If you are going to be taking a trip and traveling abroad, then it should be no secret to you that there are various ways of having access to money when you are in a different country. Luckily, you have the option of choosing between everything from cash and credit cards to traveler’s checks and prepaid travel cards. You should expect transactions fees and other various fees when converting your currency into a foreign one. Even when converting cash to a local currency, it won’t be an even 1:1 exchange ratio. Here are some ways to get the best rates of exchange when traveling overseas.
In order to get the best rates of exchange, you should start out by looking at what the current rates are for currency conversion. There are lots of tools online for doing this. You can see exactly how much of your own money equals 1 unit of currency for the country you are traveling to. One word of advice, since the exchange rates change so frequently, if you are going to be staying longer than the typical vacation period, it would wise to check the rates every so often to keep yourself updated.
Of all the money options available to you, using a credit or ATM card will usually give you the best rates of exchange possible. Even converting cash to the local currency may have fees involved and obviously traveler’s checks do as well. Credit cards and ATM cards usually offer rates that are anywhere from 2 to 8 percent lower than what you get converting cash or traveler’s checks. The downsides with using these two options are ATM machine may not be easy to find in the country are traveling to and using your credit card is going to accumulate a great deal of interest.
If you don’t want to carry cash on you, or you even just want better savings on your travel cash, then the only option left is to get a prepaid travel card. Using this type of card is quickly catching on with travellers who want added security for their money and the best rates of exchange, and FairFX has some of the best on the whole market. Prepaid travel cards require a PIN number in order to be used, giving you much greater security than cash or even credit cards. Most providers charge a fee when topping up a card, but here at FairFX we keep this completely free, and easy to do online. Apply for your card before your trip and start saving.
Thursday 25 February 2010, 04:27pm
If you’re planning on traveling abroad anytime soon, you might be wondering how to make the most of your money, especially when you’re transferring to foreign currency for the duration of your stay. The following outlines ways in which a prepaid card can help you inexpensively exchange your currency to the native one of the country to which you’re traveling.
The currency travel exchange rate varies wildly among providers
Depending on who you use to exchange your foreign currency, it can often cost you quite a lot, and you end up getting less for your money. There are providers who, for certain circumstances, won’t have any transfer fees, but some can even go as high as 3% of the total amount exchanged! No matter who the provider is, the rates also tend to change depending on how you exchange the money – through banks, through ATM withdrawals, as a cash advance, etc. This can be tricky, especially if you need money in a pinch and have to get it from wherever’s closest. You never really can tell just how much it will cost you.
Buy your travel currency in advance to save on commission.
Thankfully, Wells Fargo, Crown Currency Exchange and other such services can provide you with the ability to buy travel currency before you even set foot on the plane. Their innovative services will allow you to purchase foreign cash prior to the trip, thus eliminating a lot of commission rates and fees that will cut down on your funds at an alarming rate. A quick online search can reveal quite a few companies who are willing to do this for you, often in the comfort of your own home. Just get the money exchanged, and wait for the foreign currency to come to you in the mail; soon you’ll be set to go!
Get low travel money rates with the FairFX prepaid currency card.
One way in which you can save a lot of money on foreign currency exchange rates is by getting a FairFX prepaid currency card. Since there’s no need to use a kiosk or a bureau to get your money transferred, you’ll be saving a lot on the often expensive rates you might have to deal with when you normally exchange your currency. With the help of FairFX, you can get 102 pounds more per every thousand pounds after exchanging dollars for pounds, which is far lower than when you try to use it in the airport, at a bank, or in a kiosk. If you act soon, you can also get a free FairFX Prepaid Mastercard worth up to 10 pounds when you sign up for their services. Get a FairFX prepaid currency card today, so you can save yourself a lot of time and trouble when traveling abroad!
Wednesday 17 February 2010, 09:26am
