Make Sure You Get The Best Rates For Your Holiday Money, And Have More Spending Money When You Are Away
If you are considering going to warmer climes this year then it is likely that currency will be one of your top priorities. It is often the case that we leave changing our currency to the very last minute which results in us getting charged higher foreign exchange rates than if we had dealt with it earlier! There are many ways to change your British Pound into the money that you need without having to make huge 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.
There are also high risks involved with carrying cash with you when you are in a foreign country. There is a risk in any country of your cash being lost or stolen because you are in unfamiliar surroundings. You can opt to take out travel insurance which will cover some of the cash but most policies have a set limit as to how much you can claim back. If you have more cash on you than is specified on the policy and it goes missing, you will never get it back.
Travellers cheques are another option available. Instead of cash, these are paper cheques that are valued to a certain amount of the currency. Again, these are easily lost or stolen and you have to sign them as soon as you receive them. If travellers cheques do go missing, you can only get replacements if you have kept a note of the cheque numbers (if you do not have them you cannot get a replacement). A huge disadvantage of travellers cheques is that the commission and handling fees for this type of currency is usually higher than any other.
With all of the above methods available having huge disadvantages and the addition of credit cards (which attract high charges, commission fees and the possibility of identity theft), a new option that is becoming popular with travellers is the prepaid currency card. Not only do you get great foreign exchange rates but it is also convenient, secure and cheap.
The basic premise of a prepaid currency card is that you top up funds on to it as and when you wish. It is likely that you will have to put an initial deposit onto the card of a certain amount. But after this, you are free to add as little or as much as you want whenever you want. The card issuer will be able to transfer funds from your bank account directly onto the card in a variety of ways including via internet, text message or over the phone. Some providers will also let other people add the funds to your prepaid currency card for you.
One of the main benefits of a prepaid currency card is that the foreign exchange rates are a lot lower than that of travellers cheques, cash exchanges or credit cards. In addition, the prepaid card has all of the safety and security measures that you would get with the likes of a credit or debit card. Should your prepaid card get stolen or go missing, you are safe in the knowledge that any of the funds that you did have on your card can be replaced. This type of card is also a great way of curbing how much you spend whilst you are away!
Before leave to apply for a prepaid mastercard, go compare currency cards here to make certain you will get the best price.
