Getting your holiday money is important, especially if you plan to not use your credit cards. Fear of fraudulent activities has deterred people from using their credit or debit cards. While you might be able to get some protection cover for your credit cards, there is not much you can do if your money has been taken from your debit card.
With people becoming more inclined to saving money the debit card is one that is gaining in use. When you have to travel you do have to ensure you have enough money for your trip. This will then lead you to go around and compare exchange rates for travel money. This indeed is essential to do so that you don't end up paying a high commission when you buy your foreign currency.
Online
The first port of call for most people is to go and compare exchange rates for travel online. There are many websites that will offer you advice and places where you can get your foreign currency. However, it is often found that while all these might speak the fancy sales talk when you click purchase, you suddenly find that you have been dubbed and there is some commission that you have not been made aware of. Remember they too have to make some money in some way. This means that you might have to start looking further afield and really compare exchange rates for travel money.
Banks
Some people think that it is easier for them to go and simply buy their foreign currencies from the bank. Indeed this is plausible, but banks often charge their own commission percentage. And with exchange rates fluctuating, you are guaranteed that the money you have bought will cost you more than when you sell it back to the bank.
Most people do a great deal of research when they want to compare exchange rates for travel money so that they end up with more money than they otherwise would have if they simply went ahead.
Currency cards
All these options might seem like the best, but they do come with one flaw. Once you lose your money through theft or any such things, then you won't be able to get it back. People have come to the realisation that money is not always such a good thing to have in hand, but so are your credit and debit cards. Also, some banks will charge you a great deal of money for making international withdrawals, which is why people rather have the money in their hands as opposed to coming back to bank statements that have put them in the red.
The option of using a prepaid currency card is an appealing option for many people. This is due to the fact that the prepaid currency card does act like your average. This means that you are able to shop with it and do all the things that you normally would do with the card, except you won't end up in the red.
Tuesday 16 March 2010, 05:03pm
When entering the minefield of exchanging your hard earned cash before you jet off on holiday. Consider a FairFX Currency Card to get some of the cheapest exchange rates. Making the correct choice will transform your holiday - changing the experience from a penny pinching worry into a pleasurable stress free break.
Credit Cards and Online
Credit cards are a bad idea as far as the cheapest exchange rates go as they are deemed to be a cash advance and you will be charged a fee of between 2-4 percent. Some banks also charge these fees on their debit cards so it's best to check with your bank. Buying your holiday money online is another option because the exchange rate on offer applies to the day you order the currency so if you are organised you can be lucky. However, you do have to queue up with everyone else and pick up your currency from the airport. If you are not flying, beware, not every ferry port or railway station will have a tie-in bureau to the online provider.
The Post Office and High Street
The Post Office and Marks & Spencer Money both offer commission-free currency exchange, but in reality what happens is you end up paying over the odds with a poorer exchange rate, which can often be far removed from the true cost of foreign currency. Check rates on XE.com or other sites, and then look at the rates offered by high street providers, and you can see how much money you will be losing out on.
The Easy Way - A Travel Prepaid Card
A Travel money card, is just like a regular prepaid card. The difference is that you can load the card with the foreign currency of your choosing and then use it overseas.The prepaid card is used like a debit or credit card wherever it's accepted around the world - and for cash withdrawals. This means goodbye to carrying a heavy wallet - as the money you need is safely on a convenient piece of plastic. Our currency card is more secure and convenient than cash and less likely to be stolen. Should your card be compromised - once the available funds are depleted there's no credit facility to go into and the card is not linked to your bank account.
With travel prepaid cards there are no credit checks - because you aren't using credit, only accessing your own money that you have loaded onto the card. Most prepaid cards are now backed by Visa or MasterCard - and accepted in a numerous global retailers, merchants, ATMs and restaurants.Once you have a card, you will be getting the cheapest exchange rates compared to using a credit or debit card. Most of those cards charge you 2.99% on any purchase or cash withdrawal, while this won't apply to a travel prepaid card. If you think carefully about how and where you plan to spend on your card, and what you plan to use it for - you should be able to choose a card that will give you the cheapest exchange rates and peace of mind.
