Are you planning to travel to the US? If so, you probably have a lot of things to prepare from making hotel reservations, renting a car, and planning on activities. But the one thing you should seriously think about is currency exchange. You can exchange Euro to USD in many different ways but using a currency card, you can buy US dollars at better exchange rates.
How Most People Exchange Currency
Most people don't think about exchanging currencies before they get to the US. The initial thought is that they'll just go to the currency exchange center or use their credit cards. However, both options can be very costly. Exchanging currencies at banks and airports are very convenient if you didn't prepare for your trip. What most people don't know is that the rates are very high.
Some exchange centers charge a commission and the exchange rates can be lower than expected. It's not rare for a person to feel that he is getting the low end of the deal after the exchange happens. The fees simply add up and it feels like you didn't bring enough for the money you need to spend on the vacation.
Credit cards and debit cards is another solution but banks and credit card companies will charge you extra fees for different currencies every time you use your card. This is not an effective way to buy US dollars as the small charges start to add up overtime.
What about Carrying Cash?
If you're one of the few people that prepared beforehand to find exchange centers in your home, then you probably found a place to get good rates. But carrying cash is not always the best option for travelers as so many things can happen.
You can lose your wallet, become a victim of theft, and mismanage your spending. Many people also feel uncomfortable carrying large amounts of cash with them. The last thing you want to do is take out a large amount of cash every time you need to buy something.
The Better Solution
You can buy US dollars cheaper by investing into currency cards. You can get much better rates on The FairFX than you can at the airport, on credit cards or on the high street, with rates that are much closer to the wholesale rate used in large transactions. This is also a better way to manage your money since you can set a strict budget.
Plus, if you end up losing your wallet or losing your card, you can transfer the credits into a new card within hours. So if you want to actually spend your vacation without any hassles or worries, use currency cards to spend your money. Currency cards are the way to go because they allow you to buy US dollars at low rates.
The FairFX travel money card has really good value exchange rates. Check it out now, and see how much you could save on your next trip!
Wednesday 14 April 2010, 05:31pm
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