Get the a great currency exchange rate when you travel with the FairFX prepaid currency mastercard. See how much you could save!
It's important to find the best currency exchange rate when travelling abroad. Whether you're going on holiday or a business trip, you want to get the most for your money. There are plenty of options available to you for exchanging your currency: Pre ordering your desired currency from your bank, the Bureau de Change, using your bank card or credit card, and prepaid currency cards. Currency exchange rates are always fluctuating. But which option provides you with the best currency exchange rate?
You can pre order your selected currency from your bank. Although you must order your currency weeks in advance of your intended travel date. All banks charge a commission when ordering foreign currency. Commissions vary from bank to bank. Banks also charge a commission to exchange your foreign currency when you return home. It's always best to watch the currency exchange rates and try to lock in on the best exchange rate. This also means you'll be travelling with a lot of money. This is not only unsafe, but travelling with a lot of money in your wallet makes it hard to stay within a budget. When travelling in the UK and Europe, there are many Bureau de Change that will exchange your foreign currency. Such places aren't readily available within the U.S. and most small community banks will not exchange foreign currency. The Bureau de Change are located in airports, shops and banks in the UK and Europe. The Bureau de Change also charges a commission to exchange currency. Sometimes the Bureau de Change's exchange rates are higher than a bank's. Especially in more convenient Bureau de Change locations like tourist shops.
Another option is to use your bank card or credit card to draw out money as you need it, which is very convenient. But it also means you are subject to your bank's charges and the charges of the cash machine you use. In addition to being subject to fluctuating exchange rates every time you use your bank card or credit card, it's hard to monitor how much money you're spending and what extra charges are being added. It's also difficult to stick to a budget this way.
One of the best options available for converting your currency while travelling abroad are prepaid currency cards. Prepaid currency cards allow you to set a budget for yourself and stick to it. Any charges are paid when you set up your prepaid currency card. So there are no additional or surprise charges. You pre-load your prepaid currency card with your desired currency, which allows you to lock into a currency rate and optimise the best currency exchange rate available. You can use your card at most cash machines and prepaid currency cards are accepted at most shops and restaurants worldwide. It's like using your bank card or credit card. Unlike your bank card or credit card; You don't have worry about the fluctuation currency exchange rates every time you use it. You can keep your prepaid currency card for future travel and re-load it as needed.
When looking for the best currency exchange rate while travelling abroad, be sure to explore all of the options available to you. The most secure, widely accepted option that helps you stay within your budget and doesn't charge a commission is prepaid currency cards. Prepaid currency cards are the best option for value for your money.
Monday 29 March 2010, 09:39am
Go to Google and put through a search for travel money and you will be hit with thousands of websites promising commission free travel money. While it sounds like a great deal to order your money online and avoid the costly commissions, the idea of commission free travel money is a myth that has fooled far too many people.
Commission Free Money: The Truth
When you see someone promising commission free travel money, understand that they are not offering to convert your money into the currency you need for your next vacation completely fee-free. They may want you to believe that you are getting an excellent deal, but it is guaranteed that you are paying more than you should have to.
In most cases, they are not giving you a fair exchange rate. While the competition used to be who could give the most competitive exchange rates while offering reasonable commission fees, the game has changed today. Companies are now trying to fool the consumer into believing there is no commission, while they offer a less competitive exchange rate. The extra money collected through the higher exchange rate is the same thing as a commission.
This is why it is so important to compare exchange rates well in advance of your trip abroad. You don't want to just use your credit and debit cards overseas because you will incur lots of fees that will rob you blind, but you also don't want to just quickly exchange your money at the last minute because you will end up with a much higher exchange rate.
Money Exchange Options
There are quite a few options for exchanging your money prior to a trip:
If you're exchanging money at the airport you waited too long to take care of business! You are already on your way or have arrived in another country and need money on the spot to make purchases. You don't have a lot of options as far as comparing exchange rates at this point.
Comparing Exchange Rates in Advance
The best option is to go online in advance of a trip and start comparing exchange rates. You can go to your bank or credit card company's website and see if they do money exchanges. Many banks now have this service online and some credit card companies such as American Express do as well. Get their rates, but don't commit just yet.
If you have a membership to AAA or other travel related organizations, check their exchange rates as well. You may want to check into a couple money exchange websites, but be careful because many are scams just waiting to collect your bank information and run. If you know of a completely legitimate site, check their exchange rates as well.
Finally, look into prepaid currency cards which can be used just like a credit card around the world. You will be able to load these cards with the currency of your choice prior to a trip and save tons of money on fees! While there is no such thing as commission free travel money, there are ways to know upfront what your fees are going to be so you can better plan your expenses. Prepaid cards are the cheapest and most effective way to spend travel money. Find out more.
Friday 26 March 2010, 09:32am
How do you get your Euro travel money? If you`re paying higher rates on a credit card or at the airport, try a FairFX Currency Card and see how much you can save on your next trip!
The global economic crisis has led to instability in the currency market, in that exchange rates are changing all the time and this will affect how much euro you will receive for your pound. As your holiday approaches you should think of shopping around to see where you can get the best currency rates.
You may not like taking too much ready cash with you when you go away as you pay for most things on your credit card; however, it never hurts to have some cash available when you go abroad. There is a tendency for many travellers just to wait for their travel agent and to buy their currency through them, but this is not always the cheapest way of doing things. You should shop around for the best deals on euro travel money, just as you would for anything else. When it comes to currency exchange, all rates are not equal. If you have already paid a great deal of money for your approaching holiday, then it makes sense to save some cash on your currency. There are a number of places where you can buy the currency you need without having to go with the rate offered by your bank or travel agent. Most people, for example may not be aware that it is possible to buy a currency card, or to get your foreign money at the local post office. Whatever you decide you should never leave getting your euro travel money until the last minute.
It is true that rates change daily but if you leave getting your currency until late on in the proceedings you could end up spending a lot more on it than you first intended. When you leave currency until the last minute, exchange bureaus may take advantage and raise their service charges because they know your options are limited and you could pay as much as £35 for your currency. Several businesses list their currency exchange services on the internet so you could begin your search for cheaper foreign currency online. While you are abroad, remember to spend all of your loose foreign currency, as many currency dealers will not refund on anything less than a certain denomination note.
You may not know it but a bureaux de change that says it does not charge for currency exchange, could prove expensive because you may get a lower rate of exchange. Before you buy anything you should compare at least some of the offers from online exchanges as this will give you a better picture of what is going on. Many online exchanges have collection points for you to collect your foreign money before you go away at airports and bus and rail terminals. When you do go to buy your euro travel money you may find that you can opt for One thing you should never rely on is using your debit card to draw out money when you are away as you will be charged for this and it could well wipe out any other savings you have made. Getting your euro travel money early will save you a deal of grief at a later date.
Thursday 25 March 2010, 05:13pm
