Tag Archives: Foreign currency exchange

Currency Exchange Tips for Business People

Currency exchange is a critical part of business operations traversing national boundaries. Even a simple business trip will have to consider the best rate of foreign currency exchange in order to maximize possible returns for a business traveler. The importance of having a reliable foreign exchange becomes even more pronounced when investments or revenues are involved, substantial amounts that are greatly impacted upon when changing currencies. Thus, acquiring the services of money-changing companies for business purposes has to be carefully considered and several factors addressed.

Access to information is one element that should be foremost in searching for currency exchange service provider. The foreign exchange market is information-driven. Rates can change overnight or even in a matter of hours depending on market information that filters in. Matters that affect market conditions can include shifts in government policies, change in leaderships, and even the weather. Such information has to be available at the businessmen’s fingertips. Profits or losses can materialize in a matter of minutes when dealing in foreign currencies.

The computer technology of the service provider is another crucial factor. The type of software used by the currency exchange company, for one, has to be thoroughly examined. Those that have cutting-edge technology would be in a better position to deliver value-for-money services. The world’s foreign exchange markets operate round-the-clock. Money rates fluctuate at various time zones which would often require instantaneous computations that only those with the right technological tools can deliver with timeliness and efficiency.

Comparison shopping comes next for businessmen wanting to avail of the services of a forex firm. All items that a service provider charges have to be scrutinized and a comparison made with the rates of its competitors. Check, for instance, whether a company pays its broker-agents on a commission basis or their brokers derive earnings from the difference between the amount that buyers wish to pay and what sellers aim to charge. Comparison of fees and costs among foreign currency exchange service providers will enable businessmen to discover and avoid hidden charges that can jeopardize profitability, particularly when changing large sums of money from one currency to another.

Customer service too deserves a close scrutiny, and any lip service of a forex service provider in this regard has to be verified or tested. Online reviews are a great source of information along with interviews of past or current customers of the money-changing firm. Naturally, the inclination would be for a company which generates the most positive remarks.

What Currencies to Take While on Holiday

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With the Eurozone suffering from financial contagion amid ongoing fluctuations in foreign currency exchange rates, holiday trippers are currently in a state of confusion as to when and where they should opt to buy currency online, as well as what kind of notes they should be carrying around while abroad.

Despite the turmoil, travel advisors are still recommending their clients to spend their precious rest and relaxation time at the Greek Islands, as economic conditions has stimulated the rise of numerous price-cut deals that’ll help the country’s visitors get more out of every penny spent.

Experts believe that Greece might switch from euro to drachma, which in turn is causing travelers to hesitate as to what type of cash they should be bringing along. Although in the instance that the nation does switch back to its old currency, there’ll unquestionably be that period of time wherein both euros and drachmas are to be accepted by practically every commercial establishment across the country.

Nevertheless, travelers are still advised to bring a combination of Pounds and Euros in cash, a credit card, and a prepaid card just to stay on the safe side. In the event the Greeks really do go back to the drachma, anyone travelling within the Eurozone is advised to hold onto their pounds, dollars and other currencies as long as they can, as the “country’s exit” will have impacts on the euro.

Experts also advise heading to a foreign currency exchange store and having their currencies changed right before leaving home, or upon arriving at their plotted destinations.

For added convenience, bringing either a credit or debit card along for the trip could prove to be extremely helpful when travelling overseas. These items allow consumers to avail up-to-date exchange rates through the bank. One possible setback here is the charges placed on every transaction, as well as the additional surcharge incurred from the financial institution that owns the ATM.

Those who are skeptical to use credit cards (mainly because of the danger of credit card fraud) using a debit card instead would be a safer alternative.

Carrying the foreign country’s local currency on person is still recommended, as moneychangers abroad may give unfavorable foreign currency exchange rates for customers. Those looking to get more out of their hard-earned cash can either transact with their local banks, or buy currency online.

Spain and Sri Lanka Touted amongst Countries Giving Great Value for Holidays

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More vacationists are taking advantage of the value of their local currencies in the foreign currency exchange market. Some individuals – who either have or buy euros – take their cash and use it for a much needed holiday at a tourist destination that gives them great value in return.

According to the Post Office Worldwide Holiday Costs Barometer, Spain and Sri Lanka are currently ranking in the top spots as the cheapest of 42 destinations.

To put things in perspective, average holiday expenditures in Spain and Sri Lanka were calculated to be half that of the other 21 entries that were included in the list of the most affordable destinations. Moreover, the average total for spending a vacation in these two countries would only amount to one-fourth of a holiday spent in Australia and South Korea.

