminate this Agreement. In such circumstances, We will return to You any Available Balance on the Card in accordance with section 14 above and You will not be charged a redemption processing Fee.

17. Fees, charges and limits

17.1. We do not charge any Fees for checking Your online Available Balance and Transactions.

17.2. However, the following Fees do apply:

Fees & Charges

FEES & CHARGES Global Traveller Europe Traveller Dollar Traveller
Card purchase Free Free Free
Secondary Card purchase (applied to the card balance) £5.00 €7.50 $10.00
Load and reload Free Free Free
Point of sale transaction - international Free Free Free
Point of sale transaction - domestic £1.50 €1.75 $2.00
ATM transaction - international Free Free Free
ATM transaction - domestic £1.50 €1.75 $2.00
Over the counter cash - international £4.50 plus 2% of withdrawal amount €6.50 plus 2% of withdrawal amount $8.00 plus 2% of withdrawal amount
Over the counter cash - domestic £4.50 €6.50 $8.00
FX mark-up where a Transaction is performed in a currency different from the currency of the card 2.75% 2.75% 2.75%
Available balance enquiry - online Free Free Free
Available balance enquiry - via SMS Free Free Free
PIN reminder* Free Free Free
Card renewal Free Free Free
Card replacement fee - damaged/lost/stolen £5.00 €7.50 $10.00
Redemption processing fee £1.50 €2.00 $3.00
Investigation fee Up to £50 (see section 9)

*Calls are typically charged at between 1p and 12p per minute depending on the time of day for landline customers, plus a call set-up fee. Calls from mobile phones generally cost between 5p and 40p per minute.

Card Limits

LIMITS Global Traveller Europe Traveller Dollar Traveller
Minimum load £100 €150 $200
Maximum initial load £500 €750 $1,000
Maximum single load £5,000 €7,500 $10,000
Maximum total available balance £5,000 €7,500 $10,000
Maximum number of loads per day 2 2 2
Maximum load amount per year £40,000 €50,000 $60,000
Maximum number of point of sale Transactions per 24-hour period 20 20 20
Maximum value of point of sale Transactions per 24-hour period £5,000 €7,500 $10,000
Maximum number of ATM withdrawals per 24-hour period 2 2 2
Maximum value of ATM withdrawal per 24-hour period £300 €500 $750
Maximum point of sale limit over 4 days £15,000 €18,000 $30,000
Maximum value of single ATM withdrawal £300 €500 $750
Maximum number of ATM withdrawals over 4 days 5 5 5
Maximum value of ATM withdrawal over 4 days £1,200 €2,000 $3,000

17.3. ATMs and merchants may levy their own Fees and limits. When a Cardholder uses Your Card at an ATM, You may also be subject to applicable Fees, surcharge rules and regulations of the relevant ATM, or other financial institution or association.

17.4. If We decide to increase or impose any new Fees, We will tell You by email or post at least 60 days before any changes take effect unless we are required to change these Terms and Conditions immediately by law.

18. Shortfall

18.1. Authorisation will usually be requested for all Transactions. However, in the unlikely event that a Transaction is completed when there are insufficient funds for that Transaction on the Card, the shortfall shall be reimbursed by You. You agree that once We make this shortfall known to You, We may charge You for the shortfall amount.

18.2. We may charge the amount of the shortfall to any other Cards that You hold with Us, to any other payment method which You may designate at that time, or against any funds which You may subsequently load onto Your Card or onto any Authorised Person’s Card(s) ordered by You. Until We are reimbursed the shortfall amount, We may suspend Your and any Authorised Person’s Card connected to You.

18.3. You and Your Authorised Persons are responsible for checking the Available Balance on Your Card regularly. You can check Your Available Balance online at the Website or by phone on +44 (0) 845 520 0503.

19. Your details

19.1. You must let Us know as soon as possible if You or your Authorised Persons change name, address, phone number or email address. If We contact You in relation to Your Card, for example to notify You that We have cancelled Your Card or to send You a refund by cheque, We will use the most recent contact details You have provided to Us. Any email to Your Authorised Administrator will be treated as being received as soon as it is sent by Us. We will not be liable to You if Your contact details have changed and You have not told Us.

20. Data protection

20.1. In applying for a Prepaid Card on the Website and using it, You agree that We can use Your (the organisation’s) information in accordance with Our Privacy Policy. Our Privacy Policy is set out on Our Website. It includes details of the information that We collect, how it will be used and who We pass it to. You can tell Us if You don’t want to receive any marketing materials from Us.

