When thinking about going on holiday, organizing your travel money is very important, particularly in the present economic climate. The weak dollar means that your won't go as far as in previous years. Therefore, it is vital that you get the best travel money rate for your cash.
Alternatives for travel money
There are a number of travel money options that one can go for.
• Cash - You just pick your cash, convert it to the appropriate currency for the country you are traveling to either before you leave your home country or after you arrive at the destination. This is probably the oldest alternative as far as travel money is concerned and it is its disadvantages that almost single handedly spawned all other alternatives for travel money. The main disadvantage with cash is lack of security - it may be stolen or misplaced.
• Standard Credit/Debit Card - These are credit or debit cards associated with either one of the large international card brands such as Mastercard, Visa, Discover, JCB and American Express. The main concern with these cards is the charges often applied on each transaction as well as the risk of fraud that they carry.
• Travellers Cheques (TCs) - Unlike the credit/debit cards, they are fee-free. They are also relatively secure: they need to be countersigned and are replaceable if stolen or misplaced. However, the exchange rate applied is usually not competitive. Again, most banks and exchanges will charge a commission to change TCs, thus further reducing the overall exchange rate rate.
• Prepaid currency card - Another and more recent alternative is the prepaid currency card. The cards are structured to counter the disadvantages of the other travel money alternatives while retaining overall conveniences for the international traveler. These are covered in more detail below.
About Prepaid Currency Cards
Prepaid cards are somewhat similar to standard credit and debit cards and they offer the same ability to purchase products and services but with one big difference - you can only spend up to the total amount that has been preloaded. This means there is no risk of running into debt as it has no credit or overdraft facility. As with cash, a pre-paid currency card requires converting cash into the chosen currency; this means that you are subjected to the exchange rate designated by the provider. The benefit is that you are able to hedge against exchange rate fluctuations during the trip. You will be issued with a PIN number and, similar to your normal international debit and credit your card can be used virtually anywhere on the planet.
Benefits of Prepaid Currency Cards
• Application process - There are no credit checks and this implies you get the card without worrying about your credit history. All prepaid card providers will carry out an identity check to confirm you are who you say you are.
• Control - Control is one of the reasons prepaid currency cards are popular with parents and guardians sending their children overseas for studies as it helps manage spending. One loads the card based on a budget and any excesses are easily picked up since the card would have to be loaded again.
• Better travel money rate - Though not necessarily a rule, prepaid currency cards often attract a better exchange rate than other forms of travel money. The FairFX currency card has one of the best exchange rates around. Have a look and fine out more"
Wednesday 10 March 2010, 09:25am
Travel currency is no alien concept to those who love hitting the road for work or pleasure. And money is a key factor while traveling apart from the joy of travel. From time immemorial money has been the driving force behind the progress and success of economies world over; business and trade have been on the move thanks to money.
As people in business or a person who works it is not uncommon for us to be travelling with money; however the growing concerns about security and untoward incidents that new destinations pose are incredibly high, this is where travel currency comes in handy. The times when carrying cash or at the most traveller's cheques are a passé everything in our world today works on plastic money and that is definitely a positive thing when compared to the threat of carrying real money. FairFX travel currency is the way to go for people on the move.
To put it in perspective let us see what is FairFx travel currency and how does it work – FairFx allows you to exchange one type of currency for instance the Dollar for another type of currency such as the Euro without going through the hassle of middle men and touts who can be quite unreliable at times. FairFx not only eliminates middle men but assures you get the best exchange rate by following a far more stable currency conversion practice when compared to others in business. FairFx travel currency is a better way to travel as the transactions are secure and assure you of a currency exchange rate that is reasonable and optimum.
Travelling requires vigilance and guidance too if the travel is of an international nature, FairFx travel currency is a well guided option as there is transparency in dealings and exchange rates and other information is clearly elucidated to travelers who travel with our services. When it comes to travel currency FairFx is the leader as FairFx eliminates expensive travel kiosks, exchange counters and middle men when it comes to your money. With the underlying principles of price, convenience and security, FairFX does everything to ensure you get the best of your travel and travel currency.
FairFX travel currency offers you the convenient option to order for Euros and Dollars on our travel currency card and ensures you get Euros and Dollars at the best rates because they are based completely online. FairFx offers 3 options for buying foreign currency:
• The FairFX Currency Card (Chip and PIN Prepaid MasterCard® Card)
• Travel cash delivered to your home (free for purchases over £500)
• Paid to your foreign currency bank account
All three options are beneficial to travellers and they can make the best of their travels while using FairFx travel currency. With FairFX you don’t have to worry about factors such as delivery costs, exchange rate fluctuations, commission fees etc as we do the worrying bit for you and ensure you get the best. So get in touch and see what a difference FairFX can make to your travel expenditure.
Tuesday 09 March 2010, 03:11pm
As a traveller or tourist, you’ll need to get used to using foreign currencies (or at least using different types of payment). When leaving the country there are many options in terms of what kind of money you can take with you. It’s not recommended to take credit cards. Some better choices include travel cash, bank transfers, or currency cards. They each have their advantages but it’s important to know about the exchange rate tourist before you go anywhere.
No matter where you travel to, you’ll need to exchange your country’s currency for the currency used in that specific country. The reason we have to do this is because all types of currencies are not created equal. But there is a charge for exchange rate tourist. These exchange rates are commonly known as foreign exchange rates or FX rates. Different places will exchange money for you but everyone has their own price. Depending on where you exchange your money, you may be paying skyrocketed prices.
There are many places to exchange your money when travelling. Some examples of places you can go to exchange your money include airports, banks, and kiosks. Keep in mind that these places are expensive and the exchange rate tourist will vary. They often offer a terrible exchange rate because they know they can get it from travelers who need the currency they offer. Likewise, they’ll take a percentage above and beyond the exchange rate. You can often find better exchange rates online and get your exchanges done conveniently and inexpensively. Who doesn’t like convenient and cheap?
You will come across places that offer no commission exchanges or no fee exchanges, but this is just a way to get your business. It costs money to exchange money and there are no exceptions for anyone (not even that company with the pop up who promises to give you everything for free). Everybody knows nothing, or almost nothing, is free. How that works is they hide the fees in the high exchange rate tourist they charge. The best option is to exchange your money beforehand. That way you don’t have to worry about whether you’re overpaying.
With FairFX, you can get some of the best rates around, since we trade directly in the wholesale currency market, and are based completely online, so we save on overheads. Have a look at our rates, and see how much you could save on your next trip!
Tuesday 09 March 2010, 09:49am
