Caxton FX launches FastPay to transfer money this Christmas

One of Europe’s leading foreign exchange companies, Caxton FX has announced the launch of Caxton FX FastPay, a fast and convenient way to transfer money from anywhere in the world with no extra charge.

Caxton FX said FastPay allows users to make payments around the world with no fees or commissions and offers bank-beating exchange rates. You can use it day or night, seven days a week.

“It’s an easy and cost effective way to transfer money overseas,” the company said in a statement.

The standard fee that high street banks charge to transfer money is around £25 pounds and they also offer uncompetitive exchange rates, so you will find your hard-earned money “going down the drain” just paying the charges when moving funds.

For example, using your Barclays account to send £300 to your parents in Johannesburg, £150 to your cousin in Toronto and £400 to your sister (for all your nieces and nephews) in Brisbane, you would be charged £25 per transaction. That’s an unnecessary £75 (or an extra 9 percent out of your total £850) wasted on transfer fees.

Caxton FX FastPay offers competitive exchange rates and no fees for transfers of £100 to £10,000. You can apply for a CaxtonFX card here – it will only take a couple of minutes.

Caxton FX FastPay enables currency payments to be made at any time and live rates offer an opportunity to take advantage of currency volatility. FastPay customers are also able to track progress of their payments online, meaning you can see when Gran receives the money for her quilted housecoat.

Meanwhile, Caxton FX said that fresh government data has revealed that the annual inflation in the UK rose at a higher rate than was forecast in November, reaching its highest point since May.

The Consumer Price Index, which is used as a measure of inflation, showed that annual inflation has risen to 1.9%. This is higher than the forecast of 1.8%, but still below the Bank of England’s target rate of 2.0%. It is now the second consecutive month, in which the rate has increased. This is largely due to rising fuel and energy costs. It also falls in line with the recent forecast from the BoE that inflation will rise sharply in the short term, continuing in the early part of 2010 before falling back to the desired 2.0% level.

For more background on prepaid currency cards you might find our article on prepaid Currency cards – are they the best option for travel money? useful.