The latest Currency News and articles from the FairFX team

Don't Get Ripped Off on Travel Money Rates at the Airport or on a Credit Card

Are you planning to go on a vacation out of the country but worried that your expenses might go overboard? If you are then that makes you one of the thousands who are worried about carrying cash, saving money while on vacation, and having to deal with travel money rates that catch you off guard. Most travelers who fail to manage their finances while on vacation often end up going over budget and are left to pay for their credit card bills.

Look at our brilliant travel money rates:

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The Traditional Solution to Changing Your Currency

There are a lot of choices that you can choose from when it comes to bringing changing currency. The traditional way is carrying cash. Having your money in your wallet might give you convenience, but you're also taking a risk as you never know what might happen. You may be pick-pocketed, lose your wallet, or even overspend. To be wise about carrying cash, it is safer to bring a small amount with you to spend on the little purchases that you make on the trip.
A lot of travelers often fall into making the mistake of changing currencies on airports; Travel money rates on airports are lower which makes it more expensive. Furthermore, commissions are charged by companies at almost 8% in general when converting currency.
Another option is your credit and debit cards. Using your credit card or debit card can be fast and handy, saving you the hassle of carrying a lot of money. But for the convenience, credit and debit card companies charge you high rates for foreign currency transactions (Credit card users are charged almost 3%).
Another popular choice is using the ATM, withdrawing your money through ATMs is convenient and it also allows you to spend within your limit. However, it does have some drawbacks. You will have to take your time in looking for ATMs to withdraw your cash, for a tourist in a foreign country this may be exhausting for you because you are not familiar with the area.

The Contemporary Advantage

The best method is the use of prepaid currency cards. It is by far the most secure and has lesser fees and minimal charges than credit cards but offers the same amount of convenience. You also don't have to worry about overspending as you get to monitor your expenses. The card also offers better exchange rates than buying cash and you won't have to deal with long lines at FOREX booths to have your money changed. If lost or stolen, the latest transaction could be cancelled and your remaining account could be transferred to another card within 24 hours.

How do I Save Money While on Holiday?

The answer is easy - by spending wisely and keeping track of the money that you are spending. If you want to think ahead of yourself and you want to do away with the trouble of auditing your cash every now and then, managing your finances and using a prepaid card to limit your expenses will go a long way in saving money. This way you won't have to deal with the high travel money rates in exchange centers.

Order your FairFX card today for much better value travel money on your next trip.

Apply for the FairFX card now!

Friday 30 April 2010, 02:23pm

Pay Less for Holiday Money Euros

Using a FairFX currency card gives you much better exchange rates for your Euros that the airport or high street. To save money on your next trip to Europe, order one of our cards now!

Check out our rates on Euro holiday money:

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If you are going on holiday to Spain or Greece, or to any other European country then at some point you will need to exchange pounds for euros. Most people will purchase their travel money a few days before they go away. Travel agents and banks can supply you with foreign currency and they will usually charge you a commission for doing so. One of the problems with taking all your holiday money euros as cash means that you will be walking around with a lot of money in your pocket.

People who want to feel safer and who don't like carrying a lot of money around with them when they are on holiday may prefer to use travellers cheques. One of the problems with using either traveller's cheques or cash is that once you have bought your travel money, you won't be able to take advantage of any further changes in the exchange rate. Currency exchange rates fluctuate all the time and you could get two or three more euros to the pound on one day, than you did on another.

Apart from buying your holiday money euros for cash or by using travellers' cheques, you can also use your credit card to draw money out once you reach your destination. When you use a credit card in this way the card issuer will take a commission because you have drawn cash, and it will also cost you more money to use the ATM machine. Increasingly people are getting fed up at having to pay all the hidden extras just to get their holiday money. If you are fed up and looking for an alternative means of sorting out your holiday money then you will pay less if you use a currency card.

Currency cards can be obtained online and they work in a similar way to a credit card or debit card, apart from the fact that you have to load the card up with money first to be able to use it. There are a number of companies that supply currency cards and the commission rates differ slightly from one provider to another. When you use a currency card you can always charge it up with more cash straight from your bank account either online or over the telephone.

You don't have ATM costs with a currency card and the charges are a lot lower than they would be on most credit cards. If you don't like carrying around a lot of cash with you when you are away, then currency cards are an ideal alternative. When you use a currency card you dispense with all the hassle and extra costs that are often associated with trying to get your holiday money euros.

Order your FairFX card today for much better Euro rates.

Apply for the FairFX card now!

Thursday 29 April 2010, 12:14pm

Get a Better Tourist Rate of Exchange: Easy Tips

If you have a holiday planned then before you go away you will probably want to sort out your holiday spending money. One of the problems that many of us face when going abroad is knowing where and how to get the best exchange rate when we go away. Below are a number of ideas for getting your travel money.

Look at our brilliant tourist rates of exchange on our prepaid cards:

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Tip 1: Buying Currency

Many travel agents will tell you that you can buy your currency from them and that when you return, they will change back notes over a certain denomination e.g. twenty euros. At the moment there is not that much difference in value between the pound and the euro although the exchange value changes every day. Buying currency from your travel agent is useful if you haven't had much time to sort out your travel money. If you don't want to take a pocket full of cash away with you then you may want to consider getting some travellers cheques.

Tip 2: Travellers Cheques

The main advantage of buying travellers cheques is that you are not carrying around a lot of cash. If you lose your travellers cheques or they are stolen, the company will get you some more. One of the problems with buying travellers cheques is that many hotels and exchange offices will charge an extra commission on tourist exchange rates when you use traveller's cheques.

Tip 3: Credit Cards

If you don't want to take a lot of foreign currency away with you, or deal with travellers cheques then you can use your credit card. A credit card is more convenient as you can get cash out of an ATM machine whenever you need it. You will be charged for borrowing money on your credit card and there is usually a charge for using ATM machines abroad.
While all of the above tips are useful and viable ways of getting your travel money sorted out, each option also has its drawbacks. There is a cheaper and more convenient way of getting your travel money, and that is by using a currency card. Currency cards are quite new and issuers charge different percentages for using them, nevertheless the charges are usually a lot lower than borrowing on your credit card and using an ATM machine.
A currency card is a prepaid card, which means it works in the same way as a credit or debit card, once you have loaded the money on it. Probably the best place to get your currency cards is online as you can also add more money online or by phone if you prefer. When you use a currency card there are no ATM charges, and the cost of the card is minimal when you compare it to borrowing on a credit card. A currency card is a convenient and cost effective way of getting your travel money and obtaining the best tourist exchange rates.

A FairFX card gives you better exchange rates and more security than other options for taking money abroad. Apply for your card today to save money on your next trip abroad.

Apply for the FairFX card now!

Wednesday 28 April 2010, 10:26am