Millions in
‘leftover’ currency from holidays and trips abroad is discarded!
Showing posts with label currency. Show all posts
Showing posts with label currency. Show all posts
Wednesday, 4 May 2016
Wednesday, 20 May 2015
Holiday Stress
With the
Spring half-term just around the corner, research has revealed that for more
than half of Brits, booking a holiday comes with anxieties about the
cost.
Wednesday, 6 May 2015
Who Is UK’s Most Extravagant Holidaymaker?
Examining the spending habits of its UK customers, my Travel Card identified
the 25-year-old Scottish male as the archetype of Britain’s most extravagant
tourist. The research also revealed strong correlations between where people
live and where they like to holiday.
Friday, 1 May 2015
Unpopular Thailand?
The United Arab Emirates has become a top three destination for UK travellers
this year, followed by South Africa based on currency orders in 2015 from
leading travel money provider ICE.
Wednesday, 17 September 2014
Will Scotland Result Change Your Holiday Spending?
In the last
few days, the pound has weakened markedly against the Euro and the US Dollar, as the outcome of the
Scottish referendum makes the headlines.
Monday, 7 April 2014
Top Tips For A Value Easter Break!
As many holidaymakers get ready to jet off on their Easter holidays this year,
Mark Bodega, director at HiFX gives his top tips to avoid
paying over the odds:
Don’t leave it to a last minute dash at the airport:
Traditionally buying currency at the airport will cost between 3-6% more than from a typical high street bureau de change or bank. It’s always cheaper to purchase currency before you go, especially if you buy online; you can not only take advantage of a better exchange rate, but also avoid commission charges. If you do purchase your travel money online, make sure you use a company who offers a secure online service, like HiFX.
Beware dynamic exchange rates:
If the hole in the wall or the payment machine in the shop asks if you want to pay in Pounds say no. It’s called dynamic currency conversion and means you’ll usually get a worse rate than your own card.
Avoid using your credit card if you can:
Most cards add a 3% loading cost to the exchange rates meaning you get a really terrible exchange rate and many charge you ATM fees. That said there are a number of specialist credit cards that offer some of the best deals. Some, like the Halifax and Santander cards, don’t and also won’t charge you each time you withdraw money from a hole in the wall. But you do need to open an account with them to get it and as with any credit card they will charge you interest.
Avoid using your debit card:
Beware debit cards as they can be the worst way to spend overseas. Most people, and again I’ve been guilty of this in the past, will use their debit cards whilst abroad thinking they’re avoiding the typical credit card charges I’ve just mentioned. Many debit cards (bank account cards) actually have the worst fees – as they add up to £1.50 every time you spend and an exchange loading fee i.e a percentage they add on to the exchange rate (typically with the bad cards between 2% and 3%).
If you don’t like the idea of taking too much cash look at one of the many prepaid cards available which allow you to load the card up with cash before you go. Prepaid cards do exactly what they say on the tin and can be used widely at cash machines, restaurants and shops. Their big advantage is security as if you lose your card most providers will (for a fee) replace it with all the funds intact.
Choose the best currency if you’re travelling across multiple currency zones:
Sterling, euro and US dollars can be widely exchanged in most tourist destinations, compared to local or more exotic currencies, such as the Thai baht. If going away for a long period or visiting a number of countries, HiFX advises that you exchange enough of the local currency for immediate purchases, such as taxis from the airport and then take sterling, euros or US dollars with you to exchange into relevant currencies needed during your travels.
Avoid trying to beat the markets. Unless your holiday is in 6 months’ time, fluctuating exchange rates will make very little difference to the amount of money you’ll get for your pounds:
By leaving ordering your travel money until the last minute you risk missing out on the good deals available from ordering money in advance online. If you’re going on holiday in a week or two’s time, you’ll actually save yourself more by following the tips I’ve just been through.
Finally, plan a budget – and stick to it!
Calculate the sterling amount you expect to spend each day; don’t forget you could spend a lot more on holiday! Extra funds should be factored in for emergencies, delayed flights, etc. Try to stick to this to avoid making expensive cash withdrawals abroad or being left with excess currency at the end of your holiday.
Remember banks and bureau de changes will only change notes, so get rid of all loose change while you're away, or save it for your next trip! Alternatively, some airlines collect left over coins for charities during the flight.
Don’t leave it to a last minute dash at the airport:
Traditionally buying currency at the airport will cost between 3-6% more than from a typical high street bureau de change or bank. It’s always cheaper to purchase currency before you go, especially if you buy online; you can not only take advantage of a better exchange rate, but also avoid commission charges. If you do purchase your travel money online, make sure you use a company who offers a secure online service, like HiFX.
Beware dynamic exchange rates:
If the hole in the wall or the payment machine in the shop asks if you want to pay in Pounds say no. It’s called dynamic currency conversion and means you’ll usually get a worse rate than your own card.
