Terms and Conditions

These terms and conditions apply to your prepaid Card. You should read them carefully before accepting them. You accept them by ticking the box “I confirm that I have read, understood and agree to the Caxton FX Limited "CFX" terms and conditions” as part of your online registration. In these terms and conditions "you" or "your" means the named Cardholder and the authorised user of the Card. "We", "us" or "our" means Valitor hf. or the Programme Manager, as the context may require.

MasterCard Prepaid Card Terms and Conditions

1. Definitions

In these terms and conditions (“Agreement”) the following words and expressions have the following meanings:

“Account” means the prepaid e-money account associated with a Card

“Account ID and Password” means a set of personal codes selected by the Cardholder to access their online Account associated with the Payment Services

“Additional Card” means any additional card associated with the Account and issued to a person (“Additional Cardholder”) at any time after the successful registration of the Account

“Agreement” means this Agreement of open-ended duration between you and us incorporating these terms and conditions, as amended from time to time

“ATM” means an automated teller machine

“Authorised” means an act of authorising the payment transfer by using the Card together with (i) the PIN or with (ii) the CVV code and Expiry Date or with (iii) the signature of the Cardholder

“Available Balance” means the value of unspent funds loaded onto your Account and available to use in a Card Currency

“Business Day” means a day other than a Saturday or Sunday on which banks are open for business in the UK

“Card” means any or all of the following, as the context suggests:  (1) a Primary Card, which is a personalised MasterCard consumer prepaid card provided by us to you, (2) any Card provided by us to you as a replacement for a Card

“Card Currency” means 1.GBP 2.EUR 3.USD 4.AUD 5.CAD 6.NZD 7.HKD 8. CHF 9.JPY 10.DKK 11.ZAR 12.PLN 13.SEK 14.NOK 15.HUF

“Cardholder” means Primary Cardholder and/or Additional Cardholder, as the context may require

“Cardholder Services” means info@caxtonfx.com or 0333 123 1812 or +44 20 7201 0526

“Card Not Present” means a contract (subject to exceptions) concerning goods or services concluded between a supplier and a consumer under an organised distance sales or service provision scheme run by the supplier who, for the purpose of the contract, makes exclusive use of one or more means of distance communication up to and including the moment at which the contract is concluded.  Where “distance communication” is any communication by which, without the simultaneous physical presence of the supplier and the consumer, may be used for the conclusion of a contract between those parties

“EEA” means European Economic Area

“e-money” means electronic money as defined under section 2(1) of the Electronic Money Regulations 2011 (as amended from time to time)

“Expiry Date” means the expiry date printed on the Card

“Fees & Limits Schedule” means the schedule contained herein

“Fee” means any fee payable by the Cardholder, as referenced in the Fees & Limits Schedule

“Issuer” means Valitor hf.

“KYC” means Know Your Customer, which stands for requirements for knowledge of and information on customers of regulated entities or for regulated activities in order to comply with anti-money laundering and counter-terrorist financing law

“Limitation Period” means the period of twenty (20) years following the termination of the Agreement

“Merchant” means a retailer or any other person that accepts payment via the System

“Payment Order” means the Merchant’s payment service provider’s instructions to us to execute a Transaction following your authorisation of the Transaction

“Payment Services” means all payment and e-money services and any related services available to the Cardholder  through the use of the Account and/or Card

“PIN” means the personal identification number necessary to access the Payment Services

“Primary Card” means the first Card issued by us to the Cardholder (“Primary Cardholder”) in response to registration of the Account where the Primary Cardholder has successfully applied for a Payment Service and has been issued with at least one Card by us and who is the legally and financially responsible person for the Payment Services

“Programme Manager” means Caxton FX Limited of Portland House, Bressenden Place, London SW1E 5BH

“System” means MasterCard  and its payment network

“Transaction” means realising: (i) a payment, or a purchase of goods or services from a Merchant where payment is made (in whole or in part) by use of the Payment Services, including where payment is made over the Internet, by phone or mail order or (ii) a cash withdrawal made from an ATM or bank using a Card plus any transaction fees charged by us in connection with your cash withdrawal

“Wallet” means a designated currency account (relating to your Card) to which you are able to load funds for the purpose of accessing your e-money

"We", "us" or "our" means Valitor hf. and/or the Programme Manager, as the context may require

“Website” means www.caxtonfx.com

“You” or “your” means the named Cardholder and the authorised user of the Card

2. Contact details

Your Card can be managed online at www.caxtonfx.com or call 0333 123 1812 or +44 20 7201 0526to report your Card lost or stolen.

If there is anything you do not understand or agree with please contact us using our Contact Details:

  • Telephone: 0333 123 1812 or +44 20 7201 0526 from outside the UK;
  • Mailing address: CaxtonFX Ltd11th Floor Portland House, Bressenden Place, London SW1E 5BH; 
  • Email: info@caxtonfx.com.

You can download a copy of the Agreement at any time from our Website. We will also send you an electronic copy of the Agreement by e-mail upon your request.

3. This Agreement

The Agreement governs the relationship between you and us for the provision of the Payment Services by us to you. This Agreement also contains important warnings and information that may affect your rights and your ability to recover your money. You accept the Agreement by ticking the box “I confirm that I have read, understood and agree to the Caxton FX Limited "CFX" terms and conditions” as part of your online registration. This Agreement does not give you any rights against the System, its affiliates or any third party. The Card remains the property of Valitor hf. and is not transferable to anyone else.

4. Your Caxton MasterCard prepaid Card

You can use the Card at any location that displays the MasterCard acceptance mark, including online or on the telephone. The primary purpose of the card is for use overseas. Where you have requested an Additional Card, you authorise us to issue a Card and a PIN to the Additional Cardholder and you authorise each Additional Cardholder to authorise Transactions on your behalf. Additional Cardholders must be 13 years of age or over.

Your Card is an e-money prepaid card, it is not a credit, charge or debit card. You will not earn any interest on any funds loaded on your prepaid Card. The Payment Services are prepaid payment services and not a credit or bank product, you must therefore ensure that you have a sufficient Available Balance to pay for each purchase, payment or cash withdrawal that you make using the Payment Services (including value added tax and any other taxes, charges and fees that are applicable). If for any reason a Transaction is processed and the Transaction amount exceeds the Available Balance, you must repay us the amount of such excess immediately and We will be entitled to stop any existing or subsequent Transactions from proceeding.

5. Applying for and activating your prepaid Card

To apply for the Card you must be at least 18 years old and a UK resident. We will require evidence of who you are and your address for our KYC procedure. We may ask you to provide some documentary evidence to prove this and/or We may carry out checks on you electronically. We do not charge a fee for the first Card being applied for but We may take an initial load of between £10 and £1,000, as requested by you in your, application, which will be added to your Available Balance when the card is generated.

Please refer to our Website for all Card loading options, or refer to the "Loading your prepaid Card" clause below. You will also need to set up your online account before you can start using your Card. To do this, please visit our Website and follow the simple steps to set up your account.

You must sign the signature strip on the back of the Card as soon as it is received.

6. Loading your prepaid Card

Funds can be loaded to your Card in a number of ways (Internet top up, phone top up, smartphone app or via SMS), however, your first load must be made online. Simply follow the instructions on the Website.

The minimum load value for both the initial load and subsequent reloads is GBP100/EUR150/USD200/AUD200/CAD200/NZD200/HKD1250/CHF150/JPY20000/DKK1000/ZAR2000/PLN600/SEK1250/NOK1000/HUF40000 depending on the currency loaded.  Your Card cannot be loaded more than twice in any one day. The Available Balance on your Card can never exceed GBP7500/EUR10000/USD15000/AUD15000/CAD15000/NZD15000/HKD100000/CHF10000/JPY1400000/DKK75000/ZAR140000/PLN45000/SEK90000/NOK80000/HUF3000000 at any time. We reserve the right to refuse to accept any particular loading transaction.

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

We reserve the right to suspend or terminate the right to load your Card at any time without notice.

7. Service limits

Transactions may be restricted by Card type, individual usage patterns and payment risk profiles. For anti-money laundering and anti-fraud reasons We reserve our right to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet our regulatory obligations. See further information on service limits on www.caxtonfx.com.

8. Use of the Payment Services

You will need access to the Internet in order to use the Payment Services. You can use the Payment Services up to the amount of the Available Balance for Transactions (i) via the Internet, (ii) at Merchants and (iii) to make cash withdrawals from ATMs. If the Available Balance is insufficient to pay for a Transaction, some Merchants will not permit you to combine use of a Card with other payment methods.

We will deduct the value of your Transactions from the Available Balance on your Card. We will also deduct any applicable fees as soon as they become payable based upon the Fees & Limits Schedule. A domestic ATM Transaction Fee is payable in respect of cash withdrawals made at domestic ATMs using your Card. In addition, your withdrawal may also be subject to any applicable fees, limits, rules and regulations of the relevant ATM operator or bank. It is your responsibility to check whether any such additional fees apply, as they cannot be refunded once the cash has been withdrawn.

In order to protect you and us from fraud, Merchants and ATM operators will seek electronic authorisation before processing any Transaction. If a Merchant or ATM operator is unable to get an electronic authorisation, they may not be able to authorise your Transaction.

Like other payment card issuers, We cannot guarantee a Merchant, an ATM operator or a bank will accept your Card. We may at any time suspend, restrict or terminate your Card and/or your Account, refuse to issue or replace a Card or refuse to authorise a Transaction for reasons relating to the following:

  • if We have reasonable grounds to believe that the security of your Card has been compromised or suspect that your Card is being used in an unauthorised or fraudulent manner;
  • if there are insufficient funds on your Card at the time of the Transaction to cover the amount of the Transaction and any applicable fees;
  • if there is an outstanding Shortfall (as defined in clause 15) on the Card in accordance with clause 16;
  • if We have reasonable grounds to believe that you are acting in breach of this Agreement;
  • if We have reasonable grounds to believe that the Transaction is potentially suspicious or illegal (for example, if We believe that the Transaction is being made fraudulently) or because of errors, failures (whether mechanical or otherwise) or refusals by Merchants, payment processors or payment schemes processing transactions, or
  • if We need to do so in order to comply with the law.

