The Currency Exchange Site's Consumer Blog: The latest perspectives on the travel money industry.
Hi. I’ve been in the travel money and currency exchange industry for many years and work with The Currency Exchange Site to give you the inside scoop on the travel money world and what’s going on. My blogs address topics which I find interesting and think you might too. I am always keen to get feedback and comments so please drop me an email.
Buying Travel Money
March 12th, 2010
The travel industry is big business with thousands of people in the UK packing their bags at least once a year to head abroad. When going away you need money to pay for food, accommodation, day trips and any other plans you may have, it is then that you are faced with issue of how to carry your money abroad. Most people tend to stick to carrying cash but the obvious dangers of doing so are ever present.
If you do plan to take cash abroad then the first thing you need to do is find out what currency is used in your destination country. Armed with this information you then need to compare the different currency rates offered by the array of exchange bureaus based in banks, post offices, travel agencies, super markets and airports. The growing trend in online bureau de changes and foreign currency comparison sites has started to make this process easier though.
Comparing the different exchange rates and commission fees charged by the bureaux is extremely important when changing large sums of money as literally can save pounds. Airports often offer you the worst option as their rates are almost always worse than that of your local post office or the high street retailers.
Travel Money - Currency Options While Away
March 5th, 2010
Obtaining money for travel is now easier than ever before. Although options used to be quite limited and presented quite a few logistical difficulties, the travel money and currency exchange industry is now making the process much simpler and more cost-effective. As exchange rates can change quite a bit from day to day and from company to company, it is important to know which avenue will allow you to get the most value for your money when converting it to a foreign currency. Luckily, there are now plenty of resources available to help determine the current rates and determine which one will yield the best result.
However, in addition to finding the best currency exchange rate, another important thing to consider is in what form you wish to carry your travel money. There are plenty of secure options to obtain, hold, and use money while in a foreign country. Some of these are easier and more convenient to use than others and some offer worthwhile incentives in addition to their increased security. Of course, there is always the option of cash and, when bought at a good exchange rate, this can be a suitable option. However, there are plenty of other choices that deliver more value and peace of mind.
One option that has been quite popular in the past when it comes to travel money is travellers' cheques. This allows you to have a prepaid cheque in the currency of the country in which you are travelling. You can get them in many denominations and can then easily convert them back to your original currency if not used. This is a safer option than carrying around cash as they require identification in order to be used and can be replaced if lost or stolen. However, not all cashiers know how to deal with traveller's cheques and there are other, better, options that are now readily available.
Currency cards afford you virtually all of the same benefits of traveller's checks in addition to increased convenience and usually the best rate on your currency exchange. A currency card acts similar to a pre-paid debit or gift card in the sense that you can load it with a set amount of money. By doing this ahead of time, you can avoid excess fees during your travels and it can be used virtually anywhere.
iPhone currency converter app is winning over bloggers
February 19th, 2010
Next time you go away, confusion over how much you are spending abroad will be a thing of the past with this iPhone currency converter app. Developed by Touchmeme, the app was voted iPhone app of the week on the Flying with Fish blog.
The app supports over 85 currencies, and after selecting your base currency you can add and remove other currencies as required. Currency exchange rates will be updated frequently so wherever you are travelling to this handy app will help you keep on top of the exchange rates and costs in your home currency.
To find out more, take a look at touchmeme’s site and download the app.
Half-term holiday travel money tips
February 12th, 2010
Half term holidays are just around the corner, so we have pulled together our top tips for saving on your travel money.
Compare! There are a huge number of currency exchange specialists out there, on the high street, in the airport and online. To find the best exchange rates, commission fees, delivery fees etc. compare providers online or by visiting a few different high street outlets.
Buy Online: Too many people leave their foreign exchange purchases until the last minute, buying foreign currency at the airports or on the high street. If you go online you can usually find better foreign exchange rates, and some providers even let you pick up your pre-ordered currency at the airport!
Save money with a prepaid card rather than UK bank cards. We all do it, use our UK debit and credit cards abroad to buy a few drinks, dinner or pay for the hotel room. The banks know and love this, with foreign exchange loading fees, commission fees etc. on every transaction you lose pounds. However, prepaid currency cards offer the ease of paying with plastic, without the extra costs. Just preload your card with foreign currency and then any purchase you make will actually cost what it says on the bill!
This holiday, take a few more minutes to buy foreign currency and you really can save money!
FCO’s Know Before You Go Travel Money Advice
January 29th, 2010
One of our partners, the Foreign and Commonwealth Office’s Know Before You Go Campaign, have a page of advice dedicated to keeping your money safe while you are abroad. We have provided a copy of this advice below, but to read their original content visit their travel money advice page. Take your time to look around the rest of their site as well, as there is invaluable information on preparing yourself for your trip and staying safe abroad.
