When you’re travelling abroad, you want your money to stretch as far as possible. With all the different rates and fees that are involved in travel, it can be quite difficult to figure out how to get the most for your money. So, where to start?
Getting low foreign currency exchange rates
One way in which to save money is to find the lowest foreign currency exchange rates possible. There are plenty of websites around that will tell you the exchange rates for any kind of purchase you make, organizing it by credit card company. Whether you’re making a purchase with a credit card, debit card, cash advance, ATM withdrawal, or even cash, chances are that, depending on the bank or company, there will be some sort of fee that you incur. Do some investigating into the companies that you have your money in, and see who has the cheapest rates.
Money exchange rates can change significantly based on the provider
Depending on what credit card company or bank you go with, you can experience vastly different exchange rates, which can really cut into your spending if you have to waste money switching back and forth. Luckily, if you pick the right provider, you can mitigate the damage to your funds. For example, if you convert using USAA, you’ll have to pay 1% of the money you’re exchanging for a conversion fee, whereas Capital One has no conversion fee (and is therefore your best bet for exchanging foreign currency). Chase and Citibank, however, have a 3% exchange rate, so seriously consider other options for currency exchange if you have those cards and plan on traveling abroad.
Get your foreign currency online before you travel
Sometimes, when you travel, it’s impossible to anticipate how much you’re going to spend, and what on. This may often lead you to make a lot of little transactions using your checks, cash, or credit cards, which, when you factor in the fees that are made for every transaction, can really add up. One way to circumvent this is to get the money through a company that specializes low cost currency online, like FairFX. Have a look at our selection of travel money cards, which give you cheap currency that youo can spend on a prepaid mastercard. Buy online today before your trip tomorrow, and stay ahead of the charges.
Wednesday 17 February 2010, 02:11pm
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