If We do this, We will inform you of the action taken and its reasons in advance or, if that is not possible, immediately after, unless to do so would compromise reasonable security measures or be otherwise unlawful. We will reactivate your Account and/or Card and where appropriate issue you with a replacement Card if after further investigations we reasonably believe that the reasons for the action no longer apply.

The Primary Cardholder will remain responsible for the use of the Payment Services, and will continue to be regarded as the holder of any funds already or subsequently loaded on the Account.

Your ability to use or access the Payment Services may occasionally be interrupted, for example, if We need to carry out maintenance on our systems. Please contact Cardholder Services via our website to notify us of any problems you are experiencing using your Card or Account and We will endeavour to resolve them.

9. Conditions of use at certain Merchants

In some circumstances We or Merchants may require you to have an Available Balance in excess of the Transaction amount. For example, at restaurants you may be required to have 15% more on your Card than the value of the bill to allow for any gratuity or service charge added by the restaurant or you.

By way of example if you use your Card at an automated fuel dispenser (“pay at the pump”), the Merchant may preauthorise the Transaction amount up to £100.00 or more.  If your Card is declined, even though you have sufficient funds available, you should pay for your purchase using your Card inside with the cashier.  If you use your Card at a restaurant, a hotel, for a car rental purchase, or for similar purchases, the Merchant may preauthorise the Transaction amount for the purchase amount plus up to 20% or more to ensure there are sufficient funds available to cover tips or incidental expenses incurred.  Any preauthorisation amount will place a “hold” on your Available Balance until the Merchant sends us the final payment amount of your purchase.  Once the final payment amount is received, the preauthorisation amount on hold will be removed.  It may take up to thirty (30) days for the hold to be removed.  During the hold period, you will not have access to the preauthorised amount.

Some Merchants may not accept payment using our Payment Services. It is your responsibility to check the policy with each Merchant. We accept no liability if a Merchant refuses to accept payment using our Payment Services.

10. Keeping your Card secure and your liability

You are responsible for your Card, Account, PIN, Account ID and Password. Do not share your Card or Account security details with anyone.

You must take all reasonable steps to keep your Account, PIN, Account ID and Password safe, and separate from your Card or any record of your Card number, and not disclose it to anyone else. This includes:

  • not keeping your PIN with your Card;
  • not storing the PIN on a device which is not password protected or on a device which is accessible to others;
  • never sharing your PIN with anyone; 
  • when entering your PIN, taking all reasonable steps to ensure it cannot be observed by others;
  • not entering your PIN into any terminal that appears to be modified or suspicious, and
  • if you believe that anyone has gained unauthorised access to your PIN, notifying us without undue delay following the procedures in clause 17.

You may need a PIN in order to make payments at a Merchant and will need a PIN to make cash withdrawals (from an ATM or a bank) with the Card.  The PIN can only be obtained by logging into your account and using the PIN reveal facility.

If you forget your PIN, the PIN can be obtained by logging into your account and using the PIN reveal facility

The Primary Cardholder created or was given an Account ID and Password when activating the Primary Card. You will need this Account ID and Password to perform the following functions in relation to your Payment Services online:

  • changing your registered details;
  • checking the amount of Available Balance;
  • checking Transaction details;
  • reporting your Card as lost or stolen;
  • changing your Account ID or Password.

The Payment Services may only be used by the Cardholder.

We recommend that you check the balance on your Card regularly online on the Website. We will provide the Cardholder with the Available Balance and a statement of recent Transactions on the Account either by electronic means or on our secure webpage at any time. We also recommend and instruct you to go thoroughly over all your Transactions on a regular basis online on the Website.  Your statement will show:

  • information relating to the Merchant and the Transaction reference;
  • the amount of the Transaction shown in the currency in which the Transaction was debited to the Account;
  • the amount and breakdown of charges for the Transaction;
  • the exchange rate We used in the Transaction, if any, and the amount of the Transaction after the currency conversion, and
  • the date the Transaction was debited to the Account.

You will be liable for all losses, including any related fees and charges, for any unauthorised Transaction if We can show that you have (i) acted fraudulently or (ii) failed with intent or gross negligence to use and keep safe your Card, PIN, Account ID and Password in accordance with this Agreement.

You will also be liable for all losses, including any related fees and charges, for any unauthorised or incorrectly executed Transaction if you fail to notify us without undue delay on becoming aware of the Transaction, and in any event within thirteen (13) months of the Transaction debit date.

In all other circumstances your maximum liability will be as set out in this clause 10 and in clauses 17 and 19.

If you believe that someone else knows your Account or Card security details, you should contact us without undue delay.

Once any Card on your Account has expired or if it is found after you have reported it as lost or stolen, you agree to destroy it by cutting it in two through the magnetic strip.

You agree to indemnify and hold us harmless from and against all reasonable costs of any legal action taken to successfully enforce this Agreement arising out of a material breach of any of the terms and conditions of this Agreement by you or by your fraudulent conduct.

11. Authorising Transactions

Subject to the features of a particular Card, the authorisation of a Transaction can include authorising any single Transaction, a series of or recurring Transactions (including Transactions for an indefinite period) or pre-authorising future Transactions of a certain or uncertain amount. A Transaction will be regarded as authorised by you where you:

  • authorise the Transaction at the point of sale by following the instructions provided by the Merchant to authorise the Transaction, which may include:
    • entering your PIN or providing any other security code;
    • signing a sales voucher;
    • providing the Card details and/or providing any other details as requested; and/or
    • waving/swiping the Card over a card reader or inserting your Card into a card reading device for the purpose of making a payment;
  • insert a Card and enter your PIN to request a cash withdrawal at an ATM, or
  • make a request for a cash advance at a bank counter.

Once a Transaction is authorised, it cannot be withdrawn or revoked unless both the Merchant and We agree to allow you to revoke it at our discretion. However, the following Transactions may be withdrawn if you, or an Additional Cardholder, give notice to the Merchant and provide a copy of the notice to us:

  • any Transaction which is agreed to take place on a date later than the date it was authorised as long as the notice was provided no later than the close of business on the Business Day before it was due to take place; and
  • continuous payment debits if they are to occur after the date of the withdrawal.

Within the EEA We will ensure transfer of the payment to the payment service provider of the Merchant by the end of the next Business Day following the receipt of the Payment Order. If the payment service provider of the Merchant is located outside the EEA, We will effect payment as soon as possible. If We receive the Payment Order after 4:30 pm, it will be deemed received by us on the following Business Day.

12. Communications regarding your Account

You can check your Available Balance and Transaction history at any time by logging onto your online Account. The online service is free and you can subscribe to different forms of Card statements there. You can also check your Available Balance and Transaction history by phoning 0333 123 1812 or +44 20 7201 0526, during normal business hours.

13. Cancelling the Card and terminating the Agreement

If you are the Cardholder and you wish to cancel the Payment Services or terminate this Agreement at any time, you must request cancellation or termination online by sending an e-mail to info@caxtonfx.com informing us of your wish to cancel or terminate and to claim a refund of your Available Balance. You must e-mail us from the e-mail address registered on the Account. Our Cardholder Services department will then suspend all further use of your Payment Services.

Once We have received all the necessary information from you and We have completed and are satisfied with the outcome of applicable anti-money laundering, fraud and other illegal activity checks (including KYC) and once all Transactions and applicable fees and charges have been processed, we will refund the Cardholder any Available Balance less any fees and charges payable to us, provided that We are not required to withhold your Available Balance by law or regulation, or at the request of the police, a court or any regulatory authority.

If your Card is cancelled and your Account closed or if this Agreement is terminated by you, you must tell us what you want us to do with the Available Balance within three (3) months of the date of any such cancellation, closure or termination. We reserve the right not to return the Available Balance to you for up to ninety (90) Business Days from the date of any such cancellation, closure or termination to ensure that details of all Transactions have been received.

We can return the Available Balance to the loading source or your bank account. Please note We will need to verify your identity in order to satisfy anti-money laundering requirements before We return the Available Balance to you. If you do not contact us within the three (3) months, the Available Balance may be returned to the loading source. If it is not possible to return the Available Balance to the loading source, We will hold it and you will be able to redeem it in accordance with clause 15.

Subject to clause 20 a Redemption Processing Fee will be charged (see clause 21 for the Fees and Limits Schedule) if you cancel the Card before its Expiry Date unless you have arranged to transfer any unused funds to another prepaid card managed by the Programme Manager, or you cancel your Card within fourteen (14) days of receiving it.

If, following reimbursement of your Available Balance, any further Transactions are found to have been made or charges or fees incurred using the Card or We receive a reversal of any prior Transaction, We will notify you of the amount and you must immediately repay us such amount on demand as a debt. 

14. Right to cancel (“Cooling-Off”)

You have a legal right to cancel your Card free of charge up to fourteen (14) days after you receive it but subject to deduction of any reasonable costs, as permitted by law, incurred by us in the performance of any part of the provision of Payment Services before you cancel - this fourteen (14) day period is known as the "Cooling-Off Period".

If you contact us within this fourteen (14) day period and inform us that you wish to withdraw from this Agreement, you must not use the Payment Services. We will then cancel the Payment Services and reimburse the amount of Available Balance on the Account to the Cardholder. However, We reserve the right to hold Available Balance for up to ninety (90) Business Days from receipt of your instructions to ensure that details of all Transactions have been received. Whenever currency other than a Card Currency is unloaded/removed from the Card before, during or after the fourteen (14) day Cooling-Off Period, it will be exchanged at the current buyback rate - not the rate at which the funds were initially loaded.

