Getting your holiday money is important, especially if you plan to not use your credit cards. Fear of fraudulent activities has deterred people from using their credit or debit cards. While you might be able to get some protection cover for your credit cards, there is not much you can do if your money has been taken from your debit card.
With people becoming more inclined to saving money the debit card is one that is gaining in use. When you have to travel you do have to ensure you have enough money for your trip. This will then lead you to go around and compare exchange rates for travel money. This indeed is essential to do so that you don't end up paying a high commission when you buy your foreign currency.
Online
The first port of call for most people is to go and compare exchange rates for travel online. There are many websites that will offer you advice and places where you can get your foreign currency. However, it is often found that while all these might speak the fancy sales talk when you click purchase, you suddenly find that you have been dubbed and there is some commission that you have not been made aware of. Remember they too have to make some money in some way. This means that you might have to start looking further afield and really compare exchange rates for travel money.
Banks
Some people think that it is easier for them to go and simply buy their foreign currencies from the bank. Indeed this is plausible, but banks often charge their own commission percentage. And with exchange rates fluctuating, you are guaranteed that the money you have bought will cost you more than when you sell it back to the bank.
Most people do a great deal of research when they want to compare exchange rates for travel money so that they end up with more money than they otherwise would have if they simply went ahead.
Currency cards
All these options might seem like the best, but they do come with one flaw. Once you lose your money through theft or any such things, then you won't be able to get it back. People have come to the realisation that money is not always such a good thing to have in hand, but so are your credit and debit cards. Also, some banks will charge you a great deal of money for making international withdrawals, which is why people rather have the money in their hands as opposed to coming back to bank statements that have put them in the red.
The option of using a prepaid currency card is an appealing option for many people. This is due to the fact that the prepaid currency card does act like your average. This means that you are able to shop with it and do all the things that you normally would do with the card, except you won't end up in the red.
Tuesday 16 March 2010, 05:03pm
When entering the minefield of exchanging your hard earned cash before you jet off on holiday. Consider a FairFX Currency Card to get some of the cheapest exchange rates. Making the correct choice will transform your holiday - changing the experience from a penny pinching worry into a pleasurable stress free break.
Credit Cards and Online
Credit cards are a bad idea as far as the cheapest exchange rates go as they are deemed to be a cash advance and you will be charged a fee of between 2-4 percent. Some banks also charge these fees on their debit cards so it's best to check with your bank. Buying your holiday money online is another option because the exchange rate on offer applies to the day you order the currency so if you are organised you can be lucky. However, you do have to queue up with everyone else and pick up your currency from the airport. If you are not flying, beware, not every ferry port or railway station will have a tie-in bureau to the online provider.
The Post Office and High Street
The Post Office and Marks & Spencer Money both offer commission-free currency exchange, but in reality what happens is you end up paying over the odds with a poorer exchange rate, which can often be far removed from the true cost of foreign currency. Check rates on XE.com or other sites, and then look at the rates offered by high street providers, and you can see how much money you will be losing out on.
The Easy Way - A Travel Prepaid Card
A Travel money card, is just like a regular prepaid card. The difference is that you can load the card with the foreign currency of your choosing and then use it overseas.The prepaid card is used like a debit or credit card wherever it's accepted around the world - and for cash withdrawals. This means goodbye to carrying a heavy wallet - as the money you need is safely on a convenient piece of plastic. Our currency card is more secure and convenient than cash and less likely to be stolen. Should your card be compromised - once the available funds are depleted there's no credit facility to go into and the card is not linked to your bank account.
With travel prepaid cards there are no credit checks - because you aren't using credit, only accessing your own money that you have loaded onto the card. Most prepaid cards are now backed by Visa or MasterCard - and accepted in a numerous global retailers, merchants, ATMs and restaurants.Once you have a card, you will be getting the cheapest exchange rates compared to using a credit or debit card. Most of those cards charge you 2.99% on any purchase or cash withdrawal, while this won't apply to a travel prepaid card. If you think carefully about how and where you plan to spend on your card, and what you plan to use it for - you should be able to choose a card that will give you the cheapest exchange rates and peace of mind.
Tuesday 16 March 2010, 02:32pm
If you’re going to the US anytime soon, you’ll need to exchange your country’s native currency into USD dollars. First let’s cover a few things about the dollar. It is the official currency of the United States, and over 85% percent of world wide transactions use it as method of payment.
It’s also important to note that there are twenty five other types of currencies pegged to the dollar. Here are some interesting facts about the dollar:
With all of the good things noted about USD dollars why is their value dropping and why are businesses and governments backing away from their use? The United States has a debt of over twelve trillion dollars. It’s frightening to consider what this will do to the value of the dollar over time. And when the value of the dollar drops, it will aid the recovery of the American economy but it’s a large threat to companies overseas regarding their foreign competition. A large benefit for the United States (because of the weakened value of the dollar) is that the unemployment rate hasn’t gone down as much as it could. If the dollar didn’t hold a lessened value, analysts say the unemployment rate would be much worse.
To save as much as possible, use a FairFX Dollar Card for the best exchange rates. Alternatively, if you are worried about buying Dollars with the Pound at its current level, get an Anywhere Card, and do your Dollar conversion at the point of sale, so you don’t have to gamble with your money. Click below to find out more.
Friday 12 March 2010, 09:26am
