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
Using a FairFX currency card gives you much better exchange rates for your Euros. To save money on your next trip to Europe, order one of our cards now!
Taking a vacation abroad is definitely exciting. But let's face the fact that most people end up spending way more than their budget. So when planning for a vacation, it's important to come up with a plan so you can spend your money intelligently. You can start by finding the best exchange rates for Euros.
By doing a bit of research ahead of time, you can find out how to get the best exchange rates for Euros. There are certain times when exchange rates are low, allowing you to save on your trip. But the currency exchange market also works in the opposite way where you will have an unfavorable exchange rate. We all know that currency exchange rate fluctuates daily so you need to keep an eye on its recent rate.
If you want to get the best rates, opt for a prepaid currency card. It's a new and effective method in the travel industry. Basically it works like your usual debit card but instead, you can load it up with the currency of your choice.
What are the advantages of currency cards?
Currency can be exchanged at lower rates with currency cards. Companies like us who offer these services are competing with exchange booths so the rates are much cheaper than usual. It is preloaded with the amount you specified so your exchange rate won't fluctuate when you use the card. You will also know exactly how much you have and be able to adhere with your budget. In the case that you are not able to use all the money, you can either withdraw it or keep it for your next trip.
What's more, you don't have to worry about getting your card stolen. There is a 24/7 customer support department you can contact and you can request for funds to be transferred to a new card. All you have to do is verify your identification.
Are there any other options besides prepaid currency cards?
There are plenty of other ways to exchange currency. You can use traveler's checks, cash, credit cards, and debit cards. It's possible to get great rates if you plan beforehand. However, it's not always ideal to carry around a lot cash with you while you're traveling.
Other exchange methods such as checks, credit cards, and debit cards can be costly. The bank and credit companies will usually charge you a high rate every time you use their card to pay in a foreign currency. And if you lose your bag or wallet, you'll have no way to access your money. Prepaid currency cards are the easiest and simplest way to pay for all your travel needs.
Nevertheless, you can have a combination of these options and weigh what suits you best. Order a FairFX card today, and see how much you could save on exchange rates!
Tuesday 20 April 2010, 04:48pm