After the Cooling-Off Period you may only cancel the Payment Services as described in clause 13 above.

15. Expiry and redemption

Your Card has the Expiry Date printed on it, after which you may not use the Card. However, We will invite you to renew your Card approximately one (1) month prior to the Expiry Date. You will be contacted by e-mail at your registered e-mail address, where you will be required to re-confirm your details and that you require a replacement Card. On issuing a replacement Card, the Available Balance held on your previous Card will be automatically transferred to your replacement Card with a new Expiry Date.

Subject to the paragraph above the Available Balance will no longer be usable following the Expiry Date of the Card and this Agreement will terminate. Notwithstanding any Expiry Date your Available Balance is available for redemption by contacting us at any time before the end of the Limitation Period. After the Limitation Period your funds will no longer be redeemable. In the event that you make a request for redemption before the Expiry Date or after one year following the termination of the Agreement, a Redemption Processing Fee may be charged (see Fees & Limits Schedule) subject to clause 20.

We will have the right to set-off, transfer, or apply sums held in the Account or Cards in or towards the satisfaction of all or any liabilities and fees owed to us by you that have not been paid or satisfied when due.

Authorisation will be requested for a Transaction at the time of the Transaction. In the unlikely event of a Transaction being completed, for any reason whatsoever, when there are insufficient funds on the Card for that Transaction ("Shortfall"), the Shortfall will be repaid by you unless it is due to an error on the part of the Merchant to which the Card was provided by you as the means of payment. Should you not repay this amount immediately after receiving an invoice from us We reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

16. Termination and suspension of Payment Services

We may terminate the Agreement for any reason by giving you at least two (2) months’ notice. We may terminate the Agreement without prior notice if:

  • you breach an important part of this Agreement, or repeatedly breach the Agreement and fail to resolve the matter in a timely manner;
  • you fail to pay fees or charges that you have incurred or fail to put right any Shortfall, or
  • We are required to do so by law or by the System (for example, where the provision of the Payment Service to you becomes unlawful).

We may also terminate this Agreement or suspend your Card or Account without prior notice if:

  • we reasonably believe your Card is deliberately being used by you to commit fraud or for other illegal purposes, or
  • we discover that any of the information you provided us with when you applied for your Card was incorrect.

If We terminate the Agreement without prior notice, We will tell you as soon as We are permitted by law to do so.

17. Lost and stolen Card and your right to refund for unauthorised Transactions

If you know or suspect that your Card is lost or stolen, or that the PIN is known to an unauthorised person, or if you think a Transaction has been unauthorised, you must tell us without undue delay by calling us on 0333 123 1812 or +44 20 7201 0526 from outside the UK. You can also report your Card lost or stolen via our Website.

A Transaction will be considered to be unauthorised if you have not given your consent for the Transaction to be made by authorising it as set out in clause 11. In order to get a refund for any unauthorised Transaction, you must report the Transaction without undue delay upon becoming aware of it or otherwise you will lose your right to a refund. You will not be able to get a refund for any unauthorised Transaction reported after thirteen (13) months have passed following the debit date of the Transaction.

Despite of the possible thirteen (13) month refund period you will not be able to claim for a refund for an unauthorised Transaction if the Transaction was correctly displayed in your online Account and you failed to inform us about the Transaction being unauthorised without undue delay upon seeing the Transaction in your online Account. In this respect We urge you to check your online Account on a regular basis and review your Transactions carefully.

When you call Cardholder Services, you will be asked to provide us with your Card number where possible and some other identifying details. If there is an Available Balance remaining on your Card, We will replace the Card unless there is evidence that the notified incident had been caused by your breach of this Agreement, gross negligence or your fraudulent conduct. Alternatively, your Available Balance can be redeemed to you. If We replace the Card, the Card will be delivered to your home address subject to possible fees - please see the Fees & Limits Schedule in clause 21.

We will immediately refund the full amount of any unauthorised Transaction reported by you, including any associated fees and charges, provided you notify us of the Transaction in accordance with this Agreement except that:

  • if there is evidence that you acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of the Card’s security details, We will first carry out a prompt investigation to determine whether the Transaction was authorised by you and will only refund if the investigation shows that the transaction was not authorised by you, and
  • if the Card was lost or stolen or you have failed to keep your PIN or other security details safe from misappropriation, you will be liable for losses up to a maximum of fifty (50) GBP (or equivalent in another currency) per instance of loss, theft or misappropriation.

You will be liable for all losses incurred in respect of an unauthorised Transaction where you have acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of its security features.

Except where you have acted fraudulently you will not be liable for any losses incurred in respect of an unauthorised Transaction arising after you notify us of the Transaction in accordance with the Agreement or for any losses that occur where your Card has been used in a Card Not Present environment.

If there is evidence that you checked your online Account and did not notify us of the unauthorised Transaction without undue delay, you may not be entitled to a refund.

We reserve the right to investigate any disputed Transaction or misuse of the Card before and after a refund. In order to do so We may need more information and assistance from you and you are required to reasonably cooperate with any investigation by us or any law enforcement agency or other competent authority. If We refund you following your claim and subsequently establish that you were not entitled to a refund, We may deduct it from your Available Balance after notifying you. If you do not have sufficient Available Balance, you must repay us the amount immediately on demand.

18. Our liability

We will not be liable for any loss arising from:

  • your inability to use the Payment Service as set out in the Agreement or for any reason stated in clauses 10, 13, 16 and other clauses limiting your use;
  • any cause which results from abnormal or unforeseen circumstances beyond our control, consequences of which would have been unavoidable despite all our efforts to the contrary, including but not limited to fault in or failure of data processing systems, lack of funds, maximum withdrawal limits set by ATM operators;
  • a Merchant refusing to accept your Card;
  • any issue with the goods or services that are purchased with your Card;
  • any loss or theft that is reported with undue delay or more than thirteen (13) months following the debit date of the Transaction in question;
  • our compliance with legal and regulatory requirements;
  • our suspending, restricting or cancelling your Card or refusing to issue or replace it in accordance with clause 8 above, or
  • loss or corruption of data unless caused by our wilful default.

From time to time, your ability to use your Card may be interrupted, e.g. when We carry out maintenance to improve and keep the service running for our customers. If this happens, you may be unable to:

  • load your Card;
  • use your Card to make a payment, and/or
  • obtain information about the funds available on your Card and/or about your recent Transactions.

We will not be liable for any loss arising from such interruptions.

We are also not liable for:

  • business interruption, loss of revenue, goodwill, opportunity or anticipated savings, or
  • any indirect or consequential loss arising from your total or partial use or inability to use your Card, or the use of your Card by any third party.

To the fullest extent permitted by relevant law, and subject to clauses 17 and 19, our total liability under or arising from this Agreement will be limited as follows:

  • where your Card is faulty due to our default, our liability will be limited to replacement of the Card or, at our discretion, repayment to you of the Available Balance;
  • where sums are incorrectly deducted from your Available Balance due to our fault, our liability will be limited to payment to you of an equivalent amount, and
  • in all other circumstances of our default, our liability will be limited to repayment of the amount of the Available Balance.

No party will be liable for, or be considered in breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions which are beyond such party's reasonable control and which such party is unable to overcome by the exercise of reasonable diligence.

The above exclusions and limitations set out in this clause 18 will also apply to any liability of our affiliates, such as the Programme Manager, MasterCard International or other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with this Agreement.

19. Your right to a refund for authorised and incorrectly executed Transactions

You may be able to claim a refund for an authorised Transaction if (i) your authorisation of the Transaction did not specify the exact amount at the time of the authorisation, and (ii) the amount exceeded what you would have reasonably expected taking into consideration your previous spending patterns and other relevant circumstances. A claim for a refund of such a Transaction must be made within eight (8) weeks from the date on which the funds were deducted from your Available Balance. We may require you to provide us with such information as is reasonably necessary to ascertain whether you meet the conditions for the refund. Within ten (10) Business Days of receiving (i) your claim for a refund or (ii) where applicable, any further information We requested from you, We will either refund the full amount of the Transaction or provide you with justification for refusing the refund.

In order to get a refund for an incorrectly executed Transaction (including non-executed or defectively executed Transaction), you must report the Transaction without undue delay upon becoming aware of it or otherwise you will lose your right to a refund. You will not be able to get a refund for any incorrectly executed transaction reported after thirteen (13) months have passed following the debit date of the Transaction.

Despite of the possible thirteen (13) month refund period you will not be able to claim for a refund for an incorrectly executed Transaction if the Transaction was correctly displayed in your online Account and you failed to inform us without undue delay about the Transaction being incorrectly executed upon seeing the Transaction in your online Account. In this respect We urge you to check your online Account on a regular basis and review your Transactions carefully.

As soon as practicable after you have notified us of a disputed Transaction in accordance with this Agreement, you must confirm the disputed Transaction in writing by email or by post, setting out full details of the Transaction and your reason for disputing it. You must provide us with all receipts and information that are relevant to your claim.

Where We are liable for an incorrectly executed Transaction, We will without undue delay refund you the amount of the Transaction, restore your account to the state it would have been had the defective Transaction not taken place and refund any charges and interest that have arisen as a consequence of the non-execution or defective execution of the Transaction provided you notify us of the Transaction in accordance with this clause 19.

If We refund you following your claim and subsequently establish that you were not entitled to a refund, We may deduct it from your Available Balance after notifying you. If you do not have sufficient Available Balance, you must repay us the amount immediately on demand.

If you are not satisfied with the justification provided for refusing the refund or with the outcome of your claim for a refund, you may submit a complaint as described in clause 26.

