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Family Travel Money tips and Currency Deals Advice

Mon, Oct. 02, 2017 Posted: 04:21 PM


Currency arrangements are dynamic in the money market; they change on a daily basis and from one currency provider to another. When sourcing for the best currency deals, it wise to shop around before any purchase is made. The currency deals can be affected by interest rates, current economy, minimum amount, and the avenue and commission rates.

Travel currency cards
When you are going overseas, there is no need to carry a lot of different currency notes in your pocket. It is easier to have a travel currency card as it is more portable and manageable. Your currency card will have all your purchased currency and allows you to keep track of your spending habits.

There are different travel currency cards in the market ranging from prepaid currency cards, travel credit cards, travel debit cards and Travelex cash passport. Choose a card that suits your needs, and that is friendly to your pocket. It's not advisable you take the cash advance on your credit card. You will be charged high interest on foreign transactions. However, when you purchase your travel currency card; make sure it covers your location and has a support line just in case your card gets lost or pickpocketed.

Airport collection
Travel currency providers can arrange a fixed rate for your collection before you depart from the airport. All you have to do is to order and collect it before you fly. The airports' online service allows you to buy currency and select location or airport of choice for the collection. Through the airports' online services you can get the best deals for collection at the airport or delivered to your doorstep. Do not wait to reach the airport in order to change the currency; this may not be the best choice.

The post office
The post office is the most popular way to purchase currency. The post offices are located in town making it convenient for travelers. Before buying consider going to the post office first before ordering online. The rates and currency can be delivered to your doorstep at no charge or for a small fee depending on the post office you visit or where you live.

Bank travel currency rates
Travel currency providers will advise you to consider bank travel currency rates as the last option. This is because the banks are guided by day-to-day rates while specialist providers are guided by the live currency rates. The daily rates tend to fluctuate, and at the end of the day, it will be expensive to purchase the currency.

Travel currency buy back options
It is advisable to carry enough cash during your holiday or when traveling. If at the end of the trip, you happen to come back with some money, the currency providers will buy back your currency. This is known as 'buy-back scheme' - where you are allowed by currency providers to sell the currency back at an agreed rate, for the same exchange rate without commission depending on your currency providers.

Traveller's cheques
Traveller's cheque is one of the oldest form used by travelers, accepted globally and can be exchanged for cash. It is given by non-banking financial institution. The disadvantage of the traveler's checkbook is that it has low rates, high fees and it has a fixed denomination note. The advantage outweighs the inconvenience; this is because, it is safer than cash, no expiry date, accepted globally and it's cost effective. The traveler's cheques are more secure against theft, damage or loss. And if it gets lost or stolen, you will be refunded the stolen money as long as; you know the cheque numbers.

We all want to save money during vacation or trip to avoid any extra charges or buying things you do not need. If you want to save money from areas like hotel rooms, fuel, and flights, it's important to get the best deals in the market by having proper advice on the best currency deals. However, in a foreign land, you must check the exchange rates and choose the available options in advance. You also need to investigate your currency in other countries, their economy trends, interest and the best time to change in order to get the best deals.

George Smith