Tuesday 16 March 2010, 02:32pm
When thinking about going on holiday, organizing your travel money is very important, particularly in the present economic climate. The weak dollar means that your won't go as far as in previous years. Therefore, it is vital that you get the best travel money rate for your cash.
Alternatives for travel money
There are a number of travel money options that one can go for.
• Cash - You just pick your cash, convert it to the appropriate currency for the country you are traveling to either before you leave your home country or after you arrive at the destination. This is probably the oldest alternative as far as travel money is concerned and it is its disadvantages that almost single handedly spawned all other alternatives for travel money. The main disadvantage with cash is lack of security - it may be stolen or misplaced.
• Standard Credit/Debit Card - These are credit or debit cards associated with either one of the large international card brands such as Mastercard, Visa, Discover, JCB and American Express. The main concern with these cards is the charges often applied on each transaction as well as the risk of fraud that they carry.
• Travellers Cheques (TCs) - Unlike the credit/debit cards, they are fee-free. They are also relatively secure: they need to be countersigned and are replaceable if stolen or misplaced. However, the exchange rate applied is usually not competitive. Again, most banks and exchanges will charge a commission to change TCs, thus further reducing the overall exchange rate rate.
• Prepaid currency card - Another and more recent alternative is the prepaid currency card. The cards are structured to counter the disadvantages of the other travel money alternatives while retaining overall conveniences for the international traveler. These are covered in more detail below.
About Prepaid Currency Cards
Prepaid cards are somewhat similar to standard credit and debit cards and they offer the same ability to purchase products and services but with one big difference - you can only spend up to the total amount that has been preloaded. This means there is no risk of running into debt as it has no credit or overdraft facility. As with cash, a pre-paid currency card requires converting cash into the chosen currency; this means that you are subjected to the exchange rate designated by the provider. The benefit is that you are able to hedge against exchange rate fluctuations during the trip. You will be issued with a PIN number and, similar to your normal international debit and credit your card can be used virtually anywhere on the planet.
Benefits of Prepaid Currency Cards
• Application process - There are no credit checks and this implies you get the card without worrying about your credit history. All prepaid card providers will carry out an identity check to confirm you are who you say you are.
• Control - Control is one of the reasons prepaid currency cards are popular with parents and guardians sending their children overseas for studies as it helps manage spending. One loads the card based on a budget and any excesses are easily picked up since the card would have to be loaded again.
• Better travel money rate - Though not necessarily a rule, prepaid currency cards often attract a better exchange rate than other forms of travel money. The FairFX currency card has one of the best exchange rates around. Have a look and fine out more"
Wednesday 10 March 2010, 09:25am
As a traveller or tourist, you’ll need to get used to using foreign currencies (or at least using different types of payment). When leaving the country there are many options in terms of what kind of money you can take with you. It’s not recommended to take credit cards. Some better choices include travel cash, bank transfers, or currency cards. They each have their advantages but it’s important to know about the exchange rate tourist before you go anywhere.
No matter where you travel to, you’ll need to exchange your country’s currency for the currency used in that specific country. The reason we have to do this is because all types of currencies are not created equal. But there is a charge for exchange rate tourist. These exchange rates are commonly known as foreign exchange rates or FX rates. Different places will exchange money for you but everyone has their own price. Depending on where you exchange your money, you may be paying skyrocketed prices.
There are many places to exchange your money when travelling. Some examples of places you can go to exchange your money include airports, banks, and kiosks. Keep in mind that these places are expensive and the exchange rate tourist will vary. They often offer a terrible exchange rate because they know they can get it from travelers who need the currency they offer. Likewise, they’ll take a percentage above and beyond the exchange rate. You can often find better exchange rates online and get your exchanges done conveniently and inexpensively. Who doesn’t like convenient and cheap?
You will come across places that offer no commission exchanges or no fee exchanges, but this is just a way to get your business. It costs money to exchange money and there are no exceptions for anyone (not even that company with the pop up who promises to give you everything for free). Everybody knows nothing, or almost nothing, is free. How that works is they hide the fees in the high exchange rate tourist they charge. The best option is to exchange your money beforehand. That way you don’t have to worry about whether you’re overpaying.
