If you're planning on traveling out of the country, then you're probably looking at your options for currency exchange. Most travelers often lose money on tourist rates of exchange by getting their money exchanged at airports, using their credit cards, or using alternative methods. But a prepaid card may be the best option for many reasons. First, let's take a look at the alternative methods.
Why Credit Cards Cost So Much More in the Long Run
Credit cards are probably on the top of most people's minds because of the convenience. They also know what they are getting when they use their credit cards as they are familiar with their interest rates. However, most people are unaware that there are hidden charges and extra fees associated with credit cards.
Many credit card companies charge you extra fees for currency exchange. When you pay with your credit card, you are charged every time you use it during your trip. While the charges may not be significant, they can really add up and cost you a lot of money by the end of your trip, making it expensive.
Airport Currency Rates Are Also High
Getting your currency exchanged at the airport is also viable. This option is convenient and mostly used if the traveler needs the money at that point and cannot take the extra time to look for alternatives. Most people are on limited schedules while they are traveling so they have to resort to this option.
Airports charge tourist rates of exchange which can be very high. In fact, getting your money at the airport is one of the most expensive choices. You may be surprised that the rates can be 15% or even higher depending on the supply and demand as well as the airport center.
Currency Cards are the Perfect Solution
By taking a little time to prepare beforehand, you can save a lot of money with currency cards. Currency cards are just like credit cards. You purchase the money at low rates before leaving for the country. Then, you simply load it up with the money you need and go on your way.
There are no hidden charges, the rates are lower than your other choices, and they are easy to use. What's more, they allow you to keep to a budget because you can load up the card with the money you want to spend. If you need more money, all you have to do is contact the company during your trip to deposit more.
And that's not all there is to these cards. If you lose the card during your trip, you can make a call to the company and get the balance moved over to a new card. This is very important as it may be easy to lose your wallet or luggage while you are traveling.
Order a FairFX travel money card today for cheap exchange rates on your next trip abroad!
Monday 28 June 2010, 04:16pm
Preparing for a holiday simply shouldn't be an issue for anyone. But as one prepares to go out they find the biggest nightmare to deal with is the currency rates for the country they are visiting. But don't allow the stress of these foreign currencies get you down as you have several travel money delivery systems available to you.
Currently the pound sterling remains strong and conversions to other foreign currencies are quite generous. Of course the change in currency can be handled several different ways, and whilst each may seem to provide the consumer with the best deal, not all are customer oriented and the wisest choice you have.
For instance, the traveler could choose to exchange currency in the UK before going abroad. You will be charged a conversion fee as well. These fees are the standard rate and there is no reduction of fees on this conversion method. If you want the equivalent of 100 pounds you will need to have the funds on top of that to cover the conversion.
On top of that you will need to keep track of these funds for the entire trip. If you lose these funds you will have to rely on an outside funding source. If you forget to bring any other funding sources you are in serious trouble. Cash can be stolen easily, and if it is there is no way to replace it leaving you in a bad predicament.
A second option for the person on holiday is to use a credit card. With your credit card you have the option to use it at an ATM or Bank to withdraw funds from your account. Either way, the credit card will most likely give you a very poor exchange rate, as well as inordinately high ATM fees.
But when a person want their travel money delivery with the best funding options, and the lowest conversion rates they should decide to go with a prepaid currency card. These cards are loaded with your funds at a considerable discount and work just like a debit card.
Cards like the FairFX Currency Card give much better exchange rates and are safe for worldwide use. Each card has been created to be use whilst traveling. In fact they are even easily reloadable if you run low on funds you simply need to find an internet connection or make the transfer with your mobile phone with the FairFX telephone top-up service.
Simply choose a card that meets your needs and load it to receive the best overall benefits that these cards carry. They are safe, inexpensive and secure. This means they are safer than cash and cheaper than the average credit card and offer peace of mind that the other two can't deliver on.
Friday 25 June 2010, 01:59pm
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.
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.
Friday 30 April 2010, 02:23pm
