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First currency card ‘Buy Back’ guarantee launches

With the referendum just a few weeks away and Europe’s future hanging in the balance, the markets are seeing unprecedented volatility leaving holidaymakers with little control over how much currency they will get for their money. If the pound gets stronger, those going away now could find that they are unable to change their currency back into pounds at as favourable a rate when they return and will essentially lose out on the market. Yet this is all about to change, thanks to a new Buy Back Guarantee product from Caxton FX.

Caxton, the foreign exchange specialists, are launching the first ever online currency card Buy Back Guarantee. Holidaymakers can now have peace of mind that any leftover holiday money on their card can be reimbursed at the same rate it was bought at.  

Caxton developed the product in response to currency fluctuations and concerns of a possible ‘Brexit’, which left many customers hesitant to purchase currency prior to the election, for fear they would lose out. This means that people can feel comfortable exchanging all of the spending money for their trip in one hit, instead of gradually exchanging currency in small increments.   

Of course there will be times when the market moves in favour of the foreign currency and it would be better to use the day’s standard exchange rate rather than the rate it was bought at. In these cases, Caxton FX customers will be under no obligation to use the guarantee and can simply change their currency back to pounds at the day’s standard rate.

Rupert Lee-Browne, founder of Caxton FX, comments, “Since David Cameron announced his referendum regarding EU membership, causing a divide within the Conservative party, the markets have fluctuated wildly. This has been a nightmare for anyone wanting to buy holiday money as the amount you get for your pounds can change significantly from day to day. With this new product, we’ll buy back your unused currency at the very same rate that you bought it for, so if the exchange rates changes, you won’t lose out on your pounds when you’re back from your travels.”  

The Buy Back Guarantee is available now online at CaxtonFX.com as an add-on to the Caxton Card. It can be purchased for £4.99 and is available to existing customers, as well as new customers once they have made their first load onto their Caxton Card. The product can be applied to a maximum amount of £6500, and is valid for 90 days from purchase, or 30 days from your first overseas transaction or ATM withdrawal. There is no redemption fee for changing money back to sterling.  

Rupert Lee-Browne continues, “If you find that you haven’t used all of your foreign currency at the end of your holiday, you don’t have to fritter it all away at the airport now as you know you can get a decent rate for it.”

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