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Read all about the new tax changes implicating non-domiciled residents.

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Buying property abroad?

Read all about the benefits to buying property overseas.

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Travel Savings Plan

The following Terms apply to the Caxton Travel Savings Plan and form an Addendum to the Mastercard Prepaid Card Terms and Condition that apply to you (You / Your) as a Caxton Card customer. You agree to this Addendum by ticking acceptance of the Terms and Conditions as identified in the Plan setup process online. Once agreed and entered into, the Currency Savings Plan cannot be changed without incurring charges.

This Addendum is intended to govern only the services regarding the Travel Savings Plan; all other provisions of the Mastercard Prepaid Card Terms & Conditions remain operative and shall govern all other Caxton services.

1. Contact details

If there is anything You do not understand or agree with, please contact Caxton using the following details:

Telephone: 0333 123 1815 or 44 (0) 207 235 3435 from outside the UK;
Mailing address: Caxton Payments, 2 Leman Street, London, E18FA, UK;
Email: info@caxton.io.


2. Travel Savings Plan (Plan) options

The Travel Savings Plan (Plan) gives you the option to make monthly Plan Payments to build a Final Amount in GBP (a GBP Plan) or other Caxton Card currency (a Currency Plan).

Under the terms of this Travel Savings Plan Addendum, You agree to making a series of monthly payments with the purpose of achieving a Final Amount at a future Maturity Date which will be loaded to your Caxton Account and Caxton Card.

2.1 Currency Plan

When You set up a Travel Savings Plan in a non-GBP currency (Currency Plan) you choose the following parameters, all of which become fixed when You complete the set-up process; the Plan Currency; the Final Amount in the Plan Currency between the value of £1,000 and £10,000 or currency equivalent; the number of monthly Plan Payments; and the Payment Day of the month You want Caxton to take payments. The number of Plan Payments and the Payment Day determine the Maturity Date of the Plan.

Under the terms of the Currency Plan, and as distinct from the GBP Plan, the Final Amount will only be added to Your Caxton Card after the final Plan Payment has been made. If the Final Amount exceeds Your Caxton Card load limits then the balance will remain on your Caxton Account Currency Balance for your future use. See the Mastercard Prepaid Card Terms & Conditions for Your Caxton Card limits.

To provide the Currency Plan, Caxton buy a Forward Contract on the currency markets. By its nature, and under the terms of this Addendum, a Forward Contract is a binding agreement between You and Caxton to buy the Final Amount of currency at the future Maturity Date at an agreed rate of exchange. These Currency Plan arrangements are fixed. See the Changes section and the Cancellation section in this Addendum.

There is no draw-down facility during the Currency Plan Payment Period and no interest will be paid on the money you pay to Caxton during the Plan Payment Period.

2.2 GBP Plan

When You set up a Travel Savings Plan in GBP (GBP Plan) you choose the following parameters; GBP as the Plan Currency; the Final Amount in GBP between £1,000 and £10,000; the number of monthly Plan Payments; and the Payment Day of the month You want Caxton to take payments. The number of Plan Payments and the Payment Day determine the Maturity Date of the Plan.

After each Plan Payment, Caxton will transfer the Plan Payment amount to Your Caxton Card up to the load limit of Your Caxton Card. If the Plan Payment exceeds Your Caxton Card load limit then the balance will remain on your Account Currency Balance for your future use. See the Mastercard Prepaid Card Terms & Conditions for Your Caxton Card limits.

3. Plan Setup

To setup your Travel Savings Plan you must be a Caxton Cardholder and must setup your Plan via Your online account. Once you have entered the required information online to define the Plan, a Plan Quote will be displayed showing any applicable rate of exchange (not applicable for a GBP Plan), the amount of each monthly Plan Payment and the total of the Plan Payments. The Plan Quote will be valid for a duration of 5 mins after which you will be alerted via the setup process that the Your Plan Quote has expired. To complete the setup You will be asked to confirm permission for Caxton to take the Plan Payments from the debit card registered against Your Caxton Account and to accept the Travel Savings Plan terms and conditions.

