If you've booked your holiday abroad and are looking forward to going away soon then you're probably thinking about holiday money. You should shop around before you buy your currency because the exchange rate alters every day, especially since the credit crunch. You will probably get fewer Euros for your pound than you did last year, so it makes sense to find the best currency option available.
Best Exchange Rate
One of the first things you should be looking for when you are looking for holiday money is the Euro best exchange rate. You should remember that any currency deal where you have to pay commission puts your exchange rate up. A lot of people like to use travellers cheques when they go away because it is a more secure option than carrying around a lot of cash. When you opt for travellers cheques however, you will probably pay some commission and maybe a bit extra to cover you in case of loss or theft. Sometimes people buy a certain amount of currency, thinking that if they need more while they are away they can always use their credit cards.
Credit Cards
Credit cards are useful to have but they can be an expensive way of buying foreign currency. When you use your credit card abroad you'll find that whether it is goods or currency, you will face a surcharge. A good number of people who have used their credit cards abroad have had their cards stolen, and in some cases lost quite a bit of money. Credit cards may be convenient but they are not a good way of getting a Euro best exchange rate because of all the extra charges that you will incur. In recent months the number of people who choose prepaid currency cards has increased because this is one of the cheapest methods of purchasing foreign currency.
Prepaid Currency Cards
When you opt of currency cards you pay a small amount for the card and providing you keep it safe you can use it again. If you lose your currency card, no-one can touch your money and all you have to pay is a small card replacement fee. There are a growing number of prepaid currency card providers and some of them give better exchange rates than others. Probably the best type of prepaid card is one that doesn't charge you for ATM withdrawals, as this adds to your currency costs. A currency card not only means that you get the Euro best exchange rate going, it is also a more secure way of buying foreign currency. You can get your prepaid card on the internet and all of the sites that deal in these cards are secure sites, so there is no risk of having your details stolen. It is certainly worth trying a prepaid card for your next European trip.
Tuesday 13 April 2010, 03:43pm
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