Are you thinking of traveling abroad? If so, then one of most important aspects is planning your finances. Managing your finances well will not only help you keep to your budget but will also help you get more out of your money, so you can do more on your trip. That's why it's crucial that you familiarize yourself with the currency conversion methods and look at all your different options. Here are a couple of them that you may be familiar with.
The ‘Usual' Currency Conversion Methods
Most people don't think too much about currency conversion prior to the trip. The usual approach is going to a currency exchange center when they arrive. However, the exchange centers do not offer the best currency exchange rates and most, if not all charge commissions.
Some travellers are used to their debit or credit cards. But using debit or credit cards can be very costly if used abroad. Typically, there is an added charge of about 2.75% every transaction for the currency conversion made. Currency conversions can also be done at the airport but it they have some of the most highest rates and add charges that can total up to as much as 15-20% of the transaction.
The Risks of Carrying Cash
Some people plan their currency exchange way before the trip, and make sure that they are fully stocked up on cash before they leave. However, there are many risks of carrying cash, and you may not be getting the best exchange rate you can.
There is the risk of mismanaging your expenses and not being able to stick to your budget. And if you lose your bag or wallet, the money will be irretrievable. In general, most people are not comfortable carrying a huge amount of money with them.
The Advantage of Using Prepaid Currency Cards
Prepaid currency cards were created to cater the needs of travellers like you. Companies offering these cards are contending with the currency exchange offices so the conversion rates are much lower. FairFX has recently introduced the ‘Anywhere Card' which is the best currency card available. With the FairFX Anywhere Card, you get zero loading charges and zero ATM charges. The only added expense is the 1.5% transaction fee which is by far less than any transaction fee of other similar cards out there.
In addition, currency cards address the risks of carrying cash. If the card is lost or stolen, you can always connect with the 24-hour customer support and have the balance transferred to a new one. Also, your identity cannot be found on your card so you won't have to worry about identity theft or fraud. To sum up, currency conversion can be made much easier with prepaid currency cards. They'll allow you to enjoy your trip without any financial worries.
Wednesday 21 April 2010, 04:12pm
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