“The destinations which benefited last year were those where the power of the pound put more money in the pocket or where the price of meals and drinks meant holiday cash stretched further – and often a combination of the two,” says Andrew Brown, Post Office head of travel money.

“We expect to see the same pattern emerging in 2013.”

Regardless of statistics indicating an increase in resort rates in Sri Lanka, the island paradise was still voted as one of the top 10 holiday destinations for 2013. The country is expected to profit from a sterling exchange rate that’s 16 percent higher than a year ago.

“There are growing signs that UK holidaymakers now check the value of sterling and the costs they face in overseas resorts before booking,” says Andrew Brown, Post Office head of travel money.

On the other hand, the Spanish Costas may soon face intense competition in the Eurozone from Greece, as the room rates have dropped by a whopping 40 percent, while rates for resorts have decreased by 18 percent. The decline in expenditures is expected to create larger demand, and more competition for Spain.

The Post Office states that Turkey is starting become more popular amongst travelers as well. Brown explains that the country has rightfully earned its reputation as a destination that offers excellent value in return for money spent.

Regardless of the fact that the U.S. dollar bears no significant dominance over the Turkish Lira in the foreign currency exchange market, the country’s drop in visitors – due to reduced flight capacity from the UK – has prompted resorts, restaurants and bars to lower prices to attract more paying customers.

Stretching Your Money’s Worth for Your Travel Money

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National Sales Director and independent currency specialist, Mark Rowlands reveals his tips to save cash on holiday money. He shares practical ways to stretch your hard earned cash.

Planning
Better things happen when you plan ahead. If you wait the last minute to purchase currency you may miss out on some good deals. There are some great deals that you can get online but you need to allow time for your payment to go through before your currency gets delivered at your doorstep.

Online Shopping
You can go from one Travel Agent to another or from one supermarket to another but why bother going out of the house when you can get better deals at the comfort of your home. Purchasing your currency online will save you time, and gas money and besides some of the best deals are in the internet.

Hidden Charges hiding behind “Free Delivery”
Believe it or not but sometimes “free” sometimes have a hidden “fee.” Really look into exactly how much you need to pay and how much currency you will be receiving. There’s really no point in saving five pounds in delivery if it will cost you twenty pounds worth of your currency.

Saturday Delivery good or bad?
More often than not, Saturday deliveries get an extra charge. If you’ll be at work during the delivery date of your currency you can arrange for it to be delivered at your workplace but make sure that you have a safe place to stash your travel money.

Pool your resources with family and friends
If you are traveling with other family members or friends then it’s better to pool your resources together and purchase your currency in bulk. This way you will have higher buying power. People are always happier to transact business with you if it involves bigger amounts.

Be a smart negotiator
If you were able to see a good deal online and was offered something unacceptable try to ask for a price match but if they can’t give you a better deal simply turn your back and walk away.

Four Tips On Saving Money While On A Long Vacation

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Lots of people travel to visit family, a special someone, or personal pleasure. Whatever reason an individual may have for hopping on a plane and flying across the globe, saving money would definitely be a big priority for any travelers. With that said, the first and most important tip to keep in mind before going to a far-away country is to keep an eye on foreign currency exchange updates.

Currency exchange of one country to another has the tendency to vary abruptly. Anyone from any nation would certainly want to exchange his cash for the target country’s currency when the value of his money is high, and never when it’s the opposite. Doing so will help the vacationist get a longer stretch for every buck he has, thereby allowing him to save even more money.

Second tip (as well as the succeeding tips) applies to those who have their own houses overseas – conserve energy by utilizing energy-efficient appliances. While it’ll cost a semi-high amount of money to acquire such merchandise, these goods will eventually pay for themselves with the amounts of dough saved from every electric bill. One such item that’d really help cut-down on costs is the slow cooker, which also makes meals taste much better.

Third tip is to sell unnecessary gift cards. While many people stumble upon these special items all the time, most are typically for stores they don’t shop at, in turn prompting them to toss the goods away. However, doing so would be a complete waste of money, as there are several websites that are actually willing to buy these cards for up to 90 percent of its total value.

Fourth tip is for those with homes equipped with telecom services – people who travel frequently and constantly make long distance calls back home will find themselves with a large financial burden coming in the form of large phone bills. Even if an individual is charged in lower currency, these bills can amount to substantial amounts after applying the foreign currency exchange formula to the figures.

That being said, availing special telecom package deals could help frequent travelers and callers save substantial amounts of money.

To sum things up, all a traveler has to do to cut-back on expenses when travelling abroad is change his notes when currency exchange is in his favor, utilize energy-efficient appliances, sell unwanted gift cards, and avail telecom package deals.