20. Changes to the Agreement

We may change the Agreement at any time and will notify you by e-mail or other agreed means at least two (2) months before the change is due to take effect unless We are required by law to change the Agreement immediately or if We reasonably consider the change is to your advantage and there is no increased cost to you. You will be deemed to have accepted the notified change unless you tell us that you do not agree to the change prior to the change being effective, in which case the Agreement will terminate without charge upon expiry of the notice. You also have a right to terminate the Agreement immediately and without charge at any point during the notice. In such circumstances We will refund the Available Balance on the Account in accordance with clause 13 and you will not be charged a Redemption Processing Fee.

The notices and the most recent version of the Card terms and conditions will always be available on the Website. You may also want to check the Website regularly for any notices and changes.

We may make immediate changes to the exchange rate used to convert the amount of a Transaction between two currencies as applicable.

For a Transaction made in a currency other than a Card Currency you can find out what the applicable exchange rate was at the time of the Transaction via the MasterCard website. 

21. Fees and limits

Multiple Currencies - order of priority

As the Card is a multi-currency Card it is set up so that You can fully utilise Your entire Available Balance to fund a transaction. This means that where You do not have funds available on the Card in the currency of the transaction, either because it is not one of the availableCard Currencies on the Card, or because You do not have a sufficient Available Balance in the relevant Card Currency, the Card will use Your Card Currency Available Balances in the default order of priority.

The default order of priority is: 1.GBP 2.EUR 3.USD 4.AUD 5.CAD 6.NZD 7.HKD 8. CHF 9.JPY 10.DKK 11.ZAR 12.PLN 13.SEK 14.NOK 15.HUF.

This means that the Card will first take funds from the relevant Card Currency Available Balance, i.e. if the transaction in question is in US$, the Card will first look to see if You have a sufficient US$ Available Balance and if not, will then work its way through the balances in the above order until the transaction amount is able to be satisfied. Where the conversion takes place between any of the 15 Card Currencies, the rate of exchange is provided by CaxtonFX.  Where a conversion takes place between a Card Currency and a non-card currency, the conversion takes place at 2.49% from the MasterCard daily settlement rate.

Please see the Fees and Limits Table below for an explanation of what foreign exchange fees apply in these scenarios.

Fees and limits are subject to variation in accordance with the Agreement. Unless otherwise specified, all fees will be debited in GBP. If there is an insufficient Available Balance in 1. GBP to pay such fees then We will automatically deduct funds from the Available Balances in other Card Currencies in the following order of priority: 2.EUR 3.USD 4.AUD 5.CAD 6.NZD 7.HKD 8. CHF 9.JPY 10.DKK 11.ZAR 12.PLN 13.SEK 14.NOK 15.HUF. The following fees and limits apply.

 

Fees, Charges & Limits in:

FEES & CHARGES Global Traveller - GBP
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 5.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 1.50
ATM transaction - international Free
ATM transaction - domestic 1.50
Over the counter cash - international 4.50 plus 2% of withdrawal amount
Over the counter cash - domestic 4.50 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - ATM 0.3
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 5.00
Redemption processing fee 1.50

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - GBP
Minimum load 100
Maximum single load 7500.00
Maximum total available balance 7500.00
Maximum number of loads per day 2
Maximum load amount per year 50,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 300
FEES & CHARGES Global Traveller - EUR
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 6.50
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 2.00
ATM transaction - international Free
ATM transaction - domestic 2.00
Over the counter cash - international 6.00 plus 2% of withdrawal amount
Over the counter cash - domestic 6.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 0.40
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 6.50
Redemption processing fee 2.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - EUR
Minimum load 150
Maximum single load 10,000.00
Maximum total available balance 10,000.00
Maximum number of loads per day 2
Maximum load amount per year 60,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 400
FEES & CHARGES Global Traveller - USD
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 8.50
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 2.50
ATM transaction - international Free
ATM transaction - domestic 2.50
Over the counter cash - international 8.00 plus 2% of withdrawal amount
Over the counter cash - domestic 8.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 0.50
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 8.50
Redemption processing fee 2.50

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - USD
Minimum load 200
Maximum single load 15,000.00
Maximum total available balance 15,000.00
Maximum number of loads per day 2
Maximum load amount per year 90,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 500
FEES & CHARGES Global Traveller - CHF
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 7.75
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 2.50
ATM transaction - international Free
ATM transaction - domestic 2.50
Over the counter cash - international 7.00 plus 2% of withdrawal amount
Over the counter cash - domestic 7.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 0.50
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 7.75
Redemption processing fee 2.50

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - CHF
Minimum load 150.00
Maximum single load 10,000.00
Maximum total available balance 10,000.00
Maximum number of loads per day 2
Maximum load amount per year 60,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 500
FEES & CHARGES Global Traveller - CAD
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 10.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 3.00
ATM transaction - international Free
ATM transaction - domestic 3.00
Over the counter cash - international 9.00 plus 2% of withdrawal amount
Over the counter cash - domestic 9.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 0.60
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 10.00
Redemption processing fee 3.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - CAD
Minimum load 200.00
Maximum single load 15,000.00
Maximum total available balance 15,000.00
Maximum number of loads per day 2
Maximum load amount per year 90,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 600
FEES & CHARGES Global Traveller - AUD
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 10.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 3.00
ATM transaction - international Free
ATM transaction - domestic 3.00
Over the counter cash - international 9.00 plus 2% of withdrawal amount
Over the counter cash - domestic 9.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 0.60
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 10.00
Redemption processing fee 3.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - AUD
Minimum load 200.00
Maximum single load 15,000.00
Maximum total available balance 15,000.00
Maximum number of loads per day 2
Maximum load amount per year 90,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 600
FEES & CHARGES Global Traveller - NZD
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 10.50
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 3.00
ATM transaction - international Free
ATM transaction - domestic 3.00
Over the counter cash - international 10.00 plus 2% of withdrawal amount
Over the counter cash - domestic 10.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 0.60
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 10.50
Redemption processing fee 3.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - NZD
Minimum load 200.00
Maximum single load 15,000.00
Maximum total available balance 15,000.00
Maximum number of loads per day 2
Maximum load amount per year 90,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 700
FEES & CHARGES Global Traveller - ZAR
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 100.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 30.00
ATM transaction - international Free
ATM transaction - domestic 30.00
Over the counter cash - international 90.00 plus 2% of withdrawal amount
Over the counter cash - domestic 90.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 2.00
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 100.00
Redemption processing fee 30.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - ZAR
Minimum load 2,000.00
Maximum single load 140,000.00
Maximum total available balance 140,000.00
Maximum number of loads per day 2
Maximum load amount per year 840,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 6000
FEES & CHARGES Global Traveller - JPY
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 900.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 270.00
ATM transaction - international Free
ATM transaction - domestic 270.00
Over the counter cash - international 800.00 plus 2% of withdrawal amount
Over the counter cash - domestic 800.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 55.00
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 900.00
Redemption processing fee 270.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - JPY
Minimum load 20,000.00
Maximum single load 1,400,000.00
Maximum total available balance 1,400,000.00
Maximum number of loads per day 2
Maximum load amount per year 8,400,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 54,000
FEES & CHARGES Global Traveller - HKD
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 75.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 25.00
ATM transaction - international Free
ATM transaction - domestic 25.00
Over the counter cash - international 70.00 plus 2% of withdrawal amount
Over the counter cash - domestic 70.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 4.50
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 75.00
Redemption processing fee 25.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - HKD
Minimum load 1,250.00
Maximum single load 100,000.00
Maximum total available balance 100,000.00
Maximum number of loads per day 2
Maximum load amount per year 600,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 4,500
FEES & CHARGES Global Traveller - PLN
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 30.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 10.00
ATM transaction - international Free
ATM transaction - domestic 10.00
Over the counter cash - international 30.00 plus 2% of withdrawal amount
Over the counter cash - domestic 30.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 2.00
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 30.00
Redemption processing fee 10.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - PLN
Minimum load 600.00
Maximum single load 45,000.00
Maximum total available balance 45,000.00
Maximum number of loads per day 2
Maximum load amount per year 270,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 1,800
FEES & CHARGES Global Traveller - SEK
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 60.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 20.00
ATM transaction - international Free
ATM transaction - domestic 20.00
Over the counter cash - international 55.00 plus 2% of withdrawal amount
Over the counter cash - domestic 55.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 4.00
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 60.00
Redemption processing fee 20.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - SEK
Minimum load 1,250.00
Maximum single load 90,000.00
Maximum total available balance 90,000.00
Maximum number of loads per day 2
Maximum load amount per year 540,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 3,600
FEES & CHARGES Global Traveller - DKK
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 50.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 15.00
ATM transaction - international Free
ATM transaction - domestic 15.00
Over the counter cash - international 45.00 plus 2% of withdrawal amount
Over the counter cash - domestic 45.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 3.00
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 50.00
Redemption processing fee 15.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - DKK
Minimum load 1,000.00
Maximum single load 75,000.00
Maximum total available balance 75,000.00
Maximum number of loads per day 2
Maximum load amount per year 450,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 3,000
FEES & CHARGES Global Traveller - NOK
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 60.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 20.00
ATM transaction - international Free
ATM transaction - domestic 20.00
Over the counter cash - international 55.00 plus 2% of withdrawal amount
Over the counter cash - domestic 55.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 4.00
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 60.00
Redemption processing fee 20.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - NOK
Minimum load 1,000.00
Maximum single load 80,000.00
Maximum total available balance 80,000.00
Maximum number of loads per day 2
Maximum load amount per year 480,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 3,600
FEES & CHARGES Global Traveller - HUF
Card purchase and Annual Fee Free
Secondary Card purchase (applied to the card balance) 2,000.00
Load and reload Free
Point of sale transaction - international Free
Point of sale transaction - domestic 600.00
ATM transaction - international Free
ATM transaction - domestic 600.00
Over the counter cash - international 1,800.00 plus 2% of withdrawal amount
Over the counter cash - domestic 1,800.00 plus 2% of withdrawal amount
FX mark-up where a Transaction is performed in a currency different from the
currencies available on the card
2.49%
Available balance enquiry - online Free
Available balance enquiry - ATM 120.00
Available balance enquiry - online Free
PIN reminder* Free
Card renewal Free
Card replacement fee - damaged/lost/stolen 2,000.00
Redemption processing fee 600.00

*PIN reminder is only available online in your account or on the app

Limits Global Traveller - HUF
Minimum load 40,000.00
Maximum single load 3,000,000.00
Maximum total available balance 3,000,000.00
Maximum number of loads per day 2
Maximum load amount per year 18,000,000.00
Maximum number of point of sale Transactions per 24-hour period 20
Maximum number of ATM withdrawals per 24-hour period 2
Maximum value of single ATM withdrawal 120,000.00

Fees and limits are subject to variation in accordance with the Agreement. Unless otherwise specified, all fees will be debited in GBP. If there is an insufficient Available Balance in 1. GBP to pay such fees then We will automatically deduct funds from the Available Balances in other Card Currencies in the following order of priority: 2.EUR 3.USD 4.AUD 5.CAD 6.NZD 7.HKD 8. CHF 9.JPY 10.DKK 11.ZAR 12.PLN 13.SEK 14.NOK 15.HUF. The following fees and limits apply.