With FairFX, you can get some of the best rates around, since we trade directly in the wholesale currency market, and are based completely online, so we save on overheads. Have a look at our rates, and see how much you could save on your next trip!
Tuesday 09 March 2010, 09:49am
If you use the FairFX travel money card, you will get much better tourist exchange rates when you're abroad. Compare our rates now, and see how much you could save!
Here is a look at the various tourist exchange rates you will get with different options.
Cash, although simple to use, is not very secure. If someone were to steal the cash you have on you, you are just out of luck, as there is no way of getting it replaced. If you do decide to be brave and use cash anyways, you will still need to exchange it for the local currency used in the country you are visiting, so you will need to look at the tourists exchange rates to see how much your money is worth in foreign currency. If you are using a popular currency like the Euro or US Dollar, you may not have to convert it, as many businesses will likely accept it. But you won’t know until you get there and this of course depends on where exactly you will be traveling to.
Another option is to use a credit or ATM card. Using a card is a secure, fast and convenient to buy travel money at the best tourist exhchange rate. If your card gets stolen, you can have it cancelled with a quick phone call and a replacement card will be on its way. The one downside to credit cards is the accumulating interest that will build up over the course of your travels, unless you plan to pay the card off in full that month. ATM cards are just as convenient, but depending on where you are going, it may be hard to find an ATM machine to use.
Another currency exchange tourist option is to use a prepaid travel card. This option will give you perhaps the best tourist exchange rates possible, usually 2-8 percent better than using cash or traveller’s cheques. These will be accepted anywhere that Visa and MasterCard are taken. These cards are just as easy to use and carry as credit cards and offer even better security with a prepaid limit, which means that the rest of your account isn’t accessible to thieves.
Apply today with FairFX, and see the great rates we offer with prepaid currency cards.
Monday 08 March 2010, 09:46am
Carrying cash poses a huge security risk when traveling because if you happen to drop it or if it gets stolen, there is no way to get it replaced. Should you decide to carry cash with you anyways, the country you are visiting may not use that currency, which means you will have to exchange your money for whatever is accepted there.
This will depend on whatever the travel currency exchange rate for that day, as the rate fluctuates slightly from day to day, depending on the global economy. There are also likely to be fees from the bank that switches your money out.
If you want a more secure option than cash, then you can use traveller’s checks. These have been around for quite some time and have been the preferred travel money option until recently. Unlike cash, if your traveller’s checks happen to get lost or stolen, all you have to do is simply call a number to have them cancelled and get more sent out to you. The amount your checks are worth depends on how much you want to put on them and what the travel currency exchange rate is the day you do the transaction. There are going to be service charges involved with traveler’s checks, as well as shipping charges to have them sent out to you.
Traveller’s checks were widely used at one point in time, but just like regular checks, they have been replaced by plastic cards. Things like credit, debit and ATM cards are things almost everyone has on them already these days, so they can just use them while they are on vacation. But even they are subject to have their value change based on the travel currency exchange rate on the day they are used.
Another option that is quickly replacing all other payment options is the prepaid travel card. These also offer a much better travel currency exchange rate. This card offers even greater security than the credit and debit cards, as you have to have a PIN number to use it. In addition, it can also help control your spending better than a credit card will. With a credit card, you are only limited by your overall credit limit, which is likely thousands of dollars for most people. With a prepaid card, you can only spend the amount that you put onto the card. A debit card can limit your spending to only money you have in the bank, but could cause some temporary should a thief steal it and wipe out your bank account.
Thursday 04 March 2010, 09:16am
It should be no secret to anyone that when traveling overseas in a foreign country, the money you have on you is likely to not be accepted there. This is why you need to convert your money to whatever currency they use in the country you are visiting. There are a number of different ways of doing this, and each one has its own positive and negative aspects. There are also fees and other charges involved that will affect how much your money ultimately ends up being worth once it is converted. Here we will look at which options give you best travel currency rate.
