CaxtonFX, the leading foreign exchange broker, is now offering a new online payments service that allows you to make payments to anywhere in the world with no fees or commissions while still enjoying bank-beating exchange rates. Use it day or night, 7 days a week; FastPay is the easiest and most cost effective way to transfer money overseas. It works like a BACS transfer but with no fees and great rates of exchange.

Account holders with CaxtonFX can access the service by logging on as usual and going to www.caxtonsecure/fastpay. Follow the simple instructions to make a transaction.

The service is ideal for owners of overseas properties who have regular bills to pay, expatriates resident in the UK who need to send money home or businesses that have to pay their overseas suppliers. The service is secure, cost effective and easy to manage.

Laura Wilson, an American living in London, has to regularly send money to the US. “This new service is something that offers real value to expatriates,” she says. “It is quick and simple to use and no transfer fees means it is great value. Banks charge heavy transfer fees for each individual transaction no matter how small or large and the costs can quickly run into hundreds of pounds.”

Caxton FX's Managing Director James Hickman says, “This is another example of how CaxtonFX always strives to offer better value and better service to our clients. It is early days but the feedback on this new service has been extremely positive. FastPay offers the best in flexibility and convenience while still offering CaxtonFX's unbeatable rates.”

What Is FastPay?

FastPay is an online payment service for transferring smaller amounts of currency at a lower cost. The internet platform allows users to transfer £100 to £10,000 at discounted online exchange rates, no commission or any other charges. Covering 16 major currencies, among those that can be transferred online are Euros, US Dollars, Australian Dollars, Canadian Dollars and New Zealand dollars.

How does it work?

CFX Fast Pay allows users to make international payments in three simple steps. Suitable for individual or business needs, users lock into live currency rates that are updated online, and then pay via a sterling debit card. Once a transaction is made, Caxton will ask for your debit card details and claim the sterling funds direct from your bank. It will take approximately one to two working days for a payment to be received by the beneficiary account that has been specified.

What are the benefits?

A fast and highly secure service, CFX Fast Pay offers competitive exchange rates and no fees for transfers of up to £10,000. Convenient and cost-effective, the progress of the payment can also be tracked online, allowing the client to manage their own account. Fast Pay enables currency payments to be made at any time and live rates offer an opportunity to take advantage of currency volatility.

What are the key differences between CFX Fast Pay and other online payment systems?

Most online payment services usually worsen exchange rates by 4 pc and charge exchange and transfer fees. They also tend to pass on fees levied for receiving transfers. In comparison, CFX Fast Pay offers a fee-free currency transaction with bank-beating exchange rates.

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Media Enquiries Lana Wrightman, pr@lanawrightman.com, Tel: 020 8533 2277, Mob; 077 2595 1310

About Caxton FX

Caxton FX is one of Europe's leading foreign exchange companies based in London. They set themselves apart by offering genuine value for money. Founded in 2002 as an FX broker, it offers bank-beating rates and fee-free transfers on large and small currency transfer transactions as well as a market leading currency card product. They now exchange millions on a daily basis. The success of the company has been based on two simple principles: Value and Service. These principles have been carried through to the launch of CaxtonFX FastPay, bringing genuine savings for customers. The company comfortably meets the capital adequacy requirements set out by the FSA and is free of any debt.