We may charge fees in connection with any of our services and facilities that you have made use of or requested based on our Fees & Limits Schedule. The Fees & Limits Schedule is subject to changes, which will be notified to you as set out in clause 20. The most recent update of schedule will be available on the Website.

The foreign exchange rate used for allocating funds from one Card Currency to another Card Currency is set and determined by Us and varies each day. For the exchange rate currently applicable, please click here.

22. Cardholder details

You must let us know as soon as possible if you change your name, address, phone number or e-mail address. If We contact you in relation to your Card, for example, to notify you that We have cancelled your Card, We will use the most recent contact details you have provided to us. We will not be liable to you if your contact details have changed and you have not informed us.

23. Data protection

In purchasing the Card and using it, you agree that We can use your personal information in accordance with our Privacy Policy. Our Privacy Policy is set out at here. It includes details of the personal information that We collect, how it will be used, and who We pass it to. You can tell us if you do not want to receive any marketing materials from us. 

24. Payment disputes with Merchants

In relation to any dispute between the Cardholder and a Merchant, provided you are able to satisfy us that you have already made all efforts to resolve the dispute with the relevant Merchant, We will attempt to assist you so far as is reasonably practicable. If there is an irresolvable dispute with a Merchant in circumstances where the Card has been used for a Transaction, you will be liable for the Transaction and will have to resolve this directly with the relevant Merchant.

25. Communication

Unless required otherwise by other provisions of this Agreement, if you have an enquiry relating to your Card, you can call our customer service telephone line on 0333 123 1812 or +44 20 7201 0526 from outside the UK. Calls to 03 numbers cost no more than a national rate call to an 01 or 02 number and must count towards any inclusive minutes in the same way as 01 and 02 calls.

These rules apply to calls from any type of line including mobile, BT, other fixed line or payphone.

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

We may contact you by e-mail, text message or post unless provided otherwise under the Agreement. You must maintain a valid e-mail address, a valid mobile telephone number and a valid address registered with us and must notify us of any changes in your registered details without delay. You agree to check for incoming messages regularly and frequently.

Any e-mail will be deemed received as soon as it is sent unless within twenty four (24) hours the sender receives a failure notice indicating that the email has not been transmitted. Any e-mail will be deemed received by the recipient on the day it is received in an e-mail inbox if received before 4.30 pm on a Business Day.  If received at any other time, it will be deemed received on the next Business Day.

Any communication or notice sent by post will be deemed received three (3) days from the date of posting for UK post or within five (5) days of posting for international post.  Any communication or notice sent by text message will be deemed received the same day.

26. Cardholder complaints

The Card programme is managed by the Programme Manager. If you are not satisfied with your Card or the way it is managed, tell us by contacting us using our Contact Details in clause 2 so We can investigate the circumstances for you.  We will promptly send you the complaint acknowledgement by post or by e-mail and enclose with it a copy of our Complaints Procedure either as a hard copy or as a pdf file.  You may also request to be provided with a copy of our Complaints Procedure at any time. Details of our Complaints Procedure can also be obtained on our Website. Any complaints you have will be dealt with quickly and fairly and you agree to cooperate with us and provide the necessary information for us to investigate and resolve the complaint. You may be able to take unresolved complaints to the Financial Ombudsman Service via:

Post: Exchange Tower, London E14 9SR.

Telephone: 0800 023 4567 (landline users) or 0300 123 9 123 (mobile users)

e-mail: complaint.info@financial-ombudsman.org.uk

27. Compensation and protection of your funds

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. 

28. Assignment

We may assign this Agreement to another company at any time. If We assign the Agreement to another company, you will be given two (2) months’ notice of this. Unless you tell us within the two (2) month period that you do not want to continue with the Agreement after the assignment, you agree that We can assign the Agreement in this way. Your rights will not be affected by such assignment should it happen.  You may not assign the Agreement to a third party. Your right to terminate the Agreement under clause 13 is not affected.

29. Transfer of funds to a new prepaid Card

We have the right to and may transfer your Available Balance to a new Card provided by a prepaid card issuer other than Valitor hf. at any time. Before We do this you will be given at least two (2) months’ notice of the Card arrangements and the new Card terms and conditions. Unless you tell us within the two (2) month period that you do not want a new Card from the new issuer, you agree that We can transfer the Available Balance on your Card to a new prepaid Card provided by the new prepaid card issuer. Your right to terminate the Agreement under clause 13 is not affected.

30. Governing law

This Agreement will be governed by English law and the English courts will deal with any legal proceedings between us. 

31. The Issuer of the Card

Your Card is issued by Valitor hf. whose principal office is Dalshraun 3, 220 Hafnarfjordur, Iceland. Valitor hf. is authorised and regulated by the Icelandic Financial Services Authority as a credit institution (registered number 500683-0589) and is accordingly permitted to issue electronic money in the UK. Your Card is the property of Valitor hf. and is not transferable to anyone else.

Below are terms and conditions relating to Caxton FX currency services and Caxton FX prepaid currency cards. Please take the time to read them carefully.

Visa Prepaid Card Terms and Conditions

These Terms and Conditions apply to Your Prepaid Card

Glossary of Definitions

In these Terms and Conditions, the following expressions shall have the following meanings:

“Account” means the electronic account which is linked to the use of Your Card and is maintained for Your Card.

“Additional Cardholder” means the person you have authorised to use a Prepaid Card connected to your Account, who you agree is authorised to undertake Transactions on Your behalf and who is also subject to these Terms and Conditions.”

“Agreement” means the agreement with Us in relation to the Card 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 Card.

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

“Available Balance” means the value of funds loaded onto Your Card and available for You 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 plastic prepaid card 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 and is sent to You in relation to Your Card, when it is delivered to You including any specific functionality that Your Card may have.

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

“Cardholder” means You, the authorised user issued with a Card who enters into the Agreement and any Additional Cardholder.

“CAT Terminals”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 19.

“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 Raphaels which is held electronically on the Card and is available for You to spend.

“FCA” means the Financial Conduct Authority.

“Fees” means the charges for the use of Your Card as set out or described in section 14 of these Terms & 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.

“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 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 Your Account which will be shown in Your Available Balance. Loads cannot be made by Additional Cardholders.

“Secondary Cards” means cards issued to Additional Cardholders as requested by You.

“Spend” means spending by You using Your Prepaid Card 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 retail sale or ATM withdrawal completed by You using Your Prepaid Card.

“Visa” means Visa Europe who operate 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 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” or “Your” means the Cardholder.

1. Your Prepaid Visa® Card

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

Your Prepaid 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 Prepaid Card.

Where You have requested a Secondary Card, You authorise Us to issue Prepaid Card and a PIN to the Additional Cardholder and You authorise each Additional Cardholder to authorise Transactions on Your behalf. Additional Cardholders must be 13 years of age or over.

2. Applying for and activating Your Prepaid Card

To apply for Our Prepaid Card You must be at least 18 years old and a UK, Isle of Man or Jersey resident. 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. We do not charge a Fee for the first Card being applied for but We do take a £10 deposit on application which will be added to Your Available Balance when You activate Your Card. You must sign the signature strip on the back of the Prepaid Card as soon as it is received. Please refer to Our Website (www.caxtonfxcard.com) for all Prepaid Card loading options, or refer to the "Loading Your Prepaid Card" section below.

To activate Your new Prepaid Card You will need to know the PIN number. This can be retrieved by calling 0845 520 0503 or +44 207 281 0712 when calling internationally, and following the steps in the automated process. You will also need to set up Your online account before You can start using Your card. To do this, please visit our website www.caxtonfx.com and follow the simple steps to set up an account ID and password.

By using the Prepaid Card You are agreeing to these Terms and Conditions.

3. Loading Your Prepaid Card

Funds can be loaded to Your Prepaid Card in a number of ways: Internet top up, phone top up, or via SMS, however Your first load must be made online. Simply follow the instructions on the Website.

The maximum initial load on Your Prepaid Card is £500/€750/$1000 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 Prepaid Card cannot be loaded more than twice in any one day. The Available Balance on Your Prepaid Card can never exceed £5,000 or €7,500 or $10,000 at any time. We reserve the right to refuse to accept any particular loading Transaction.

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

4. Using Your Prepaid Card

Detailed instructions on how to use Your Prepaid Card are found on the Website. You will need to follow these instructions when using Your Prepaid Card.

We will deduct the value of Your Transactions from the Available Balance on Your Prepaid 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 14 below for details of Our Fees.

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

  • We are concerned about security of the Prepaid Cards We have issued to You;
  • We suspect Your Prepaid 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.

