Currency Articles > Foreign exchange Related Posts

Avoid Overspending on Foreign Exchange Currency with FairFX

If you are going away on a family holiday then you want everyone to have a good time but in the current economic climate you don't want to overspend on foreign exchange currency. Most people like to make sure that they have at least some foreign currency before their holiday departure date. There are several ways of purchasing foreign currency, some more cost effective than others.

Check out our brilliant foreign exchange currency rates:

I want on a

Getting Currency From theHigh Street

An increasing number of people who used to buy foreign currency from their travel agents now by it from high street shops. It may be convenient to buy from your travel agent, but there is often a price to pay for this in commission and losses on the return of any unused currency, and even 0% commission shops build their costs into their exchange rate margin. Buying your currency in this way may not be convenient and it is all too easy to overspend if you find that you have not purchased sufficient currency for your needs.

Travellers Cheques

A time honoured way of buying foreign exchange currency is by purchasing a small amount of euros or dollars in cash, and having the rest on traveller's cheques. Traveller's cheques are useful for foreign currency and most banks and agents will make a refund on any unused cheques. One of the problems with traveller's cheques is that many hotels and other outlets will charge you a commission on every cheque that they change. Although commission is often a small amount, if you have a lot of cheques it can rack up significantly over the course of a fortnight.

Credit Cards or Currency Cards?

More people take little or no hard foreign currency with them when they go abroad and prefer to get their cash as and when they want it via their credit card. Buying foreign exchange currency on a credit card can be an expensive business. There is always a risk with credit cards that at crucial times such as Christmas and annual holidays, there is much more of a tendency for people to spend more than they had originally budgeted for. When you withdraw currency on your credit card, most credit card providers make an additional charge on top of the usual interest rates. Some credit card companies still charge you extra for using your credit card abroad and for using foreign ATM machines.
In case you hadn't heard, there is a simple way of ensuring that you don't overspend on foreign exchange currency, and that is to use a prepaid currency card like the FairFX. Currency cards are similar to prepaid credit cards, in that you load them up with the amount of money you intend to spend before you go. You can get these cards and load them with currency online and then use them in the same way that you would use a credit card. The currency card is proving to be one of the best ways to buy euros and dollars cheaply, and to avoid overspending on foreign exchange currency.

Apply for the FairFX card now!

Friday 04 June 2010, 03:24pm

Buy foreign exchange with a prepaid card for the best exchange rates and security

Buy travel money on a prepaid currency card from FairFX and you could get much better exchange rates than the airport or the high street. See how much you could save on your next holiday.

See how much you could save when you buy foreign exchange with a FairFX card:

I want on a

How to Buy Foreign Exchange

When it comes to visiting another country, you're always going to have the dilemma of figuring out where and exactly how to buy foreign exchange. This is perhaps one of the most important preparations you should take before leaving on a trip to a foreign country yet is something that can easily slip anyone's mind. Fortunately, there are several options to choose from when you go to buy foreign exchange. However, you want to make sure that you get the very best rate for foreign currency, especially if you'll be taking a long trip and need plenty of money. Whether you're exchanging pounds for euros or yens or even dollars, the exchange rate matters. Here are a few methods to buy foreign exchange and some considerations of each.

Using Foreign Exchange Booths

One of the methods to buy foreign exchange involves taking a trip to official foreign exchange booths in your home country or the country in which you're visiting. These can be banks, post offices, or some other independent foreign currency exchange services. The way you buy foreign exchange through this process is that you essentially buy the foreign currency with your home currency. You either write a check or pay with cash and in return receive foreign cash and currency.

There are a couple major problems with using foreign currency exchange offices to buy foreign exchange. First, you won't be getting the best rate. Since you have little choice but to accept the exchange rate, these currency exchange services usually have a higher markup that you'll pay than other methods that you can use to buy foreign exchange.

Getting ATM Cash

Another method you can use to buy foreign exchange is to simply use your automated teller machine (ATM) card at an ATM machine in the host country which you're visiting. This can be a good idea for several reasons, especially if you need the money in an emergency to pay for a purchase that you need immediately. However, ATM machines are notoriously expensive as they pile on fees for unrecognized bank cards that may be used. In addition, with this option of getting foreign exchange you are essentially automatically accepting the rate of the bank whose ATM machine you're using.

Using Prepaid Currency Cards

As a viable option for purchasing foreign exchange, prepaid currency cards have several advantages. First, currency cards are safer than other options of buying foreign exchange. Since you're not carrying cash you'll be less of a target for muggers. In addition, you don't have to worry about carrying large amounts of money and possibly misplacing your funds. Perhaps most importantly, prepaid currency cards typically give the best foreign exchange rates when compared with other options of buying another country's currency.

As you can see, there are several options that you have when it's time to buy foreign exchange. The safest option to obtain this foreign currency is through the purchase of prepaid cards, which is ultimately more secure than simply carrying cash and provides the best exchange rate as well.

Apply for the FairFX card now!

Tuesday 20 April 2010, 10:18am