Caxton launches multicurrency account for business to unlock complete flexibility in 34 currencies

  • SMEs no longer need to open an international bank account to manage their FX
  • Pre-paid card allows fee-free spending against the account
  • Multicurrency international payments under a single IBAN number
  • Blockchain connected: businesses can plug directly into Caxton’s payment systems without an API

SMEs no longer need to open a bank account to gain access to multicurrency banking. Caxton, the FX specialists, are combining all of its services in to a single account, giving businesses access to seamless management of 34 currencies and a pre-paid card.

Up until now, SMEs would be faced with either sky-high FX fees via their UK accounts, or weeks of waiting for an unsophisticated multicurrency account from their bank. Caxton’s new multicurrency account can be set up within a few hours, giving businesses true flexibility with their money. This unlocks a business’s ability to spend on a Caxton pre-paid card, or employee expense cards, send international payments, and work with our expert account managers to manage their currency risk – and this can be done with their own personalised account number (IBAN). In addition, businesses are free to plug directly into Caxton’s payments engine via blockchain technology, making their payments cheaper, faster and more secure.

Rupert Lee-Browne, CEO of Caxton, said: “At a time when many of the major banks are closing their multicurrency offerings, we’re proud to launch ours. SMEs have long had a raw deal banking abroad: hit either by massive fees or long waits and difficult admin to move their foreign currency. The Caxton Multi-Currency Account frees businesses from this, providing one seamless, joined up way to manage your business’s money overseas”

Caxton is an international payments company, founded, run and regulated in the UK. Launched in 2002 by Rupert Lee-Browne, with £25,000 start-up capital, the business is now forecast to turnover £1 billion this year. Lee-Browne’s model has been to undercut traditional providers while offering higher levels of customer service.

Caxton pioneered the use of online platforms and pre-paid currency cards to offer customers simpler, quicker, safer and more cost-effective international payments. A Caxton Card allows customers real-time management of multiple currencies, with free international ATM usage and the ability to buy, hold and sell currency at locked-in exchange rates.

Our London-based advisers offer expert guidance to customers, to ensure they get the best value from their foreign currency exchange.

The business was recently awarded a 5-star rating by MoneyFacts for its customer focus, and holds a 9.2/10 score on Trustpilot, an independent customer reviews site.