Pound declining against USD

February 26, 2010

The pound has been declining against the USD since late January. Reports yesterday imply that this may just be the beginning, as weak economic data and low levels of business investment in the first months of 2010 impact on traders and investors view of the pound’s strength.
Some analysts are even concerned that the UK may be entering a second dip of the recession.
So, with the potential for the pound to decline against the dollar further, I would buy my American travel money now before the currency exchange rate worsens!

Save money with a prepaid currency card!

February 23, 2010

In January Mintel released their 2010 Travel Money report, which estimates that the total amount of money spent abroad by UK travellers decreased in 2009 to £30.1bn, from £36.8bn in 2008.
Even though travellers are spending less abroad, people are paying more for their purchases with a rise in people using UK credit and debit cards abroad.
Credit and debit cards have many hidden fees, for example foreign exchange loading fees, commission fees etc. So the price you actually pay is often higher than your expectations!
In contrast, prepaid travel money cards still only occupy a very small share of the currency exchange market.   Mintel estimates around 2% travellers used these cards.  However, these cards can save you money with great exchange rates, no fees for purchases online or in shops, and often only a small fee for ATM withdrawals.   When you buy, you lock in your exchange rate as well, so there is no need to worry about the foreign exchange rate fluctuation while you are abroad!
Compare the exchange rates to foreign currency as cash or travellers cheques, and give a card a go. I have never regretted it!

February 18, 2010

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Are things looking up for the pound?

February 16, 2010

Around USD 8bn has been bet against the Euro in recent weeks, as investors and traders fear the Greek budget crisis will infect other Euro nations. This lack of faith has been reflected in the decline in share prices of several major European banks.

To date, the Euro has fallen most against the dollar and the yen, but the pound may start to see some impact in the coming weeks if trader sentiment does not improve. Monitoring the foreign exchange rates will help identify the best time to buy euros, with the potential for some better rates in the near future.

Save money abroad with prepaid currency cards

February 15, 2010

As the usage of plastic increases in the UK, more and more people are using their credit and debit cards abroad to access foreign currency.  However, this generally costs you more, with interest charged on all credit card cash withdrawals, fees for every transaction, ATM withdrawal fees and no control over the foreign exchange rates applied at the time you make your purchase. 

An alternative is a prepaid currency card, Mastercard or Visa, which offer better exchange rates than travel money as cash, and cheaper purchases and cash withdrawals abroad than cards.     Taking your travel money abroad on a prepaid currency card also allows you to protect your money against theft and loss via CHIP and PIN as well as allowing you to spend as you would do at home, by card!  Take a look at some of the providers, such as MyTravelCash and CaxtonFX.


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