4. Plan Payments

Under the terms of this Addendum, You are obliged to make the Plan Payments on the monthly Payment Day You defined when setting up Your Plan. Caxton will take Plan Payments on the monthly Payment Day from the debit card you authorised for payments in the setup process.

The first Plan Payment will be taken when you sign up for the Plan. Thereafter, the Plan Payments will be taken the next and subsequent calendar months on the monthly Payment Day you have requested.

Should the debit card You authorised during the Plan Setup becomes invalid for any reason during the Plan Payment Period You must notify Caxton. If Caxton is unable to take a due Plan Payment from the debit card provided, Caxton will endeavour to contact You at the earliest opportunity. In the event of non-payment after 72 hours Caxton will cancel Your Plan and the Cancellation terms will apply; see the Cancellation section of this Addendum.

5. Payment protection

Plan Payments made to a GBP Plan are loaded directly to your Caxton Card Account and are held in a secure account with an authorised credit institution as detailed in the Mastercard Prepaid Card Terms and Conditions.

Plan Payments made to a Currency Plan are held as Client Money by Caxton as Investment Products regulated under the Financial Services and Markets Act and are also covered by the Financial Services Compensation Scheme (FSCS). Under the FSCS you are considered a Private investor and are covered by the FSCS for 100% of the first £30,000 and 90% of the next £20,000 up to £48,000. Further details of the scheme are available from the FSCS website www.fscs.org.uk.

6. Changes

Caxton is unable to permit changes to the Plan Currency, Final Amount, the Plan Period or the monthly Payment Day. In the first instance you should contact Caxton. To amend or change Your Plan it will be necessary to cancel Your existing Plan and the relevant Cancellation terms will apply; see the Cancellation GBP Plan or Cancellation Currency Plan in this Addendum.

7. Cancellation

Your Plan can be cancelled by You or by Caxton in the event of an unpaid Plan Payments after 72 hours. If You need to cancel Your Plan you must contact Caxton; Contact Details are provided in the Addendum. Please see below for the specific Cancellation terms for your Plan.

7.1 Cancelling a GBP Plan

If you have a GBP Plan there are no cancellation charges.

In the event of Cancellation of a GBP Plan, Caxton will cease taking payments from Your authorised debit card. If the cancellation is less than 5 days before the next Plan Payment is due, the Plan Payment may still be deducted from Your authorised debit card; in this case Caxton will contact you to discuss refund arrangements.

7.2 Cancelling a Currency Plan

If you have a Currency Plan an Administration fee of £50 plus any applicable Reversal Loss will be due for payment by You. When you cancel Your Currency Plan, You have the option to;-

either have the currency value You have paid for up to the Cancellation Date loaded to Your Caxton Card; or not to receive currency and have sterling paid back to Your Debit Card; in both cases, cancellation charges will be deducted from the amount you receive.

The Reversal Loss is dependent on the exchange rate difference between when You setup Your Plan and the cancellation date applied to the currency You do not take delivery of. The Reversal Loss will be calculated and confirmed to You by Caxton.

If the cancellation is less than 5 days before the next Plan Payment is due, the Plan Payment may still be deducted from Your authorised debit card; in this case Caxton will contact you to discuss refund arrangements.

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Caxton Payments
2 Leman St 
London, E18FA, UK

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Caxton Payments Limited is authorised and regulated by the Financial Conduct Authority for FSMA authorised business (FRN: 431844) and for the issuing of electronic money and payment services (FRN: 900663). Registered office: 2 Leman Street, London, E18FA, UK. We are also registered as a data controller with the Information Commissioner’s Office, registration number Z7413780.

The Caxton card is issued by PSI-Pay Ltd pursuant to a license by Mastercard® International Incorporated.

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.