Are you thinking of traveling abroad? If so, then one of most important aspects is planning your finances. Managing your finances well will not only help you keep to your budget but will also help you get more out of your money, so you can do more on your trip. That's why it's crucial that you familiarize yourself with the currency conversion methods and look at all your different options. Here are a couple of them that you may be familiar with.
The ‘Usual' Currency Conversion Methods
Most people don't think too much about currency conversion prior to the trip. The usual approach is going to a currency exchange center when they arrive. However, the exchange centers do not offer the best currency exchange rates and most, if not all charge commissions.
Some travellers are used to their debit or credit cards. But using debit or credit cards can be very costly if used abroad. Typically, there is an added charge of about 2.75% every transaction for the currency conversion made. Currency conversions can also be done at the airport but it they have some of the most highest rates and add charges that can total up to as much as 15-20% of the transaction.
The Risks of Carrying Cash
Some people plan their currency exchange way before the trip, and make sure that they are fully stocked up on cash before they leave. However, there are many risks of carrying cash, and you may not be getting the best exchange rate you can.
There is the risk of mismanaging your expenses and not being able to stick to your budget. And if you lose your bag or wallet, the money will be irretrievable. In general, most people are not comfortable carrying a huge amount of money with them.
The Advantage of Using Prepaid Currency Cards
Prepaid currency cards were created to cater the needs of travellers like you. Companies offering these cards are contending with the currency exchange offices so the conversion rates are much lower. FairFX has recently introduced the ‘Anywhere Card' which is the best currency card available. With the FairFX Anywhere Card, you get zero loading charges and zero ATM charges. The only added expense is the 1.5% transaction fee which is by far less than any transaction fee of other similar cards out there.
In addition, currency cards address the risks of carrying cash. If the card is lost or stolen, you can always connect with the 24-hour customer support and have the balance transferred to a new one. Also, your identity cannot be found on your card so you won't have to worry about identity theft or fraud. To sum up, currency conversion can be made much easier with prepaid currency cards. They'll allow you to enjoy your trip without any financial worries.
Wednesday 21 April 2010, 04:12pm
When you want to convert Pounds to Euros for your holiday, it helps to find an easy, convenient and secure way to convert your currency. For overseas travel, you will want to convert your Pounds to Euros before you go because the markets can fluctuate, but the commissions and fee can vary, too. The way to get the best exchange rate is to consider the prepaid currency cards, because they are an Internet-based business and don't have the rent overhead that the exchange bureaus and kiosks do. They are a convenient and secure way to carry travel money, without carrying around the actual currency.
Convert Pounds to Euros with a Currency Card:
Because you can use the Internet and quickly set up an account as part of the initial way to convert pounds to euros it just takes a few minutes to do it from your home. You can choose to have banknotes delivered to your front door through insured mail, if you want your travel money US Dollars in actual currency. Many people prefer the prepaid currency cards because they are actually a prepaid MasterCard with a chip and PIN, so they are more secure for your holiday travels. If you have an overseas bank account, you can have travel money US Dollars transferred directly, which is helpful for those that are purchasing property or other major transactions in their travels.
Getting The Best Exchange Rates For Travel Money US Dollars:
Many people might not realize that the best way to convert pounds to euros is through prepaid currency cards. While some people might first consider the Post Office, HSBC or Travelex Heathrow as the best options to buy euros, the prepaid currency card that gives you the best overall value is the FairFX travel money card.
Security and Safety, Along With Convenience:
When you are on your overseas travels, some people might think about travel checks or carrying US Dollars in currency. However, the most safe and secure way to carry travel money US Dollars is with the prepaid currency cards, which are used as a credit card. Because they are prepaid MasterCard currency cards, you can use them anyplace your travels take you. It is easy to use them at hotels, restaurants, bars or tourist attractions, just like you do any other credit cards. Because you are assigned a PIN, you can access travel money US Dollars at ATMS, if you need cash to carry for tolls and other small things. There is no need to carry a lot of currency on you, no matter where your holiday travels take you. With the prepaid currency cards, it is safe and secure to convert Euros to travel money US Dollars and you get the best exchange rates, as well.
Thursday 08 April 2010, 02:27pm
There are several options, when it comes time to convert pounds to dollars. You might consider that foreign currency exchange rates can vary, depending on the options you choose, when you need to convert pounds to dollars for a holiday or business trip. Finding the easiest and most affordable options are the best way to get the most for your hard-earned cash, but secure methods of traveling cash are important to consider, as well.
Using Exchange Bureaus To Convert Pounds To Dollars:
For many people, they will consider exchange bureaus to help them convert pounds to dollars. The thing to consider about this method is that you have to find one nearby and make sure to get there during the hours they are open. In addition, the currency exchange rates can vary and the market exchange rate is not always what you can expect when you are able to get in and convert pounds to dollars. The other thing to consider is that they have rent overhead and normally will charge a commission, so this might be a more costly method to convert pounds to dollars than you can find other places.