Like other payment cards, We cannot guarantee a retailer will accept Your Prepaid Card. We may also refuse to authorise a Transaction:

  • if We are concerned about security of Your Prepaid Card or We suspect Your Prepaid Card is being used in an unauthorised or fraudulent manner;
  • if sufficient funds are not loaded on Your Prepaid 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 Prepaid Card in accordance with section 15;
  • 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); or because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing transactions.

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 19).

5. Authorising Transactions

Subject to the features of the particular Prepaid 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.

Where You have requested Additional Cardholders, You authorise each Additional Cardholder to authorise Transactions on Your behalf.

A Prepaid Card Transaction will be regarded as authorised by You where You:

  • authorise the Transaction at the point of sale by following the instructions provided by the merchant or retailer to authorise the Transaction, which may include: a) entering Your PIN or providing any other security code; b) signing a sales voucher; c) providing the Prepaid Card details and/ or providing any other details as requested; d) waving or swiping the Prepaid Card over a card reader or inserting Your Prepaid Card into a card reading device for the purpose of making a payment;
  • insert a Prepaid Card and enter Your PIN to request a cash withdrawal at an ATM;
  • make a request for a cash withdrawal at any bank counter.

Authorisation for a Transaction may not be withdrawn (or revoked) by You 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 Additional Cardholder gives notice to the supplier and provide 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.

6. Expiry of Your Prepaid Card

Your card will be valid for 3 years. When it expires We will normally issue You 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 where You will be required to re-confirm Your details and which replacement card You require. On issuing a replacement card on expiry the Available Balance held on Your Prepaid Card will be automatically transferred to Your replacement card.

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 the "Your Right to a Redemption of the Funds on Your Prepaid Card" section below.

Where 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.

7. Cancellation of Your Prepaid Card and Termination of this Agreement

You have a legal right to cancel Your Prepaid Card up to 14 days after You receive the Prepaid Card without being charged the Redemption Fee - this 14 day period is known as the "Cooling-Off Period". Under these Terms and Conditions, You also have the right to cancel Your Prepaid Card at any time after the 14 day Cooling-Off Period without notice. You can cancel Your Prepaid Card by sending an email to Us using the "contact Us" function on the Website, and confirming that You have destroyed Your Prepaid Card.

You can cancel this Agreement at any time by telling Us to do so by post, email or Secure Message. If You cancel Your Prepaid Card, once all Transactions and Fees have been deducted, We will arrange for any unused funds remaining on your Prepaid Card to be returned to the original loading source within 5 days subject to satisfactory checks being completed. You will not be entitled to a refund of money You have already spent on authorised Transactions, or pending Transactions or any Fees for use of the Prepaid Card before the Prepaid Card is cancelled or expires, see section 11 for further information.

A Redemption Processing Fee will be charged (see section 14) unless:

  • You cancel Your Prepaid Card within 14 days of receiving it; or
  • You have arranged to transfer Your Available Balance to another Prepaid 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 Prepaid Card due to changes initiated by Us as indicated in section 13 and section 23 below.

We can end this Agreement at any time.

We will normally give You 60 days' advance 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.

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

  • if You break an important part of this Agreement, or repeatedly break the Agreement and fail to resolve the matter in a timely manner;
  • if You act 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 Your death.

We may cancel, restrict or suspend the use of the Card immediately if We suspect You, an Additional Cardholder or a third party are involved in any crime, fraud or misuse in relation to the Card or PIN 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 as soon as We are legally permitted to do so.

If We cancel Your Prepaid Card You must tell Us what You want Us to do with any unused funds within 3 months of the date We tell You Your Prepaid Card is cancelled. If We receive no contact within three months, We will attempt to return the funds to the loading source.

If We or You cancel Your Card You should where possible 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. If Your Prepaid Card is cancelled, We will immediately block Your Prepaid Card so it cannot be used.

8. Keeping Your Prepaid Card secure

You should treat Your Prepaid Card like cash. If it is lost or stolen, You may lose some or all of Your money on Your Prepaid 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. You should not keep Your PIN with the Card, or disclose Your PIN to, or otherwise make it available to, any other person. You can change Your PIN to something more memorable at most ATM machines in the UK, Isle of Man or Jersey by following the on screen instructions.

If You change Your PIN, You should not choose a PIN that can be easily guessed such as Your telephone number or date of birth. You must notify Customer Services as soon as possible if You believe that Your PIN has been obtained or changed without Your consent.

You are responsible for checking the Available Balance on Your Prepaid Card regularly. You can check Your Available Balance online at the Website, via SMS or via phone on 0845 520 0503 or 0207 201 0526. We will provide You with Your Prepaid Card Available Balance and a statement of recent Transactions either by electronic means or on Our secure webpage at any time. Your statement will show information relating to each Prepaid Card Transaction which will identify:

  • the amount of the Prepaid 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.

9. Lost and Stolen Prepaid Card and unauthorised or incorrectly executed payments

You must tell Us without undue delay by calling Us on Our 24 hour lost and stolen card helpline +44 20 7201 0526 if You know or suspect that Your Prepaid Card is lost or stolen or that the PIN or password is known to an unauthorised person or if You think a Transaction has been incorrectly executed. If You ask Us to do so, We will investigate any disputed Transaction or misuse of Your Prepaid Card and We may need more information and assistance from You.

Your liability is limited to £50 for use of a lost/stolen/compromised Card before notice is given by You to Us. You are not liable for any transactions after notice has been given by You to Us unless You or the Additional Cardholder acted fraudulently or with gross negligence.

If You think that any Transactions were not authorised by You or have been posted against Your Account in error (Disputed Transaction), You should contact the Merchant first as this may lead to a quicker resolution of the dispute.

You 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 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.

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

If Our investigations discover that the disputed Transaction was genuine and originated by You directly or indirectly, or that You have acted fraudulently or with gross negligence, We will charge You an Investigation Fee of up to £50.00.

10. Our liability

We will not be liable for any loss arising from:

  • any cause which results from abnormal or unforeseen circumstances beyond Our control, 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;
  • loss or corruption of data unless caused by Our wilful default.

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 or inability to use Your Card or for matters for which we are responsible.

We reserve the right to charge You for any reasonable costs that We incur in taking action to stop You using Your Prepaid Card and to recover any monies owed as a result of Your activities.

11. Your Right to a Redemption of the Funds on Your Prepaid Card

You have the right to redeem the funds on Your Prepaid Card at any time in whole or in part. To do so, send Us an e-mail using the "contact Us" facility on the Website, or contact Us on 0845 222 2639 or +44 20 7201 0526 requesting a redemption and indicating the amount to be redeemed.

If You request redemption of all funds on Your Prepaid Card, You may keep Your card with a zero Available Balance ready to load for Your next trip. There are no Fees or charges levied for cards with a zero Available Balance.

When We process Your redemption, We will charge a Redemption Processing Fee (see section 14) other than:

  • during the initial 14 day cooling off period;
  • during the 12 months following the expiry of the last Prepaid Card connected to Your account;
  • when You are cancelling Your Prepaid Card due to the circumstances explained in section 13 and 23.

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 a bank account in the same name as the Prepaid Card Account or We can issue a cheque for the redemption amount. Please note We may need to verify Your identity in order to satisfy Anti Money Laundering requirements.

We will not redeem the value of the funds on Your card to You if Your request for redemption of the funds is received by Us more than six years after expiry of this Agreement.

12. Refunding Transactions

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 8 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 Additional Cardholder could reasonably have expected taking into account normal spending patterns on the Prepaid Card or the circumstances of the Transaction.
  • A claim for a refund in the circumstances set out above will not be accepted if the amount of the Transaction was made known to You at least 4 weeks before the Transaction date.
  • We were notified of the unauthorised/incorrectly executed Transaction within 13 months of the debit date.

13. Changes to these Terms

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

The up-to-date version of the Prepaid 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 11 above and You will not be charged a Redemption Fee.

14. Fees, Charges and Limits

We do not charge any Fees for checking Your on-line Available Balance and Transactions. However the following Fees do apply:

Fees & Charges

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

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

When You use Your Prepaid 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. If We decide to increase or impose any new Fees, We will tell You by e-mail, SMS, or post, at least 60 days before any changes take effect unless we are required to change these Terms immediately by law.

15. Shortfall

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 Prepaid Card (a "Shortfall"), 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.

We may charge the amount of the Shortfall to any other Prepaid 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 Prepaid Card or on any additional Prepaid Card ordered by You. Until We are reimbursed the Shortfall amount, We may suspend Your Prepaid Card and any additional Prepaid Cards connected to You.

You are responsible for checking the Available Balance on Your Prepaid Card regularly. You can check Your Available Balance online at the Website, via SMS or via phone on 0845 520 0503 or +44 20 7201 0526.

16. Your Details

You must let Us know as soon as possible if You change name, address, phone number or email address. If We contact You in relation to Your Prepaid Card, for example, to notify You that We have cancelled Your Prepaid Card or to send You a refund by cheque, We will use the most recent contact details You have provided to Us. Any e-mail to You 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.

17. Data Protection

In purchasing the Prepaid Card on the Website and using it, You agree that We can use Your personal information in accordance with Our Privacy Policy. Our Privacy Policy is set out on Our Website, it includes details of the personal 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.

18. Goods and Services Disputes with Retailers

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

19. Communication

If You have an enquiry relating to Your Prepaid 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 0845 222 2639 or 020 7201 0526. Lines are open Monday - Friday 08:00 - 19:00 and on Saturday - Sunday 09:00 - 17.00 UK time.

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.

20. Complaints

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 Prepaid Card or the way it is managed, tell Us by using the e-mail 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 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.

21. Compensation

The Prepaid Card is an electronic 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 Prepaid 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.

22. Assignment

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.

23. Transfer to a new Prepaid Card

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 days 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 the section "Your Right to a Redemption of the Funds on Your Prepaid Card" above and the redemption Fee will be waived.

