Once travellers realise that setting an amount aside for their holiday travel money and have decided to use the safe way of exchanging their cash into foreign currency and travellers cheques, the decision needs to be made about where to actually exchange their hard earned cash. There are lots of options including their local bank (but they may incur commission charges), at the airport (exchange rates may not be the best) or to wait until they get to their destination (there is a risk of no-where other than the airport or a local bank with poor exchange rates available) to exchange spending money, plus taking all that cash abroad is not the wisest thing to do. Where is it best to exchange money and buy travellers cheques? (more…)
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How to Manage Your Travel Money Abroad
May 5th, 2011
Going abroad can be an exciting time for many travellers – for others it is a stressful time and one thing that appears to be causing visitors to other countries the greatest amount of stress and annoyance is the fact they cannot get easy access to their own money in their own bank without incurring very high charges. The problem is indicated as the most annoying aspect of travelling abroad for many people according to a recent poll by Paul Smith of EZPAY. The problem of accessing saved/banked money from an offshore (or home shore) bank account is compounded by the complicated way that banks charge accounts when working out exchange rates. For instance you may when on holiday presume you have withdrawn £50.00 (equivalent in the local currency of the country you are visiting) and on return a larger amount may have been withdrawn from your home shore bank account. The amount that shows on you statement will have taken into account the effects of exchange rates – and many banks also show expensive transaction charges (basically a handling fee). (more…)
No Increase for Air Passenger Duty
April 1st, 2011
The recent announcement in the UK Budget about Air Passenger Duty (APD) to remain at 2011 prices was a little good news for holidaymakers. APD since 2007 has been on the rise for UK travellers and this year it was expected to increase yet again. The Chancellor instead left APD at its current rate – a rate that is the highest in Europe and already adds a large extra cost to UK holidaymaker’s final bills. The good news is that with no 2011 increase in APD those able to afford a holiday will have a little more travel money in their pockets.
The Chancellor did not let all travellers of the hook however; business travellers will have to pick up the tab for APD and even more revenue will go into the government purse through flight tax for private jets. There had been a call for a tax on planes rather than on passengers but this does not appear to be a legitimate suggestion. (more…)
The UK Cuts Philosophy
April 1st, 2011
It is uncertain times in the world – rebel uprisings in the East, an unprecedented earthquake and Tsunami in Japan and the global effects that both are having on global markets. The UK is waiting for the budget cuts to kick in – there is a feeling ‘that we have not seen anything yet’ but it has to be done – the deficit has to go. All this uncertainty has been having its effect on the money exchange markets too – the pound has fluctuated against the dollar – but appears to be hovering around the 1.60 mark more recently. The UK cuts are also taking their toll on the strength of sterling against the Euro – recent exchange rates appear to show the pound hitting a low against the Euro and a continued uncertainty in the currency market as the UK growth figure is re-adjusted for a second time for the last quarter of 2010 and is adjusted downwards for 2011.
Why are the UK cuts having such an effect of the strength of the pound and causing fluctuations in the currency exchange rates. The political jargon can be misleading to a lot of the general public but the situation can be explained in simpler term – much simpler terms than the UK cuts philosophy is being explained generally. Growth is based on businesses creating jobs (not redundancy and high employment), the rates of imports and exports (a need for manufacturing is crucial) and as a further marker, growth can be measured by how much consumers spend. (more…)
Three Ways to Avoid Money Transfer Scams
March 20th, 2011
Money Transfer has long since been a preferred method for many people to send cash to a third party. It has never been a risk free method – it is a method that fraudster and criminals have the ability to manipulate for their own gains – but there are ways to reduce the risks, namely using an established money transfer organisation that provide stringent security protocols. Much work has been carried out by reputable companies that facilitate money transfer security and there is an important scheme that the Metropolitan Police have initiated to further reduce the fraudsters ability to cream money from innocent members of the public.
Money transfer in most instances is an efficient and secure method of payment to third parties and ideal for money to be sent to family members for instance when travelling or living abroad. Money transfers can be conducted online and can be much quicker than bank transfers. The money is wired to an account from which you can withdraw it once suitable identification, such as a passport has been produced.
We detail here three on-line scams currently swindling people out of their cash using money transfers as a form of payment. (more…)
Travel Money Options for Gap Year Holidays
February 10th, 2011
Gap Year travels are for many students one of their life-changing experiences and that is why so many students choose to head off to foreign shores to explore different cultures; in some cases with only a backpack and a little travel money. Travelling is extremely exciting but it is unwise to travel on gap holidays with too much travel money stashed in the rucksack. Not only is carrying cash a risk in terms of robbery but there is very little that can be done should you lose your precious holiday money by any other means.
Credit Cards are the preferred method of payment for some students taking a gap year holiday and although secure in terms of paying for goods and services can actually be extremely expensive. Many credit card companies will have hidden fees that are applied to the card for transactions that are made when overseas. (more…)
A Roundup on Sterling
January 25th, 2011
So far this year the general consensus is that the pound has been performing adequately well. It strengthened a little when compared to the Euro, only because the UK economy strengthened faster than the continent. The pound is still weak against the dollar. Since the first month of 2008 the pound has lost 30% versus the dollar, and 17% versus the Euro. This is widely attributed to the following points.
- Weaknesses of the pound
- The quantitive easing program implemented by the Bank of England. Experts believe that simply adding cash could impede economical recovery and not help public wealth. The added worry with this is that the money could be filtered into quangos and CEO’s, and not the economy.
- Mortgage lending is reported to be at an all time low, although conflicting reports are published, leading to a state of uncertainty of actual figures. The record low on interest rates, and the outlook is for continued low rates.
- Public sector deficit, which is growing every day.
- Growing suspicion regarding the Bank of England and the Government relating to claims they may be encouraging a weak pound and higher inflation, to preserve export trade and present a lower figure for public debt. (more…)
Korean Conflict Affects Exchange Rate
November 23rd, 2010
War is never a good thing, especially not for those involved. However, modern conflict like that which occurred last night between North and South Korea has consequences for all of us, irrelevant of our lack of involvement. Although the shells fired by North Korea landed in western South Korea, their impact has been felt as far away as own our shores. (more…)
Pound Hit High Against US Dollar!
November 4th, 2010
Although they are causing turmoil across the US, American political problems have helped the Pound continue its gradual rise against the US Dollar, helping it reach a 10-month high of $1.62631. However, although it has primarily been US problems that have held their currency back, the 1.8 percent month-on-month increase in UK house prices has also helped the Pound continue gaining strength against the American currency. (more…)
Pound Weathers the Storm of the CSR
October 21st, 2010
In shocking news, the government actually seems to have done something well – the Pound has suffered no particularly adverse impact following yesterday’s accouchement of the UK Comprehensive Spending Review. Despite massive spending cuts in virtually all sectors, it appears the government has successfully convinced global markets that UK economic recovery is certain. (more…)
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