How much do Caxton cards charge?
Caxton cards charge 1.5% above the mid-market exchange rate on currency conversion at the point of spend. The card itself is free, there is no monthly subscription, no UK ATM fee on Caxton ATMs, and no withdrawal fee in most cases. The main hidden cost is a dormancy fee that kicks in after a defined period of inactivity.
Last verified 14 May 2026 · Feebite Editorial · Not affiliated with Caxton
Independent fees breakdown for Caxton cards. For the official site, go to caxton.io. This page shows the real cost UK freelancers pay — including the FX markup vs Wise (0.41%) and the dormancy fee most reviews miss.
In one sentence: A Caxton card is a free, no-monthly-fee prepaid card with a 1.5% FX markup — roughly 3.6× more expensive than Wise — and no UK sort code, so it cannot receive client payments. It's a travel/spending card, not a freelancer payment account.
Worked examples — what Caxton's 1.5% actually costs
| Annual spend in foreign currency | Caxton (1.5%) | Wise (0.41%) | You overpay with Caxton |
|---|---|---|---|
| £1,000 | £15.00 | £4.10 | £10.90 |
| £5,000 | £75.00 | £20.50 | £54.50 |
| £10,000 | £150.00 | £41.00 | £109.00 |
| £25,000 (active freelancer) | £375.00 | £102.50 | £272.50 |
For a UK freelancer routinely spending in EUR/USD, switching the spend layer from Caxton to Wise can save £100–£270/year on top of what Wise already saves on the receive side.
Sources checked (May 2026)
- Caxton fees and limits page — FX rate, ATM, top-up
- Caxton card terms & conditions — dormancy / inactivity fee schedule
- FCA Financial Services Register — Caxton (firm 900663) — regulatory status
- Wise pricing — for the 0.41% benchmark
- Editorial review re-verified 2026-05-14. Card terms change; cross-check the official page before opening an account.
Caxton offers a multi-currency prepaid card popular with UK travellers and freelancers who spend in multiple currencies. Weaker for receiving income but strong as a spending card.
Quick Verdict
Rating: 3.8/5 — ★★★½☆
Best for: UK freelancers who need a multi-currency spending card for business travel
Not ideal for: Receiving client payments — no bank receiving details provided
Get started with Caxton →Key Facts
| Category | fintech / prepaid-card |
| FX fee | 🔴 1.5% |
| Withdrawal fee | Free |
| Monthly fee | Free |
| Payout speed | same-day |
| KYC level | Basic (email only) |
| Founded | 2002 |
| HQ | GB |
Country Availability
| UK | Canada | Australia |
|---|---|---|
| ✅ | ❌ | ❌ |
Fees
| Fee type | Amount |
|---|---|
| FX conversion | 1.5% above mid-market |
| Withdrawal | Free |
| Monthly subscription | None |
| Currencies supported | 26+ |
Caxton Dormancy Fee: What It Costs and How to Avoid It
The Caxton dormancy fee is an inactivity charge applied to prepaid balances that sit unused for a defined period — typically 12 or more months. Once it kicks in, the fee is deducted monthly from your remaining balance until you use the card or close the account, so a forgotten balance can quietly erode toward zero.
How to avoid the Caxton dormancy fee:
- Make at least one transaction (spend or top-up) before any long break in usage
- Spend down or withdraw the balance if you don't plan to use the card for a while
- Close the card entirely if you've switched to another provider
The exact inactivity threshold and fee amount can change, so always confirm the current figures in Caxton's card terms & conditions. If you only kept Caxton for receiving or holding money, note that a fee-free receiving account avoids dormancy charges altogether — see our best payment setup for UK freelancers for lower-cost alternatives.
Features
| Feature | |
|---|---|
| Bank transfer | ❌ |
| Card payments | ✅ |
| Crypto | ❌ |
| Virtual card | ✅ |
| Physical card | ✅ |
| Multi-currency | ✅ |
| Business account | ❌ |
| Mobile app | ✅ |
| API access | ❌ |
| Upwork integration | ❌ |
| Fiverr integration | ❌ |
Caxton vs Wise: Which Should UK Freelancers Use?
Most freelancers comparing Caxton vs Wise should use Wise — it charges 0.41% FX (vs Caxton's 1.5%), provides real UK bank account details to receive client payments, and also works as a spending card. Caxton has no receiving capability at all.
| Caxton | Wise | |
|---|---|---|
| FX conversion fee | 1.5% | 0.41% |
| Receive client payments | ❌ | ✅ |
| UK bank account details | ❌ | ✅ |
| Monthly fee | Free | Free (standard) |
| Physical card | ✅ | ✅ |
| Currencies | 26+ | 40+ |
When Caxton makes sense: If you already have Wise for receiving payments and want a second card with good multi-currency support and no monthly fee, Caxton is a reasonable option. It's particularly popular with UK travellers. For the full receiving-side comparison, see our Wise vs Payoneer breakdown.
Pros
- No monthly fee — completely free to hold
- Multi-currency prepaid card (26+ currencies)
- Virtual debit card for online payments
- Physical card for in-store spending
- Mobile app (iOS & Android)
- Founded 2002 — established provider
Cons
- Cannot receive client payments — no sort code or account number
- 1.5% FX conversion fee — 3x higher than Wise (0.41%)
- UK-only — not available in Canada or Australia
- Not suitable as a primary freelancer payment tool
Who Should Use Caxton
Perfect for: UK freelancers who already use Wise or Payoneer to receive payments and want a separate multi-currency card for business travel expenses.
Skip it if: You need to receive international client payments — use Wise instead, which does everything Caxton does and adds receiving capability at a lower FX rate.
How to Get Started
- Visit https://caxton.io and create an account
- Complete identity verification (photo ID required)
- Top up your Caxton account from your UK bank account
- Use the physical or virtual card to spend in multiple currencies abroad
Frequently Asked Questions
What are Caxton's fees? Caxton charges 1.5% above mid-market rate for currency conversion. No monthly fee, no withdrawal fee. 26+ currencies supported.
Is Caxton available in the UK? Yes — Caxton is exclusively available in the UK. Not available in Canada or Australia.
Can I receive client payments with Caxton? No. Caxton is a prepaid spending card only — it has no bank account details for receiving transfers. Use Wise or Payoneer to receive payments, then optionally spend via Caxton.
How does Caxton compare to Wise? Wise charges 0.41% FX (vs Caxton's 1.5%), provides real UK bank details to receive international payments, and also works as a spending card. For most freelancers, Wise is the better all-round choice.
Is Caxton safe? Yes — Caxton is FCA-authorised as an e-money institution. Customer funds are safeguarded under FCA e-money regulations. Operating since 2002 with over 500,000 cardholders.
This review was last updated 2026-03-30. Fees and availability may change — always check Caxton's website for the latest information.
feebite may earn a commission if you sign up via our links. This does not affect our editorial ratings.