24. Governing Law

This Agreement is concluded in English. All communications with You will be in English. These Terms and Conditions will be construed in accordance with English law.

25. Fund Protection

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 as the Cardholder.

26. Prepaid Card Issuer

Your Prepaid 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 Prepaid Card is the property of Raphaels Bank and is not transferable to anyone else.

The Caxton FX Terms and Conditions

Below are Caxton FX’s Terms and Conditions

The Caxton FX Terms and Conditions

1. Caxton FX's Services

1.1 Caxton FX Ltd, whose registered office is at Portland House, Bressenden Place, London SW1E 5BH ("CFX") enters into contracts for the purchase and sale of currency for trade, commercial or other non-speculative purposes. CFX does not offer or provide any advice of any nature. As an integral part of its foreign currency service, CFX provides a money transmission service. CFX is authorised to provide this payment service by the Financial Conduct Authority (Registration number 431844) under the Payment Services Regulations 2009.

1.2 Any individual or business ("Client") that wishes to enter into transactions for the purchase and sale of currency with CFX by submitting an order to CFX ("Order") agrees that each Order shall constitute a separate contract incorporating and subject to these Terms to the exclusion of any other terms now or in the future, unless otherwise agreed by CFX. Each Order shall only become binding if and when accepted (whether orally, by phone, in writing or by any other media) by a duly authorised CFX representative.

1.3 CFX will only accept Orders from the Client to buy and sell currencies for Spot or Forward delivery where the Client agrees to take physical delivery of the purchased currency on the specified delivery date ("Value Date").

1.4 CFX may accept Orders for the Client from authorised representatives approved by CFX. CFX may use any contact details provided by the Client when responding to Orders, and does not commit to use only the preferred delivery method or the preferred contact details of a particular authorised representative. The Client shall ensure that all contact details it supplies can be used for all communications for all authorised representatives for all Orders.

1.5 CFX may accept written or oral instructions for an Order from the Client or an authorised representative of the Client. Orders must be given in the prescribed CFX format. CFX may require written confirmation of any Client instruction before accepting an Order.

1.6 CFX may provide the Client with information or opinions about the foreign exchange markets but CFX does not offer any advice to the Client on the merits of any transaction either with CFX or with others. When entering into any contract the Client shall rely entirely on its own judgment.

1.7 CFX is not obliged to accept Orders from a Client and may at its discretion refuse any Order without giving any reason and without liability for any resultant loss or damages incurred by the Client or any other party.

1.8 Once an Order is accepted by CFX from or on behalf of a Client it cannot be cancelled, withdrawn, or varied in any way by the Client without the [written] consent of CFX.

2. Documentation for accepted Foreign Exchange Orders

2.1 CFX will issue a contract note confirming the details of each Order accepted by it which may be sent to the Client by fax, email, post or on the company's online system ("Caxton Secure"). Any such confirmation shall be provided for audit purposes only and shall not affect the terms of any Order agreed by CFX. The contract note will detail a unique reference for identification purposes as well as other information, for example, but without limitation, the purchase currency, the sale currency, the amount of each currency, the exchange rate, the date for settlement, any extra charges you may incur and the deposit required if it is a forward contract.

2.2 The Client shall notify CFX of any error or omission in any confirmation within 12 hours of receipt of a contract note issued by CFX. If CFX agrees there has been an error or omission, it shall issue a revised contract confirmation reflecting the revised terms.

3. Payment and Settlement

3.1 For a Spot transaction the Client agrees to pay, on the settlement date that CFX requires, the full amount specified by CFX on the contract note as full payment for the contract. CFX reserves the right to charge administration fees for funds received after the settlement date. Such funds will be subject to interest charged at 10% per annum above the standard base rate published by Lloyds Bank from time to time or the maximum amount permitted by applicable law (if less) or £20 a day, whichever is greater and an administration fee of £50 per Order.

3.2 For a Forward transaction, the Client will immediately pay an initial amount in cleared funds of a minimum of 10% of the full amount of the Order ( "Margin" ) and shall pay any outstanding balance of the Order not later than two days before the Value Date of the contract.

3.3 If the foreign exchange market moves unfavourably CFX may require the Client to provide a greater Margin for forward contracts to maintain the value of the initial percentage of the Order. Such funds shall be paid by the Client on demand.

3.4 The Client shall not be entitled to any interest on any Margin or any other funds held on its behalf by CFX.

3.5 CFX may deduct from any payments to be made to or on behalf of the Client such amounts as may be required by law or as may be charged by CFX in respect of transfer or other charges owed to CFX. Refer to Clause 8 for charges on fund transfers. All payments due from the Client to CFX under these terms shall be made without any deduction, counter-claim or withholding whatsoever.

3.6 The Client agrees and represents that all funds to be paid by the Client in respect of any Order will be legally and beneficially owned by the Client in full and will not be subject to any charge or lien or other encumbrance of any kind.

3.7 All funds provided by the Client under these Terms (whether as Margin or otherwise) may be used by CFX in the performance of its own obligations to any counterparty of CFX or otherwise. 3.8 Unless otherwise instructed by you, CFX will send your funds once the order has been settled and you have provided us with the beneficiary details. Further terms for the transmission of your funds exist under Clause 8.

4. Client Money Protection

4.1 CFX offers client money protection if the client sends money to CFX prior to a transaction taking place or if CFX is explicitly requested by the client to hold money for them after a transaction has been completed.

4.2 CFX holds all client money in accordance with the Financial Conduct Authority's (FCA) Client Money rules. This means it holds clients' money separately from the firm's money in a designated Client Trust Account in an EU regulated credit institution. This arrangement is designed to ensure that client money is not a risk in the unlikely event of CFX getting into financial difficulties.

4.3 Client money held by CFX for investment products regulated under FSMA is also covered by the Financial Services Compensation Scheme (FSCS). Private investors (which includes small companies) are covered by the scheme up to a limit of £48,000 being 100% of the first £30,000 and 90% of the next £20,000. [Further details of the compensation scheme are available from the FSCS website www.fscs.org.uk]. For clarification, neither Foreign Exchange nor Payment Services are regulated investment products so do not fall under the FSCS.

5. Limitation of Liability

5.1 CFX agrees to perform its obligations with reasonable care and skill but providing it does so, CFX shall not be liable to the Client or any third party for any damages, costs, expenses, taxes, liabilities or losses resulting from the failure of CFX to execute any Order in accordance with the instructions of the Client.

5.2 Time shall not be of the essence for the processing of any Order, except that time shall be of the essence in relation to any obligation of the Client to make payments hereunder. In particular, CFX accepts no responsibility for any delay in onward payment attributable to the late arrival of funds or instruction for payment relative to the cut off times of the designated bank.

5.3 The Client shall indemnify and keep CFX indemnified against all damages, costs, expenses, taxes, liabilities or losses of any nature suffered by CFX through the failure of the Client to observe any Terms in respect of any Order agreed with CFX. The Client shall indemnify and keep CFX indemnified against all liabilities incurred by CFX in the proper performance of its services or any Order, including any liabilities incurred by CFX as a result of CFX performing actions to perform Client instructions (or acting on Orders which reasonably appear to CFX to be from the Client or its authorised representative).

5.4 The Client shall keep all passwords and authorisations issued to it by CFX confidential and secure and CFX shall be entitled to rely on all instructions or Orders received by it using those passwords and authorisations as if they were received from the Client, without conducting any further checks as to the identity of the person making the instruction or Order.

5.5 CFX shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are transferred either to or from CFX's or Client's account. 5.6 The limitations of liability in these Terms are agreed by the parties on the basis that the Client is aware of the volatility of the foreign currency markets.

5.7 CFX reserves the right to defer the date of settlement of an Order (but not outward payments - please see Clause 8) without liability to the Client if it is prevented from or delayed in the carrying on of its business due to the circumstances beyond its reasonable control including, without limitation, acts of God, governmental actions, war or national emergency, acts of terrorism, protests, riot, civil commotion, fire, explosion, flood, epidemic, lock-outs, strikes or other labour disputes, technical problems or restraints or delays affecting carriers or inability or delay in obtaining supplies of adequate or suitable currency, provided that, if the event in question continues for a continuous period in excess of 30 days, the Client shall be entitled to give notice in writing to CFX to terminate the Order.

5.8 Neither party shall be liable to the other party in contract, tort, negligence, breach of statutory duty or otherwise for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered by that other party of an indirect or consequential nature, including without limitation any loss of profits, business or goodwill, anticipated savings, loss caused by any third party, even if such loss was reasonably foreseeable.

5.9 Subject to clause 5.10, CFX's liability under or in connection with any and all Orders, whether arising in contract, tort, negligence, breach of statutory duty or otherwise, shall not exceed £50,000 (fifty thousand pounds sterling) in aggregate.

5.10 CFX does not purport to limit its liability for death or personal injury or fraudulent misrepresentation.

5.11 The limitations of liability in this clause 4 shall be construed and applied in accordance with clause 8.4 and the failure or unenforceability of any provision shall not affect the enforceability of the remaining provisions of this clause 4.

6. Default

6.1 CFX reserves the right to close out or terminate all or part of any Orders if:

I) the Client fails to make a payment for an Order when due and in accordance with the terms; or

II) the Client goes into liquidation or commits any act of insolvency as defined by the Companies Act 1985 as amended; or

III) any other breach by the Client under these Terms; or

IV) CFX is requested to do so by any regulatory body or considers it desirable or necessary to do so for its own protection or as required by law.

6.2 If the Client becomes aware of any event referred to in this clause, the Client shall give CFX notice of this immediately.

6.3 If the Client fails to comply with any of its obligations under these Terms, and without limitation to any other rights or remedies of CFX under these Terms, in the case or "forward contracts", the Margin shall, at CFX's discretion, be forfeit to CFX.

