Buy travel money on a prepaid currency card from FairFX and you could get much better exchange rates than the airport or the high street. See how much you could save on your next holiday.
How to Buy Foreign Exchange
When it comes to visiting another country, you're always going to have the dilemma of figuring out where and exactly how to buy foreign exchange. This is perhaps one of the most important preparations you should take before leaving on a trip to a foreign country yet is something that can easily slip anyone's mind. Fortunately, there are several options to choose from when you go to buy foreign exchange. However, you want to make sure that you get the very best rate for foreign currency, especially if you'll be taking a long trip and need plenty of money. Whether you're exchanging pounds for euros or yens or even dollars, the exchange rate matters. Here are a few methods to buy foreign exchange and some considerations of each.
Using Foreign Exchange Booths
One of the methods to buy foreign exchange involves taking a trip to official foreign exchange booths in your home country or the country in which you're visiting. These can be banks, post offices, or some other independent foreign currency exchange services. The way you buy foreign exchange through this process is that you essentially buy the foreign currency with your home currency. You either write a check or pay with cash and in return receive foreign cash and currency.
There are a couple major problems with using foreign currency exchange offices to buy foreign exchange. First, you won't be getting the best rate. Since you have little choice but to accept the exchange rate, these currency exchange services usually have a higher markup that you'll pay than other methods that you can use to buy foreign exchange.
Getting ATM Cash
Another method you can use to buy foreign exchange is to simply use your automated teller machine (ATM) card at an ATM machine in the host country which you're visiting. This can be a good idea for several reasons, especially if you need the money in an emergency to pay for a purchase that you need immediately. However, ATM machines are notoriously expensive as they pile on fees for unrecognized bank cards that may be used. In addition, with this option of getting foreign exchange you are essentially automatically accepting the rate of the bank whose ATM machine you're using.
Using Prepaid Currency Cards
As a viable option for purchasing foreign exchange, prepaid currency cards have several advantages. First, currency cards are safer than other options of buying foreign exchange. Since you're not carrying cash you'll be less of a target for muggers. In addition, you don't have to worry about carrying large amounts of money and possibly misplacing your funds. Perhaps most importantly, prepaid currency cards typically give the best foreign exchange rates when compared with other options of buying another country's currency.
As you can see, there are several options that you have when it's time to buy foreign exchange. The safest option to obtain this foreign currency is through the purchase of prepaid cards, which is ultimately more secure than simply carrying cash and provides the best exchange rate as well.
Tuesday 20 April 2010, 10:18am
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So, well, here you are again with your jam packed hold all/back packer, just getting off the plane. And you know that you missed a really good opportunity to get a good foreign exchange rate in your city, before you boarded your flight, because you are in a hurry. So you have no option but to go to the airport and exchange your hard-earned cash for whatever exchange rate in foreign currency you can get there.
If you do not want to change your money at the airport, you can also go to the foreign exchange agents in the host city's High Street. Of course, you are going to be very disappointed at the exchange rate you get for your Pounds while you are changing them into dollars, yen, euros, and other foreign currency. But why operate at a loss when you have really good options for buying foreign currency, before you take the long-awaited trip abroad?
Travellers cheques
Some peripatetic travellers are surprised that Travellers cheques are still being used by other travellers. Did they not go out just about the time credit cards and ATMs came in? Well, Travellers cheques are still very popular cash substitutes, even though ATMs are going to give you a better conversion rate than an exchange counter or a bank is going to do.
ATMs
Now, is that so? You will be surprised to know that ATMs have a conversion fees and a transaction fees, which are going to add up when you are trying to get easy access to your cash abroad. Your money is being converted into the currency of the country, in which you are travelling. So, they are going to take the conversion fees.
Pre-paid Currency Cards Are Your Best Option
So this is where a traveller cheque is going to come in handy. But then here is another problem. You need to go to a branch of that particular bank which issued your travellers cheque and get it encashed. This is the only way to get easy excess to your travel money dollars right away. But what if it happens to be a lazy, hazy Sunday and the bank shutters are down? So, that means you need to fall back on the limited amount of ready travel money dollars in the form of cash at hand.
So how best can you settle this foreign exchange problem, in a really hassle free manner? Easy, you buy travel money dollars by converting your pounds into a prepaid currency card. It means that you are going to be paying pounds into your bank to get your cards made. Then go off, high, wide and free on your holiday and spend up to the limit of your prepaid currency cards.
Prepaid currency cards are the best option for a person, who does not want to pay huge amounts of fees, for buying foreign exchange. Buying cash at the airport or at the high Street is not a profitable proposition. So, save on a number of charges and fees, (much lesser than that of a number of credit cards) while getting a much better exchange rate. Buy the foreign currency of your choice, with prepaid currency cards right away!
Monday 19 April 2010, 04:10pm
Are you looking for the best money for holiday option, especially when you are getting ready for a just lovely holiday in the sun and the sand? A smart tourist is going to look at all the options available to him out there, and choose the one which suits him the best. Now, you need a money option, which is going to allow you to buy foreign currency. You want to get the best foreign currency exchange rate for your pounds, don't you? So you could look at these options for buying foreign currency.
Hard Cash
Some tourists swear by cash in hand, but they spend their holiday looking for places in which to hide that extra cash. (Money belt, inside of shoes,...) You never know when a pickpocket may decide to deprive you of your hard-earned money for holiday! Besides, cash in hand is definitely not a safe option for a tourist travelling in remote areas. That is the reason why you just need to have limited cash in hand for day-to-day expenses, and have other secure money access options available to you, like-
ATM cards
These plastic cards are definitely a boon, because you do not have to carry bulky travellers' cheques. But just imagine that you find yourself stranded somewhere around Sutton Hoo, with no ready cash in your purse and no ATM around you. (Your tourist destination can be Sutton Hoo or Timbuktu or Paraburdoo, it does not matter. The tourist destinations are endless, but the ATMs are limited.) So, an ATM card is good enough, as long as you are in the teeming metropolis. However, this money carrying option is not good for getting easy money for holiday access, in a jiffy in a remote area. Besides, you may find some foreign ATMs charging you for withdrawing money from their ATM boxes.
Travellers' cheques
Once a boon for travellers, but now rather a burden, because you need to find a branch of your own particular bank to encash these travellers cheques, when you travel abroad. Apart from that, travellers cheques are going to bulk up your wallet. And then the hassle of trying to get the travellers cheques made out, beforehand in your own city. You needed to pay the charges the bank required of you, to make out these travellers cheques. And if there were of a large denomination, it would almost seem like you had ready cash in hand. Not very safe, is it? So, what is the best option for a person looking for easy access to cash, when travelling abroad?
Prepaid Cards
Prepaid cards are definitely the safest way in which you can buy foreign currency especially when you are travelling abroad. The idea is that you are going to pay now for the cards and use them at your convenience! These cards are secure, they are going to give you a much better exchange rate for your money for holiday, and the best thing is -- they are not going to have that many added on fees and charges as have many credit cards!
Prepaid cards are thus the best choice open to all future tourists, travelling abroad on holiday, because you can have easy access to your money through your bank, whenever you want, wherever you want. (Sutton Hoo, Timbuktu, Paraburdoo...)
So have a secure, hassle free, and enjoyable vacation and order a FairFX currency card today.
Friday 16 April 2010, 09:59am
