This will give its cardholders more freedom and protection when travelling abroad. All new card applications will be issued with new Visa cards while existing cardholders will be notified individually when their MasterCard will be replaced.

The move is part of Caxton FX's long term plan to offer more benefits to its customers. Caxton FX's new Visa cards will be accepted at 31 million outlets across 170 countries and cardholders will immediately benefit from Consumer Purchase Protection as well as a number of other benefits.

Caxton FX has also introduced a new easy PIN over IVR (Intelligent Voice Recognition) system to improve convenience for travellers, which allows its Visa prepaid cardholders to access their PIN any time of day or night over the phone, and not have to wait several days for it to arrive in the post.

Cardholders will continue to benefit from no ATM fees charged by Caxton FX abroad and 0% commission on transactions while also maintaining the highest level of customer service, for which Caxton FX recently received top marks in Which? Magazine's latest foreign currency report (July 2011).

The Caxton FX Visa cards will be issued by Raphaels Bank which is a leading player in the emerging European prepaid market with over £80m of prepaid clients' funds under management. Raphaels is a UK Bank, authorised and regulated by the UK Financial Services Authority.

"Since our foundation ten years ago we have been committed to providing our customers with unparalleled customer service and assurance," said Rupert Lee-Browne, CEO, Caxton FX.

Lee-Browne continues: "We are very impressed with Visa's forward-looking and innovative approach to prepaid card payments which is in line with our own vision and strategy and look forward to developing even more products and customer benefits in the coming months."