21. Goods and services disputes with Merchants

21.1. If You and Your Authorised Persons have any disputes about purchases made using Your Card(s), You and your Authorised Persons should settle these with the person from whom You bought the goods or services. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with Your Card. Remember that, once You and Your Authorised Persons have used Your Card to make a purchase, We cannot stop that Transaction.

22. Communication

22.1. If You, Your Authorised Administrator or Authorised Persons have an enquiry relating to Your Card, You can use the “Contact Us” facility on the Website. We will deal with Your enquiry promptly. If You do not wish to enquire in this way, You can alternatively call Our Customer Services telephone line on +44 (0) 845 222 2639or 020 7201 0526. Lines are open Monday – Friday, 08:00 - 19:00, and on Saturday – Sunday, 09:00 – 17.00 UK time.

22.2. The Customer Services telephone line is a chargeable service. Calls are typically charged at between 1p and 12p per minute depending on the time of day for landline customers, plus a call set-up fee. Calls from mobile phones generally cost between 5p and 40p per minute.

23. Complaints

23.1. The Card programme is managed by Caxton FX Limited, Portland House, Bressenden Place, London, SW1E 5BH. If You are unhappy in any way with Your Account and Authorised Persons’ Card(s) or the way they are managed, tell Us by using the email enquiry facility on the Website or by telephoning our customer services department on 0845 222 2639 or 020 7201 0526 so We can investigate the circumstances for You. Any complaints You have will be dealt with quickly and fairly. You may be able to take unresolved complaints to the Financial Ombudsman Service if your business is considered to be a “Micro-Enterprise”. A ‘micro-enterprise’ is defined as an enterprise that:

  • employs fewer than ten persons; and
  • has a turnover or annual balance sheet that does not exceed €2 million.

The Financial Ombudsmen Service can be contacted as follows:

South Quay Plaza
183 Marsh Wall 
London 
E14 9SR

Email - complaint.info@financial-ombudsman.org.uk

You can also call the Financial Ombudsman Service on the below numbers:

  • 0800 023 4567 - Calls to this number are normally free for people ringing from a "fixed line" phone – but charges may apply if you call from a mobile phone.
  • 0300 123 9 123 - Calls to this number are charged at the same rate as 01 or 02 numbers on mobile phone tariffs.

These numbers may not be available from outside the UK. If abroad call on +44 20 7964 0500.

24. Compensation

24.1. The Card is an electronic money product and, although it is a product regulated by the Financial Services 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 Raphaels Bank becomes insolvent, Your funds may become valueless and unusable and, as a result, You may lose Your money.

25. Fund protection

25.1. As a responsible Credit Institution, Raphaels Bank ensures that Your Available Balance is held in a ring-fenced trust account in Raphaels’ name at a major international bank (with a high long-term credit rating) under a trust deed, the terms of which are intended to provide protection against a successful claim being made on the funds by any creditor (including any liquidator or administrator) of Raphaels other than You.

26. Assignment

26.1. We may assign the benefit and burden of these Terms and Conditions to another company at any time on giving You 60 days’ prior notice of this. If We do this, Your rights will not be affected.

27. Transfer to a new Prepaid Card

27.1. We may transfer Your unused Available Balance to a new Prepaid Card provided by a Prepaid Card issuer other than Raphaels Bank at any time. Before We do this, We will give You 60 days’ notice of the new Prepaid Card arrangements and the new Prepaid Card Terms and Conditions. Unless You advise Us within the 60-day period that You do not want a new Prepaid Card from the new Prepaid Card issuer, You agree that We can automatically transfer the unused Available Balance on Your Prepaid Card to a new Prepaid Card provided by the new Prepaid Card issuer. If You do not want to transfer to the new Prepaid Card issuer, You may redeem Your funds as set out in section 14 and the redemption processing Fee will be waived.

28. Governing law

28.1. This Agreement is concluded in English. All communications with You will be in English.

28.2. These Terms and Conditions will be construed in accordance with English law.

29. Prepaid Card issuer

29.1. Your Card is issued by R. Raphael & Sons plc (trading as Raphaels Bank) under Company Registration No: 1288938 with its head office and registered office at 19-21 Shaftesbury Avenue, London, W1D 7ED. Raphaels Bank is a bank authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 161302 and is permitted to issue e-money. Your Card is the property of Raphaels Bank and is not transferable to anyone else.