Know Before You Go Advice: Travel Money
Before you go:
- get some local currency - order less common currencies a week in advance
- order a mixture of cash and travellers’ cheques
- write down the numbers on your travellers’ cheques
- write down your credit card numbers and expiry dates – leave a copy at home
- check your credit card is valid in the country you’re visiting
- note your credit card’s emergency cancellation phone number
- take enough money to cover emergencies
When you’re away:
- familiarise yourself with the local currency as soon as you arrive
- don’t carry more money than you need for the day/evening
- if you need to carry a lot of cash ask your partner or friend to carry some for you
- keep a small amount of cash in your wallet and the rest in a secure money belt or inside pocket
- if you have several credit/debit cards, only take one out with you
- leave your cash, cards and travellers’ cheques in a hotel safe – check it is secure
- don't pass on any personal (e.g bank) details unless you are confident the request is genuine as financial scams are becoming increasingly common worldwide.
Prepaid Travel Money Cards are Still an Untapped Market!
January 27th, 2010
Mintel recently released their 2010 Travel Money report, estimating that the total amount of money spent abroad by UK travellers decreased in 2009 to £30.1bn, from £36.8bn in 2008. It seems that although the actual number of travellers increased, people are keeping a close eye on their finances and looking to spend less on their travels.
Despite this reduction in money spent abroad, the past few years have seen a rise in the use of UK cards abroad. This is a costly way to spend foreign currency, with numerous fees associated with card payments and purchases abroad.
In contrast, prepaid travel money cards still only occupy a very small share of the currency exchange market. Mintel estimates that only 2% travellers used these cards in 2007-2009. The key factor behind this is believed to be a lack of consumer awareness -prepaid travel currency cards have still not made it on to the consumer radar despite the opportunity these cards offer to save money whilst abroad. You can use these cards like your usual plastic but there are no charges for purchases, or foreign exchange conversions at the time of payment.
Despite the low awareness of these cards, at The Currency Exchange Site we advise you to take a couple of minutes and have a look at the range of travel money cards available. Compare the exchange rates to foreign currency as cash or travellers cheques, and give a card a go. We have never regretted it!
Book early for your ski holiday, and look outside the Eurozone to get more value for your money
January 6th, 2010
2009 saw the recession continue in the UK, and pound drop to almost parity with the Euro. Despite this as we approach the winter holiday and ski season across Europe, Canada and America tour operators and hotels are making positive sounds for the ski season in 2010.
Swiss ski resorts saw a decline in overnight stays in the 2008-2009 season compared to the previous year, according to Switzerland Tourism. However, this has not impacted on expectations for 2009-2010 season, with the Swiss Franc independent of the Euro, and the opening of a number of environmentally friendly ski resorts offering luxury accommodation with organic linen and food etc.
For the average traveller, this year competition for skiers is expected to open up a range of great offers, from both travel agents and hotels. In Canada an early fall of snow has opened up the ski resorts in October and hotels are offering free ski passes and nights accommodation for early bookers. As well as great deals enticing skiers, we expect non-Eurozone ski resorts to see increases in traffic this year compared to Eurozone resorts, due to the pounds continued weakness against the Euro.
Wherever you end up travelling this winter for your skiing or snowboarding fix, make sure once you have booked your holiday you still look to get the best deal on your travel money. At Exchange Currency, we believe the best way to save on travel money, and keep it safe and secure will be a prepaid currency card. For those of you who brave the Eurozone or US, the EURO and US denominated cards will allow you to spend money as usual while not being subject to the fees and charges of UK issued debit and credit cards (GBP denominated cards are also available). While all the time CHIP and PIN protects you from any loss or theft as you adventure on the slopes or in the bars!
How to get the best deal for your holiday
December 10th, 2009
With the recession still continuing, and purse strings tightening in the approach to Christmas I have pulled together some of our recommendations to help save you money and chose the best place to stay while travelling abroad this winter.
Book early: There are a host of deals out there to entice you on your holidays this year, as travel agents look to keep the industry afloat. If you are a late planner and flexible about where you want to travel to, sites such as www.travelzoo.co.uk display the best deals and offers available every week.
Look long haul: Think outside the Eurozone, where you will get more foreign currency in exchange for your pounds. Destinations such as Tunisia which are closer to home but still outside the Eurozone are reporting higher levels of UK tourism. So take advantage of the pounds weakness against the Euro and visit some more exotic destinations!
Read reviews: Once you have decided on your destination, have a read about the different hotels or hostels you can stay in.Consumer reviews always need to be taken with a pinch of salt, as everyone has different tastes but you can often find the a few great hotels at great prices this way.I recommend using www.tripadvisor.co.
uk as it has a huge following and it’s easy to navigate site.
Travel money: Soo many people forget about buying foreign currency until the last minute, often costing them pounds! If you buy online you will often find the best currency exchange rates, and by spending some time tracking the forex rates of different providers you will be able to buy currency at the right time and right exchange rate for you! If you are worried about exchange rates going up while away, then get a prepaid currency card. You lock in the foreign exchange rate on the day you buy, and you will save on your card transactions compared to using your UK plastic!!
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