Get Better Rates For Your Travel Money, And Have More Spending Money While You Are Away
July 4th, 2010 by Samantha Clarke, under Travel and Leisure. No Comments
If you are thinking about going abroad for a holiday then one of the most important aspects of your trip will be the money you take with you. We are often guilty of leaving this aspect to the last minute and this means that we get worse foreign exchange rates than if we had planned a little bit ahead. There are ways in which you can get your Great British Pound exchanged for the currency you need without having to make sacrifices.
One of the most popular ways of changing your Pound is to use a Bureau De Change. There are many of these around including at the Post Office, banks and building societies. There are however, several disadvantages to changing GBP into the currency you need at these establishments. For starters, you may be paying over the odds in the form of handling fees or minimum charges, not to mention commission for actually processing the foreign exchange transaction for you.
It is also riskier carrying cash with you when you are abroad. No country is perfect and there are high chances of your money stolen. It is also much easier to lose cash than any other form of tender. It is possible to take out travel insurance which will insure your cash but these policies usually only cover a certain amount. Should you lose more money than is insured, then that cash is gone for good and cannot be replaced.
many people also opt for travellers cheques when going away. These pieces of paper have to be signed for as soon as you get them or they are not valid. They are also with the amount that is printed on them. If your travellers cheques are accidentally lost or stolen, it is necessary to have the cheque numbers in order to get replacements sent out (in most cases, if you do not have these cheque numbers you will not be issued with new ones). People who opt for travellers cheques often pay higher rates of commission as well as fees or charges for handling too.
With all of the options above and the high charges or possible identity theft associated with using a credit card, a great way to ensure that you get security and great foreign exchange rates for you trip is to use a prepaid currency card. This option is becoming more popular with travellers due to the fact that it is a lot safer and cheaper.
The basic idea of a prepaid currency card is that you add funds as and when you need to. It is likely that the issuer will ask for an initial minimum amount to be loaded onto the card. But after this, you are free to add any amount to the card as you see fit. Most of the providers of these types of card will transfer the funds directly from your main bank account, allowing you to request this action via telephone, the internet or by a simple text message. Some of the issuers even allow others to load top up your prepaid card on your behalf.
As well as attracting lower fees than many credit cards and traveller cheque issuers, a prepaid currency card safeguards against overspending and theft. Okay, the card may still live in your wallet but you have the same protection that credit cards offer and it is a much safer alternative to cash. If you are transferring little and often to a prepaid currency card, you will have lost less than if it was all lumped together at the start of your trip. One of the most attractive features of these cards is that they attract much lower foreign exchange rates than any of the other methods, meaning you have more to spend on your trip.
Before leave to apply for a prepaid mastercard, go compare currency cards here to make sure you are getting the best possible price.
