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.
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.
Wednesday 28 April 2010, 10:26am
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
A FairFX prepaid card gives you much better tourist currency rates that you would get at the airport on on the high street, as well as giving you added security. Order you card now and see how much you could save.
There are several options for buying foreign currency before you take a holiday or trip, but tourist currency rates can vary greatly, when it is time to make a currency exchange. You might need to convert the £ into the foreign currency you need for your holiday, but the Post Office, HSBC and Travelex Heathrow aren't the best tourist currency rates you can find because prepaid cards offer the best options. The other thing to consider besides getting better exchange rates with prepaid currency cards than you can when buying cash, is that they are much more secure, making them the best option for your holiday spending. You can avoid sky high tourist currency rates by using a prepaid card and they are convenient to use, as well.
How Does A Prepaid Card Work?
The prepaid cards are actually a prepaid MasterCard that you can spend in any hotel, eatery, pub or shop, yet you can get currency, if you need to. Most people that need to make a currency exchange will find they might be faced with sky high tourist currency rates at some of the traditional exchange bureaus, especially if you have a need to do it in a foreign country. It is easy to open an account in a matter of minutes and it is part of the initial currency exchange purchase so you can easily make a bank transfer and choose a prepaid card, or choose to have money transferred to your foreign currency bank account or get the banknotes delivered to your front door, should you prefer. Of course, the prepaid card is a secure option that offers convenient access.
Why Is The Prepaid Card The Most Affordable?
Because it is an Internet-based business, there isn't the rent overhead that is involved with exchange bureaus and even the kiosks have high space rental fees to cover. With the prepaid card, there isn't overhead so there is no commission, like many of the other options. You can avoid the worst tourist currency rates with the prepaid card and it is so easy to open an account and get the most secure option for your holiday trip, no matter where you might decide to visit. Because of the high volume of currency exchanges, you also save because, with the prepaid card, you get the benefit of the best two-way negotiated tourist currency rates on 21 different currencies.
Can You Lock In Tourist Currency Rates?
With the prepaid card for your holiday in a foreign country, you can exchange currency before you go and avoid the fluctuating tourist currency rates. This can help you lock in your spending and stay within your budget, but it can help you avoid sky high tourist currency rates you would encounter, should you wait to make an exchange during your holiday travels. Not only does the prepaid currency card offer you a secure and convenient option, but it is the best way to avoid high tourist currency rates, when you are ready to go on a foreign holiday. Order your FairFX card now.
Wednesday 21 April 2010, 12:23pm