Using Airport Kiosks To Convert Pounds To Dollars:
When you are at the airport, it is convenient to convert pounds to dollars before your flight takes off, but are you getting the best currency exchange rate? You also have to consider the fees that are charged for these transactions because there is still rent overhead involved for kiosk space rental. Because these costs have to be recouped, you can expect that you aren't getting the best foreign currency exchange rates by using the currency exchange kiosks at the airport.
Using the Prepaid MasterCard or Currency Card To Convert Pounds To Dollars:
If you are lucky enough to know about the prepaid MasterCard currency card, you can enjoy the best foreign exchange rates and you have easy access to your currency, without carrying it on you. Not only do you get the best exchange rate for your currency when you convert pounds to dollars, but you can enjoy the convenience and security that the prepaid currency card offers. For many experienced travelers, the prepaid currency card offers the best foreign currency exchange rate, when you convert pounds to dollars and you get the secure convenience of opening an account with your personal computer and you have 3 easy options to convert your currency. While the prepaid MasterCard with chip and PIN is the easiest and most secure method, you can have traveling cash delivered to your home or transferred to your foreign currency bank account, as well.
No matter where you are going for your holiday or business trip, you will see that you get the best foreign currency exchange rates, along with the convenience and security you need, when you convert pounds to dollars using the prepaid MasterCard currency card. You can set up your currency purchase account in as little as five minutes.
Friday 19 March 2010, 03:26pm
Whenever we travel abroad, we try and ensure that the money we carry lasts for the entire trip. However, nowadays you need to plan in advance in order to get yourself the best GBP Conversion rates in order to have a hassle free holiday or business travel abroad.
You need to identify and find out which are the companies that are offering you the best possible rates. Before finalizing a company, you also need to understand the rates and fees being charged by these money exchangers. For a layman, this is a time consuming process but is really worth it as at the end of it all you become much wiser to the ways of the financial markets.
The best method to find out who is offering the lowest GBP conversion rates is by going online. This will give you a fair idea as to who is offering you the lowest rates in the market place. These companies charge a certain amount as fee towards any transaction you make either through your debit card, credit card, or any withdrawal through ATM when you are traveling abroad. It is this fee you need to check up while planning on your travel in order to get the best rates.
These GBP conversion rates can vary vastly from bank to bank and institution to institution. It all depends upon the kind of company or bank you are dealing with since the exchange rates very often eat into your expenditure without your knowledge about it. So, make sure that you find the right kind of provider who can help you with your conversion. It is often found that the bigger banks have higher processing fees in comparison to the smaller financial institutions and currency brokers. For instance, banks like Citibank, Chase and other such banks charge as high as three percent as their conversion rate whereas with a small bank or broker you may get your GBP conversion for about one percent. This makes a huge difference when you are traveling abroad. Hence, it is wise for you identify a company that genuinely understands your requirement and is willing to help you wholeheartedly.
FairFX is one such company you can rely upon to meet your conversion requirements. The company understands that when you travel abroad you can never really plan your expenditure very accurately and very often you end up by using your credit cards, debit cards and other such financial instruments. Get yourself a FairFX Travel Money Card and cut down on all the extra costs you incur towards the GBP conversion, and save a lot of money on exchange rates and other charges.
Thursday 11 March 2010, 02:42pm
For much of history mostly gold and silver coins were the money used, otherwise known as commodity money. Commodity money has been used in many forms not just gold or silver. Throughout history anything of value could be used as commodity money. These items include but are not limited to the following: rice, shells, alcohol, salt, and candy. The use of commodity money for transactions is similar to bartering but not exactly.
Today we use fiat money or fiat currency in most areas. What distinguishes fiat money from commodity money is that the commodity itself does not have an actual tangible value. Fiat money refers to notes and coins from banks which are given a face value. In the U.S. this would be the Federal Reserve System. The fiat money is known as legal tender and is accepted to pay for both public and private debts. It’s actually against the law to refuse the legal tender of your country if someone is trying to pay you for goods or services provided by you. This is good news concerning travel currency conversion because if you have the correct tender, you won’t be refused.
Around the world we use different types of currency. Each country is different regarding which currency they’ll accept. Since the value of each country’s currency differs as well, it’s important to know the value of a certain type of money for deciding to do a travel currency conversion.
Now that you have a short, summed up history on currency, you’ll need to be aware that travel currency conversion is a must when traveling to other countries. You’ll need to have your money converted into the currency needed to purchase goods in another country. There are many ways to have your money converted and a lot of different advice is floating around all over the internet. As you read about money conversion, you’ll find that it can be pretty confusing and contradictory when comparing different offers. There are plenty of companies that are ready and willing to help you and get you the best deals. At FairFx, we like to keep it simple, and we have a range of easy to use prepaid cards for spending money abroad. Have a look and see our great exchange rates.
Friday 05 March 2010, 09:12am
