Saving money on foreign currency
Whilst the traditional summer holiday period is now over there may be many people that are planning a winter break. For those that do not have children and do not have to take holidays at certain times of the year it is often cheaper and more relaxing to go away out of the typical summer months, and there are still some great places to go to get winter sun without the crowds.
Anyone that is thinking of going away over the colder months will need to get their finances sorted, and this includes ensuring that they have the currency that they need for when they go. These days there are many different ways in which to get foreign currency for your holiday, and it is important to try and get the most for your pound so that you have plenty of spending money whilst away.
There are now many ways in which you can get commission free foreign currency but the amount that you get per pound can vary depending on where you go. Often those with packaged bank accounts may find that they are able to get special deals on their foreign currency so it is always worth checking with your own bank to see what they can do for you.
The Internet provides a very effective way of finding the best deals on foreign currency as you can compare and browse the different rates paid from the comfort of your own home, and you can place your order online once you have decided which is the best deal for your needs. If you want the money delivered to your door you can often order it for delivery the next day if your order in time, but there is usually a delivery charge for this, although it will come by special delivery for your safety.
It is also advisable to purchase a combination of foreign currency and traveller cheques, especially if you are going away for more than a few days. Having traveller’s cheques will provide you with additional security in case your money goes missing, as you can get these replaced quickly and easily in most cases.
Some people leave getting their foreign currency until they get to the airport but this can be a costly mistake. If you want to collect it at the airport some foreign currency providers can arrange this, so you can order and pay in advance and collect when you get to your departure airport.
Tags: finance, Currency, foreign currency, case, Numismatics, airport
Personal loan rate increases ‘disproportionate’
October 23, 2007 by admin
Filed under News, News-Loans
There have been widespread increases in personal loan rates in wake of the interest rate hike in July, according to recent research.
Figures show that the rises are disproportionate to the interest rate increase with an average increase of one per cent APR to personal loan rates since July this year compared to the 0.25 per cent base rate increase.
Differences also exist between offline and online deals, with APR currently at 8.7 per cent offline and 7.7 per cent online.
Mike Naylor, personal finance expert at the company carrying out the research, uSwith.com, said: “There are already huge variations in the loan rates available to consumers amongst both online and offline deals.
“Throwing the personal pricing smoke screen into the melting pot is just causing further confusion, making it a complete minefield for consumers to shop around and get the best deal.”
He added that consumers should exercise “caution” if offered “personal pricing” for offline deals as this was not necessarily in their interests.
Banks have also been criticised recently for excessive charging on credit cards and overdrafts as well as on currency exchange.
Expat banking comes recommended
August 25, 2007 by admin
Filed under News, News-Banking
An expatriate lifestyle magazine has today mapped out some of the typical preferences regarding banking abroad for expats.
Rhiannon Williamson, director of ShelterOffshore.com, said that her clientele tended to gravitate towards established banking names because they were a “known institution”, and regarded banking using different currencies as a “bonus”.
Offshore savings accounts – favoured by expats – differ from conventional accounts in that they tend to calculate interest on a daily basis due to the account’s inherent increased flexibility, which tends to lead to lower interest rates.
“Expats seek flexibility and low charges when banking abroad,” Ms Williamson said.
She added: to have the ability to bank and transact – i.e. transfer money and pay bills – in various currencies is a bonuses and a benefit.
“In our experience at ShelterOffshore, those who do business internationally or who live, travel or work in more than one country have a strong requirement for bank accounts with a single bank in more than one currency.”
For more information, ShelterOffshore’s website offers a comprehensive overview of the positives and negatives of various different accounts suitable for expatriates.
