Exchange rates go up and down all the time but in the current economic crisis the rate can change from one minute to the next. At present travellers are getting fewer Euros to the pound than they were a year ago, so the last thing you want is to pay a hefty commission on your holiday spending money. If you want to get the best exchange rate for Euros when you travel abroad, then shop around for your currency. There are a good number of currency providers around and it is worth taking a look at some of the options before you buy your Euros.
Travel Agents
When you book your holiday or business trip through a travel agent you will probably be asked how much money you want to take with you. Many people will automatically get their currency from a travel agent because it is convenient, and don't consider that they might not be getting the best exchange rate. Some travel agencies will get you a good exchange rate for Euros, but their commission charges often wipe out any advantages this may have had. When you return from your trip, many agencies have strict rules about what they will buy back, e.g. nothing under 20 Euros. Not everyone takes a lot of cash with them when they travel abroad and they may decide to take some more out on their credit card while they are away, but this is often even more costly than buying from a travel agent. Some people still prefer to use travellers cheques when they go away.
Travellers Cheques
Travellers cheques are convenient because you can cash some when you arrive at your destination and get the local rate, you can also use them throughout your stay. Travellers cheques are a secure way of getting currency as your signature and identification are required when converting them into Euros or paying for something in a shop. If you lose your travellers cheques they will be quickly replaced, however, you do pay for this service. You still have to buy your travellers cheques to start with and they can prove expensive as the exchange rate goes up and down all the time. If you want to get the best exchange rate for Euros when you travel abroad then you may want to think about using travel money prepaid currency cards.
Prepaid Currency Cards
Prepaid currency cards are becoming increasingly popular as they are less expensive and more flexible than buying your currency from a travel agency, or purchasing travellers cheques. When you have a prepaid currency card, you can still top it up from your bank account if necessary while you are away and avoid paying credit card charges - although some issuers charge ATM fees. It is much safer to carry a prepaid card with you than to walk around with a pocket full of Euros and the card gives you 24 hour access to your money. Next time you are looking for a decent exchange rate for Euros, why not try a prepaid currency card? See how much you could save, and check out the rates the FairFX card offers on foreign exchange.
Wednesday 14 April 2010, 09:54am
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