Avoid using your credit card if you can:
Most cards add a 3% loading cost to the exchange rates meaning you get a really terrible exchange rate and many charge you ATM fees. That said there are a number of specialist credit cards that offer some of the best deals. Some, like the Halifax and Santander cards, don’t and also won’t charge you each time you withdraw money from a hole in the wall. But you do need to open an account with them to get it and as with any credit card they will charge you interest.
Avoid using your debit card:
Beware debit cards as they can be the worst way to spend overseas. Most people, and again I’ve been guilty of this in the past, will use their debit cards whilst abroad thinking they’re avoiding the typical credit card charges I’ve just mentioned. Many debit cards (bank account cards) actually have the worst fees – as they add up to £1.50 every time you spend and an exchange loading fee i.e a percentage they add on to the exchange rate (typically with the bad cards between 2% and 3%).
If you don’t like the idea of taking too much cash look at one of the many prepaid cards available which allow you to load the card up with cash before you go. Prepaid cards do exactly what they say on the tin and can be used widely at cash machines, restaurants and shops. Their big advantage is security as if you lose your card most providers will (for a fee) replace it with all the funds intact.
Choose the best currency if you’re travelling across multiple currency zones:
Sterling, euro and US dollars can be widely exchanged in most tourist destinations, compared to local or more exotic currencies, such as the Thai baht. If going away for a long period or visiting a number of countries, HiFX advises that you exchange enough of the local currency for immediate purchases, such as taxis from the airport and then take sterling, euros or US dollars with you to exchange into relevant currencies needed during your travels.
Avoid trying to beat the markets. Unless your holiday is in 6 months’ time, fluctuating exchange rates will make very little difference to the amount of money you’ll get for your pounds:
By leaving ordering your travel money until the last minute you risk missing out on the good deals available from ordering money in advance online. If you’re going on holiday in a week or two’s time, you’ll actually save yourself more by following the tips I’ve just been through.
Finally, plan a budget – and stick to it!
Calculate the sterling amount you expect to spend each day; don’t forget you could spend a lot more on holiday! Extra funds should be factored in for emergencies, delayed flights, etc. Try to stick to this to avoid making expensive cash withdrawals abroad or being left with excess currency at the end of your holiday.
Remember banks and bureau de changes will only change notes, so get rid of all loose change while you're away, or save it for your next trip! Alternatively, some airlines collect left over coins for charities during the flight.
Friday, 25 October 2013
Exotic Half- Term?
Are you taking a short, accessible, break over the half- term before the
Christmas stress begins? Where are you going?
New data from Moneycorp suggests that Brits are venturing to exotic locations for their half-term breaks.
New data from Moneycorp suggests that Brits are venturing to exotic locations for their half-term breaks.
The top 10 currencies for Moneycorp travel money online
(7.10.13 – 13.10.13) has been:
1. Euro
2. US Dollar
3. UAE Dirham
4. Egyptian Pound
5. Australian Dollar
6. Thai Baht
7. Hong Kong SAR Dollar
8. South African Rand
9. Mexican Peso
10. Chinese Yuan Renminbi
The popularity of the Dollar is partly due to savvy British shoppers heading to New York City this autumn for some early Christmas shopping. Shoppers can save up to 60% - as much as £100 in some cases - on some of this year’s must-have gadgets and toys by purchasing them in New York rather than London!
The sterling has also strengthened considerably against the dollar in the past three months. Travellers were getting $1.49 for £1; today they are getting around $1.62 for every £1.
No matter the currency, shrewd customers can lock into favourable exchange rates by using Moneycorp’s Reserve & Collect, which allows customers to reserve their travel money online for collection at a later date. The service offers all customers free exchange rate protection, so you’ll always receive the most favourable rate on the day you collect, whether that’s the rate on the day you reserved or on the day you collect.
1. Euro
2. US Dollar
3. UAE Dirham
4. Egyptian Pound
5. Australian Dollar
6. Thai Baht
7. Hong Kong SAR Dollar
8. South African Rand
9. Mexican Peso
10. Chinese Yuan Renminbi
The popularity of the Dollar is partly due to savvy British shoppers heading to New York City this autumn for some early Christmas shopping. Shoppers can save up to 60% - as much as £100 in some cases - on some of this year’s must-have gadgets and toys by purchasing them in New York rather than London!
The sterling has also strengthened considerably against the dollar in the past three months. Travellers were getting $1.49 for £1; today they are getting around $1.62 for every £1.
No matter the currency, shrewd customers can lock into favourable exchange rates by using Moneycorp’s Reserve & Collect, which allows customers to reserve their travel money online for collection at a later date. The service offers all customers free exchange rate protection, so you’ll always receive the most favourable rate on the day you collect, whether that’s the rate on the day you reserved or on the day you collect.
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