Whatever your currency needs you might want to consider enlisting the service of a foreign exchange broker. These foreign exchange specialists provide foreign currency services for both corporate and private clients, can help you access certain currencies, whether you need make a one off transfer or set up regular transactions outside of South Africa. With foreign exchange the more information and expertise you have on your side the better which is why foreign exchange brokers are worth considering because you can utilise their expertise in moving money around. Most people would go through their bank for their foreign exchange needs but you will find they may not be able to offer you the best foreign exchange rates and have additional costs that can add up and make your transfer more expensive than it needs be. Banks have considerably larger overheads when compared to foreign exchange brokers and you will also find that the transfer process with the banks can be considerably longer. Foreign exchange brokers offer fat and efficient services that you can access online so you can avoid the banks and their unnecessary charges altogether.
It is vital that you explore your currency options before your next trip abroad as typically the airport will be the least cost effective option for your currency needs and it is likely that you will be stung by the worst rates.
The Travel Money options that are available are Travel Money (in the form of cash), Travellers Cheques or Travel FX Cards. As for the next step there are advantages and disadvantages for all of the options above. The main advantage of taking travel money abroad in the form of cash is convenience. Furthermore by pre-ordering your money you can make big savings. However a large drawback to carrying large lumps of money around with you is security, cash can easily be lost or stolen and often individuals will find it hard to recover this. In contradiction to the lack of security that is offered with Travel Money, one of the best features of Travellers Cheques is the safety attached. Travellers Cheques can easily be replaced if they are lost or stolen as long as you have signed the top left hand line on them. Although Travellers Cheques are accepted in lots of destinations such as hotels, banks, foreign exchange bureaus, many shops and restaurants it is important to take in to consideration the remoter your destination abroad is, the more difficult you will have exchanging the Travellers Cheques. Travel FX Cards are a great new popular FX product. They are a much safer alternative to carrying around cash as they have a chip and pin and if it gets stolen or lost a replacement card can be sent to you immediately. However as with Travellers Cheques if your destination abroad is remote then you may have trouble using this product.
Once you have decided on what Travel Money option is best suited to you it is advisable to shop around on comparison websites in order to get the best deal.
Online Foreign Currency Exchange Information and guide
If you are going abroad any time soon for business or pleasure then you should think about changing your money before you get there. The bureau de change at the airport is likely to be one of the most expensive places to change your money. When you are abroad and you withdraw cash from ATMs you will pay commission and your foreign exchange rate will be fixed by your bank who are likely to charge you more that the average rate.
One of the best ways to change your money is online. There are numerous foreign exchange specialists with whom you can purchase foreign currency online and it will be delivered to your home the next day. It is worth comparing different currency exchange companies as they are all in competition with each other and their rates will vary.
Another economical way of getting the best deal on your holiday money is by purchasing a travel FX card. These are prepaid cards you can top up with cash and use abroad just like a normal credit or debit card. The exchange rate will be fixed once you have purchased the card so you don’t need to worry about rates and the cards are extremely secure.