If you have a holiday planned then before you go away you will probably want to sort out your holiday spending money. One of the problems that many of us face when going abroad is knowing where and how to get the best exchange rate when we go away. Below are a number of ideas for getting your travel money.
Tip 1: Buying Currency
Many travel agents will tell you that you can buy your currency from them and that when you return, they will change back notes over a certain denomination e.g. twenty euros. At the moment there is not that much difference in value between the pound and the euro although the exchange value changes every day. Buying currency from your travel agent is useful if you haven't had much time to sort out your travel money. If you don't want to take a pocket full of cash away with you then you may want to consider getting some travellers cheques.
Tip 2: Travellers Cheques
The main advantage of buying travellers cheques is that you are not carrying around a lot of cash. If you lose your travellers cheques or they are stolen, the company will get you some more. One of the problems with buying travellers cheques is that many hotels and exchange offices will charge an extra commission on tourist exchange rates when you use traveller's cheques.
Tip 3: Credit Cards
If you don't want to take a lot of foreign currency away with you, or deal with travellers cheques then you can use your credit card. A credit card is more convenient as you can get cash out of an ATM machine whenever you need it. You will be charged for borrowing money on your credit card and there is usually a charge for using ATM machines abroad.
While all of the above tips are useful and viable ways of getting your travel money sorted out, each option also has its drawbacks. There is a cheaper and more convenient way of getting your travel money, and that is by using a currency card. Currency cards are quite new and issuers charge different percentages for using them, nevertheless the charges are usually a lot lower than borrowing on your credit card and using an ATM machine.
A currency card is a prepaid card, which means it works in the same way as a credit or debit card, once you have loaded the money on it. Probably the best place to get your currency cards is online as you can also add more money online or by phone if you prefer. When you use a currency card there are no ATM charges, and the cost of the card is minimal when you compare it to borrowing on a credit card. A currency card is a convenient and cost effective way of getting your travel money and obtaining the best tourist exchange rates.
A FairFX card gives you better exchange rates and more security than other options for taking money abroad. Apply for your card today to save money on your next trip abroad.
Wednesday 28 April 2010, 10:26am
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