If you're planning to travel out of the UK, then one thing that's probably on top of your mind is changing currencies. The Pound to Euro exchange rate can be pretty high once you get to your destination so it's important to plan early and figure out how to get the best rates. There are several ways to exchange currencies:
The Common Way to Exchange Currency
Rather than spend some time to research the best rates, many travelers just do it at the last minute when they get to their destination. The Pound to Euro exchange can be very costly if it's done in a foreign bank or the airport exchange center. Many travelers are charged a percentage and there even flat fees you have to change your currency to Euros.
For Travellers Who Prepared For the Trip
Travellers who prepare for their trip start out by coming up with a budget and researching various exchange centers. This allows them to get the best rates for the currency exchange and they won't have to rely on exchange centers once they get to their destination.
The problem with this method is the fact that they have to carry around a large sum of money while they travel. One of the risks of traveling is that people often lose their luggage, wallet, or get their belongings stolen. If that happens, there is very little chance that the money will be returned. Carrying around a lot of cash also makes some people uneasy.
Credit Cards Are Convenient But Hidden Fees Galore
Credit and debit cards are a great alternative since nobody can take out cash from your bank account without the right pin code. If your credit card gets used by somebody else and the signature is not yours, most companies will waive that fee and issue you protection from fraud.
The downside is that credit card companies and banks charge you extra fees every time you use your card to pay in another currency. Although these fees are not significant, they can add up and end up costing more than getting your money exchanged at their airport. You also need to be aware of how your credit card company or bank handles the whole situation of paying in another currency.
Currency Cards Offer the Convenience, Ease, and Security at a Discount
So what's the best way to exchange currencies? It's simply currency cards. Currency cards are easy to use - all you need to do is put in the amount of money you want to spend into the card. This allows you to manage your budget easier and currency cards offer a better Pound to Euro exchange rate than your other options (it can be 10-15% cheaper).
You'll also feel secure about the fact that you're not carrying huge sums of cash and if you lose your card, you can transfer your balance into a new card with a simple phone call to the company. In final, prepaid currency cards is the way to go if you want to enjoy your trip without any worries. Apply now for your FairFX Foreign Currency Card to save for your next trip.
Thursday 15 April 2010, 10:09am
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