Cash is unsecure and often poor value
The first and oldest option is cash. Now, most everyone knows that it is highly recommended that they don’t carry cash on them when traveling. The main reason for this is security. If you lose it or it gets stolen, there is no way you are getting it replaced. If you do decide to use cash, you will have to take the time to find a bank that will exchange it out for whatever the local currency is. This will usually involve a bank fee to do this as well. While not recommended, the travel currency rate you get with cash depends on whatever the exchange rate is for that day.
Travellers cheques are a traditional method, but are starting to fall off the map
Next are traveller’s cheques, which have been around and used for some time now. They offer greater security than cash, for if they happen to get stolen or you lose them, you simply call a number and get them replaced. The travel currency rate for these will also depend on what the exchange rate is at the time you get the checks. There are also service charges involved, plus you have to pay shipping charges to have them sent out to you. And just like regular checks, traveler’s checks are quickly being pushed aside for plastic cards.
Debit card are convenient for overseas spending, but not ideal
You can use your regular credit or debit card, but nowadays, people much rather use a prepaid travel card. Your credit card will likely have a huge credit limit and there is nothing there to control your spending. With a prepaid card, you can only spend whatever amount you put on the card to start with, which will be based on the current travel currency rate. Debit cards will limit your spending to whatever you have in the bank. But a debit card, if stolen, gives the thief access to your entire bank account, whereas with a prepaid card, they can only access the amount you put on the card.
Prepaid currency cards: the best way to spend while you travel
Our prepaid MasterCards© have no top up fees, transaction charges and a great exchange rate, which is better value than most rates on credit and debit cards. Apply now to save cash on your next trip.
Monday 01 March 2010, 01:40pm
There is one pre-travel activity that everyone should put on their checklist before heading on a fun vacation. However, with a little research on how to get a better foreign currency exchange rate can help you save a little that you can put toward some other fun aspect of your trip.
Cash is Needed
Most people will be in need of local cash currency as soon as the plane hits the ground for a number of different purposes. You may need to catch a cab, take a bus or perhaps have that first meal in the country where you are now vacationing. Fortunately, the presence of ATMs throughout the world, especially at airports, allows you to have access to local currency as soon as you land. This is especially true if you choose to fly into major international airports.
Less Modern Convenience
However, you may find yourself traveling to a third world country where there is no ATM machine available. Of course, doing a little research before setting out on your trip will help you avoid a situation where your standing at the curbside seeking the services of the taxi and all you have on you is your own country's currency. It is always highly recommended that you obtain the currency of the country where you are going to travel to before you leave your home. It's also very important that you get a better foreign currency exchange rate before traveling.
Where to Get Foreign Currency
Buying foreign currency from a local bank or exchange bureau in your hometown before you go traveling abroad may not be the best option available to you for exchanging money. There's going to be a commission fee involved and you will not experience the benefit of the interbank rate you would get if you use an ATM or credit card. That's why ATM machines are available at major airports throughout the world and this is your best bet to get some local currency cash as soon as you land. Unfortunately, there is no guarantee that these machines will be working or that your particular type of card is going to work in that system. Throughout the world many ATM machines only accept the Visa/Plus network denying use of the MasterCard/Cirrus network.
Consider Pre-Paid Currency Cards
Obtaining a prepaid currency card is the most recent trend when it comes to funding any travel overseas. These acts much in the same way as a mobile phone funding card which you can top up with the currency of the country to which you are traveling. They can be used much like a credit or debit card to purchase items as well as withdraw cash from ATM machines while traveling abroad. Although there is a service charge fee for using this type of plastic, with a little online research you can find the company offering the best exchange rate and thus place your traveling funds on the card before heading out on vacation. FairFX levy no hidden charges, and some of the best exchange rates around. Take a look for yourself.
Consider combining the practice of bringing about $100 worth of your own currency along with you on the trip as well as purchasing a prepaid currency cards taken down to the best foreign currency exchange rate possible that will make your vacation trip conveniently enjoyable.
Monday 01 March 2010, 09:23am
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.
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.
Friday 26 February 2010, 03:16pm
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.
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.
Friday 26 February 2010, 09:53am
