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+ |
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.
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.
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