Taking a trip abroad is an exciting experience. You get to experience new cultures, new types of food and you're going to meet many interesting people. Traveling to other countries, however, takes lots of planning. Part of this planning involves what to do as far as money is concerned. It's not a good idea to take Sterling on your trip. You wouldn't want to get into a situation where a shop owner or other proprietor won't accept your cash. That's why you should look into foreign exchange so that you can convert your money to suit the country you'll be visiting.
Finding Exchange Locations
You should be able to find foreign exchange facilities near where you live, or you can speak to your bank. It's best to do your homework first so that you know what the exchange rate is for the country you'll be traveling to. This way, you'll know that you're being treated fairly and are receiving the exact amount of foreign money for the dollars you plan to trade. There are many places to do a foreign exchange and these places deal with most forms of currency, so you shouldn't have trouble finding the money you need.
Worst Case Scenario
The reason you want to exchange your money is so that you know your money will be accepted everywhere. So you exchange every dollar you have for this new currency and you're ready to take your vacation. However, the moment you get there you are robbed of every dime you have. Now you're broke and in a foreign country. What are you supposed to do now? Instead of trading all your American Dollars at a foreign exchange location, maybe you should have thought about getting a travel money card.
Travel Money
Travel money cards are used just like credit cards. The difference is they are used all over the world. That means you won't have to worry about trading your money at a foreign exchange facility; you'll have all the currencies on your travel money card. The best part about the travel money card is that if it is every stolen, you can report it so. The travel money card company will then investigate the theft and will get you back on track so that you can enjoy your vacation without worrying about not having enough money to do so. These cards are the best way to go no matter where you're going and they should be part of your planning whenever you schedule a vacation abroad.
Thursday 25 February 2010, 01:35pm
You may have noticed that are a number of different options in which to have money while you travel. Each choice has its own pros and cons. Here we will take a look at all of them and compare holiday money options available to travelers.
Cash is insecure, incovenient, and often poor value
The first choice is just straight up cash. The good things about using cash are it is quick, convenient and there will be less fees involved when exchanging for the local currency when traveling abroad. The one major downside is, however, if it gets stolen, you’re just out of luck, as it won’t be replaced.
Travellers Cheques; over the hill?
When you are going to compare holiday money options, your list has to include traveller’s cheques. They offer more security than cash in that, if your checks get stolen, you simply report it and they will be replaced. Also, if you run out of money, you can usually find a way to get more money converted to traveler’s checks, no matter where you are. On the other hand, though, this type of currency can be rather expensive, with service fees and shipping charges to have them sent to you. Not everyone accepts them either, and some even charge a fee if they do take them.
Credit cards are convenient, but tend to levy heavy fees
The next choice when you are looking to compare holiday money options is credit cards. They are both secure and easy to carry. If it is stolen, it can be easily replaced. If you have a Visa or MasterCard, it will likely be accepted almost anywhere you go. Even though you would know if your physical card has been stolen, it may take awhile to realize someone has merely stolen your credit card information and is using the card that way instead. For those few merchants, like some restaurants, that don’t accept credit cards, you will need to have some cash on hand for times when you run into someone who won’t accept your card. And most importantly, interest rates can add up fast if you don’t plan to pay the card off in full that month.
Prepaid travel money cards are the best solution for foreign travel
When you compare holiday money options, there is really only one choice if you want to avoid the higher credit card fees and don’t want to carry cash. That option is a prepaid card to be used for traveling purposes. They are as convenient as credit and debit cards, and actually offer greater security as they need a PIN number to be used. Some will have fees that are charged when activated and when you put money on them, however.
We offer prepaid currency cards with a great exchange rates and no hidden fees.
Thursday 25 February 2010, 09:51am
When you’re travelling abroad, you want your money to stretch as far as possible. With all the different rates and fees that are involved in travel, it can be quite difficult to figure out how to get the most for your money. So, where to start?
Getting low foreign currency exchange rates
One way in which to save money is to find the lowest foreign currency exchange rates possible. There are plenty of websites around that will tell you the exchange rates for any kind of purchase you make, organizing it by credit card company. Whether you’re making a purchase with a credit card, debit card, cash advance, ATM withdrawal, or even cash, chances are that, depending on the bank or company, there will be some sort of fee that you incur. Do some investigating into the companies that you have your money in, and see who has the cheapest rates.
Money exchange rates can change significantly based on the provider
Depending on what credit card company or bank you go with, you can experience vastly different exchange rates, which can really cut into your spending if you have to waste money switching back and forth. Luckily, if you pick the right provider, you can mitigate the damage to your funds. For example, if you convert using USAA, you’ll have to pay 1% of the money you’re exchanging for a conversion fee, whereas Capital One has no conversion fee (and is therefore your best bet for exchanging foreign currency). Chase and Citibank, however, have a 3% exchange rate, so seriously consider other options for currency exchange if you have those cards and plan on traveling abroad.
Get your foreign currency online before you travel
Sometimes, when you travel, it’s impossible to anticipate how much you’re going to spend, and what on. This may often lead you to make a lot of little transactions using your checks, cash, or credit cards, which, when you factor in the fees that are made for every transaction, can really add up. One way to circumvent this is to get the money through a company that specializes low cost currency online, like FairFX. Have a look at our selection of travel money cards, which give you cheap currency that youo can spend on a prepaid mastercard. Buy online today before your trip tomorrow, and stay ahead of the charges.
Wednesday 17 February 2010, 02:11pm
