I contacted them for you and asked if the card could be used in Lanzarote .This is their reply-
As long as you use an ATM machine or merchant which accept VISA card then you should be fine.

Don't worry it will work fine, we use one all the time and it is just the same as any Visa card, we are currently in Tenerife and it is working fine.

thanks Kiltman!

Don't want to be a doom and gloom merchant, but just wanted to say that with these 'currency cards' my understanding is if whoever issues them goes bust between loading them up and you getting around to spending the cash on them you have no cover at all and basically could lose any money you put on them.

I certainly wouldn't put more on one than I could afford to lose. There is no cover from the FSA (or whatever they are calling themselves these days), and if you load the card from either a credit card or a debit card, section 75 of the credit card act doesn't apply nor does the debit card chargeback scheme.

Happy to stand corrected on this if anyone knows otherwise but it seems to me that Foreign Exchange is not regulated, so these cards whilst convenient could be a bit of a gamble.

Doe

thanks for that doe, you are right that they are not covered by the FSA but I was aware of that when I took it out. I researched the various options pretty thoroughly and given Caxton's good reputation, decided it was worth the small risk. Hopefully I won't live to regret it

Hopefully it will be Ok Shorty.

I think people think they are as safe as your own bank card. I believe one of the cards (maybe not Caxton) is owned by Newcastle Building Society which is quite small by the standards of many financial institutions.

I was remembering the collapse of Crown Currency in 2009 who whilst not a card were an online foreign exchange company offering great rates, who you ordered your cash from in advance for later delivery.

They crashed owing £17 million of holiday makers money and that reminded me.

Crown Currency is still in the hands of the administrators/liquidators I believe and none of the 17 million returned to holiday makers as yet, if lucky they will get 10p in the £1 back. Not great if you ordered £2000 etc.

It's always worth being financially aware.

Doe