The latest Currency News and articles from the FairFX team

Finding Relevant Tourist Exchange Rates

If you are planning to take a trip out of your resident country, then money is usually your first concern. Not just the cost of the trip, itself, but the expenses you will incur while you are there. This generally entails knowing the currency of the country you are going to as well the tourist exchange rates.

Check out the tourist exchange rates on our prepaid currency cards:

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It is very important to know how your money compares to the local currency of the area. This is vital information for properly being able to plan for your trip. It could ruin everything if you arrive somewhere and realize you did not set aside enough money for necessities. You need to know if your dollar is worth more or less than theirs.

There are many different ways in which you can discover this information. Many local and cable news channels report it on a daily basis. It is usually carried in the morning news reports. This can be helpful, but only to a certain degree, since it is not updated in real time.

Many banks also provide this information freely to their customers. Finding out the current rate, at least as current as they list it, could be as easy as walking in or calling to ask. Some of them even offer exchange services, so you are ready, before you leave for your trip.

The drawback to both of these is the lack of real-time information. Currency rates can fluctuate on a daily basis and throughout any given day. It would be horrible to arrive at your destination and find out the information you had received is now no longer accurate.

Thankfully, you do have several options that you can use to avoid finding yourself in such a situation. There are many Internet sites that offer real-time currency exchange information. They use automated processes to make sure they offer the most up-to-date information possible.

This means that you get the latest exchange rates, right when you need them most. Regardless of where you are going, this makes it easy to find the information you need in seconds. All it requires is a little of your time using an online search engine.

To get as colse as possible to these interbank (spot) rates, try using the FairFX prepaid currency card. We are an online business with lower overheads, and we trade directly in the currency markets, so make great savings which we pass on our savings to the customer. Apply today before your next trip.

Apply for the FairFX card now!

Friday 26 February 2010, 03:16pm

Prepaid Travel Money Card – The Preferred Way to Pay While Traveling Overseas

When you go on vacation, especially if you’re traveling overseas, it is never a good idea to carry cash with you, as it is not very safe. Should you happen to drop it or if someone were to rob you, you are just out of luck, as there is no way to get it replaced.

Check out the exchange rates on our prepaid travel money cards:

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Traveller's cheques: how long will they last?

This is why things like traveller’s cheques became the chosen way most people would pay for things when they traveled. But traveller’s cheques have been replaced by the use of plastic cards, which are not only easier to carry, but also quicker to use and are more convenient, as well. Rather than use a credit or debit card you already have, you might think about using a prepaid travel money card.

Using credit cards abroad could clear out your cash

A prepaid travel money card is like a credit or debit card but it offers some advantages. For one thing, credit cards are going to pack on additional interest for anything you buy. Unless you are planning to pay your travel expenses in the full that same month, those interest charges are going to pile on really fast. With a prepaid card, there is no interest. The companies that offer these types of cards make their money from fees that are charged when you add money to it and when it’s activated. But there are going to fees with whatever method you choose, even if you exchange cash for a foreign currency, there are likely fees involved there as well.

Prepaid cards are the best way to spend money abroad

Also, with a credit card, the amount you can spend is only limited by your total credit limit on the card. This will usually allow people to spend way more than they intended to spend. With a prepaid travel money card, you are limited to the amount you put on the card to begin with. Only want to spend $1,000? Then just put $1,000 on the card and you can’t go over that unless you add more to it later.

With a debit card, you are also limited to just the money you have in the bank and cannot overspend, using money you don’t have, like you can with a credit card. The reason using a prepaid travel money card is better than a debit card is because if your debit card is stolen, a thief can easily clean out your entire bank account, rather than just the amount you put on the prepaid card. While you can report the theft and will eventually get that money back, you will likely rack up a ton of late fees on bills you can’t pay yet.

The FairFX card also has amazing exchange rates, and no hidden fees. Apply today, ready for your next trip.

Apply for the FairFX card now!

Friday 26 February 2010, 12:19pm

Best Tourist Exchange Rates – Choosing the Option that Gives You the Best Deal

If you are going to be traveling abroad in the near future, you are going to want to find the best tourist exchange rates that you can possibly find. Obviously, you will have to convert your currency to something that will be accepted by the local businesses. There are different options of conversion available and each one will give you a different exchange rate. This is why you need take the time to research each one so that you get the best rate possible.

Check out the best tourist exchange rates on our prepaid cards:

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Make sure you check rates before your trip

No matter which option you choose, in order to get the best tourist exchange rates possible, you need to look and see what the current currency exchange rates are. These can change slightly on a daily basis, and if you are going to be in a foreign country for a longer amount of time, you should check these rates more than once, just to keep yourself current on what is going on. There are a number of online tools that are designed especially for the purpose of converting currency, like xe.com, and they are regularly updated so you can be assured that you are getting the most up-to-date exchange rates.

Traveller's cheques: not quite dead yet

Another you can do to ensure that you are getting the best tourist exchange rates possible, is to research the various options of paying for things while travelling overseas. You can carry cash, which can then be converted to the local currency, but if it gets stolen, good luck getting it replaced. You can go the safer route and use traveler’s cheques, which are safer than cash because if these get stolen, it just takes a little time and effort to get replacement checks. Traveller’s cheques can be expensive, however, with service charges and other fees, like paying to have them shipped out to you.

Bank cards often carry hidden charges

Using credit cards or ATM cards seem to give you the best tourist exchange rates, especially when you compare them to cash and traveller’s cheques. These cards are easy to carry and are very convenient. The downside to using them, however, are the hidden charges, which add up over the course of your travels, and ATM machines may be hard to come by on foreign soil.

Get much better value rates on prepaid cards

The best alternative is to use a prepaid travel card, where you put money on the card and use it like a credit card. This gives you the best exchage rates, and is more seucre than having all your funds avaiable, should you card be compromised. Have a look at FairFX's holiday money cards and see how much you could save.

Apply for the FairFX card now!

Friday 26 February 2010, 09:53am