6.4 Without limitation to any other rights and remedies CFX may have, if the Client wishes to alter or terminate the terms of an Order and CFX is willing to agree to this, the Client shall pay a minimum administration fee of £150 on each occasion and the Client shall be liable for any losses due to a change in the value of the contract through currency movement. Such charges are to be paid within 48 hours of CFX's consent to the alteration or termination.

7. Notices and Service

7.1 Documents may be sent by fax, email or post. Documents shall be sent to the last known address, email address or fax number given by each party from time to time.

8. Fund transfer and the Payment Services Regulations

8.1.1 CFX may accept your instructions for payment using any form of communication CFX considers to be appropriate including letter, fax, email or telephone.

8.1.2 CFX may decline to act on any communication, even if CFX has told you it will in general accept that type of instruction. CFX may do this in particular if it considers that there is doubt about the validity of the communication and it is in CFX's or your interest to query it with you. Subject to any legal or regulatory requirements which may apply, CFX will act upon any instruction, agreement or arrangement without enquiring about its purpose, or the circumstances in which it is given, or about the disposition of any proceeds.

8.1.3 The language of these Terms and Conditions shall be English and all information provided, made available and notified to you shall be in English.

8.1.4 You may be provided with a further copy of these Terms and Conditions upon request.

8.1.5 After a payment instruction is received from you, CFX shall provide to you as soon as reasonably practicable the following information:

l) a reference enabling you to identify each payment transaction and, where appropriate, information relating to the payee;
ll) the amount of the payment transaction in the currency used for the payment instruction;
lll) the amount of any charges and transfer fees (if applicable) for the payment transaction payable by you;
lv) where applicable, the exchange rate used in the payment transaction by us and the amount of the payment transaction after that currency conversion; and
v) the date of receipt by us of your payment instruction.

8.1.6 If you require information on an individual payment transaction before sending us an instruction, please contact us.

8.1.7 We have an obligation to disclose certain payer details to intermediaries in accordance with Regulation EC 1781/2006 on information on the payer accompanying transfers of funds and you authorise us to do this.

8.2 Fees and Charges

8.2.1 These terms and conditions set out how, when and what we charge for the services we provide. Details of charges are also available from the customer service team or by writing to us.

8.2.2 In the event that we make any charges, you authorise us to deduct those charges from the money transferred before sending it. If we deduct any charges, we will notify you before we accept an Order from you and additionally give you details in the contract note we issue after an Order is accepted. Details will also be available on your online account (Caxton Secure).

8.3 Payment transactions

8.3.1 In order for a payment instruction from you to be properly remitted, you must provide us with the information or unique identifier which is necessary for the proper execution of the payment instruction. If this information is incorrect, it could result in the payment transaction being delayed or the funds transferred being lost. The information could comprise the payee's bank sort code and account number or, where applicable, the payee's SWIFT number, BIC number and IBAN number.

8.3.2 Unless otherwise instructed by you, we will remit your funds once the Order has been settled and you have provided us with the beneficiary details. We will take this as consent that you wish the funds to be transferred to the beneficiary account. Amendments to your instructions may give rise to additional charges (see 8.2.1)

8.3.3 We will execute payment instructions so that the amount to be transferred reaches the beneficiary's payment service provider no later than the end of the third business day (after 1 January 2012, the next business day) after settlement date of the Order. We must receive payment instructions before the cut-off time specified when your Order is accepted or we will deem the instruction to have been received on the next business day. Instructions received on days which are not business days for us will also be deemed to have been received on the next business day.

8.3.4 Once we receive your payment instruction, you cannot revoke it unless you inform us in writing that you withdraw your consent no later than the business day before the agreed day of transfer.

8.3.5 Where we receive a payment instruction from you for execution on a specific day, you agree that the time of receipt is deemed to be that specific day on which we are to execute the payment instruction.

8.3.6 It is your responsibility to ensure that the funds you pay to us are sufficient to make each and every payment transaction which you authorise us to make. We will not make any money transfer instructed by you unless you have paid to us sufficient funds first.

8.3.7 We have the right to refuse to accept a payment instruction or payment and to refuse to execute any payment transaction for any of the following reasons:

l) any condition in these Terms and Conditions has not been satisfied;
ll) execution would be unlawful;

8.3.8 If any payment instruction is declined you may contact us using the contact details set out in clause 1.1 of these Terms and Conditions or via our Website. If we have declined the payment instruction we will, where reasonably possible (and where we are not prevented from so doing by law or regulation) tell you why the payment instruction was declined at the earliest opportunity and in any event no later than the end of the third business day (after 1 January 2012, the next business day) after we received your instruction. If the reason for our declining the payment instruction was based on incorrect information, we will agree with you what needs to be done to correct that information.

8.3.9 You agree that we may retain funds received by us for your benefit until our security validation, verification and anti-money laundering procedures have been completed before you may instruct us to transfer them.

8.4 Liability and refunds

8.4.1 The extent of your liability for any losses you incur in respect of an unauthorised payment transaction:

l) arising from the use of lost or stolen personalised security features or procedures agreed between us and you for your use in order to give us payment instructions, including (without limitation) an unauthorised payment transaction through any electronic communication, is a maximum of £50, or
ll) where you have acted fraudulently or have with acted with gross negligence is the full amount of those losses.

8.4.2 You may be entitled to redress for an unauthorised or incorrectly executed payment transaction only if you notify us without undue delay on becoming aware of any unauthorised or incorrectly executed payment transaction, and in any event no later than 13 months after the debit date.

8.4.3 Where you initiate a payment instruction, we are responsible to you for the correct execution of the payment transaction unless the payee's payment service provider received the amount of the payment transaction in accordance with the payment instruction execution times set out in clause 8.3.3 of these Terms. You may request that we make immediate efforts to trace the payment transaction and notify you of the outcome.

8.4.4 Where we are liable to you as payer under this clause 8.4.3 for a non-executed or defective payment transaction, we may without undue delay refund to you the amount of the non-executed or defective payment transaction.

8.4.5 Notwithstanding anything to the contrary in these Terms and Conditions, we shall not be liable to you if we are prevented, hindered or delayed from or in performing any of our obligations under these Terms and Conditions due to abnormal and unforeseeable circumstances beyond our control.

8.5 Modifications to Terms and Conditions; Termination

8.5.1 We will notify you in writing at least 2 months before we make any change to these Terms and Conditions. You will be deemed to have accepted any such change if you do not notify us to the contrary before the date on which any such change comes into effect. However, if you choose not to accept any such change, our notice of the change shall be deemed to be notice of termination and our relationship pursuant to these Terms will terminate the day before any change comes into effect.

8.5.2 You may terminate our relationship under these Terms by giving us at least 1 month's written notice. We shall not charge you for the termination of our relationship under these Terms after the expiry of 12 months from its commencement. We may terminate our relationship under these Terms by giving you at least 2 months' written notice. Such termination will not release you from any liability in respect of any sums owing to us or from any previous liability for any act performed by us in accordance with instructions received from you.

8.6 Complaints

8.6.1 We aim to provide the highest level of customer service possible. If you do experience a problem, we will always seek to resolve this as quickly and efficiently as possible. However, if you would like to make a complaint, please refer to our Complaints Policy for details of our internal process for dealing with complaints promptly and fairly. Our Complaints Policy is available on our Website or by contacting your account manager.

8.6.2 We will fully investigate any complaint and try to reach a satisfactory conclusion. Complaints may be recorded and monitored for our internal use; we may submit an anonymous summary of complaints made to us during a particular period of time to our regulator. If you are not satisfied with our final response or if we have not concluded our investigation after 8 weeks, you may be able to refer your complaint to The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR.

9. General

9.1 Nothing in these Terms shall be deemed to create a partnership or joint venture or agency relationship between the parties or confer any right or benefit to any third party.

9.2 These Terms are the conditions in force at the date of this Agreement and shall not be superseded, or modified except with written consent by CFX.

9.3 No oral representation by CFX, its employees or agents shall be binding on CFX or shall form part of these Terms, and except as set out above all conditions, warranties or other terms implied by statute or common law are hereby excluded to the fullest extent permitted by law.

9.4 Should all or part of any of these Terms be deemed unenforceable or illegal, the remaining terms or parts thereof will nevertheless continue in force and effect to the fullest extent permitted by applicable law.

9.5 The Client warrants that it is acting as principal and has full legal capacity to agree to these Terms.

9.6 The Client agrees that CFX may carry out any check as to the Client's status and personnel and other checks as it deems fit. The Client agrees on its own behalf and duly authorised on behalf of its personnel that CFX can process personal data relating to individuals to provide services, process Orders, conduct relevant credit reference and other checks and use details for marketing purposes. Information may be disclosed to third parties including other CFX affiliates, service providers, credit reference agencies, regulators and others worldwide, including people in other countries without data protection laws, for the foregoing purposes. Marketing by CFX may take place by paper or electronic means, including email and telephone, unless the Client notifies CFX that it does not want to receive such marketing material. CFX shall not disclose information to third parties to enable them to market their own products and services.

9.7 Words shall have the meanings given to them in these Terms or if not defined, their usual meaning in the UK currency markets. Any dispute as to the meaning of any word shall be determined by an independent expert agreed by the parties, whose decision shall be final and binding on the parties.

9.8 The parties agree and consent to the recording of telephone conversations between the parties or their representatives without an automatic warning tone. The parties agree to the use of any such recordings as evidence in any dispute or anticipated dispute between the parties.

9.9 These Terms shall be governed by and construed in accordance with English law and subject to the jurisdiction of the English courts.

The data provided on this site is for information purposes only. It does not constitute advice nor is it intended as a solicitation for funds or recommendation to trade. Caxton FX Ltd accepts no responsibility for any loss suffered or damages sustained through any act or omission taken as a result of any of the information herein