Thursday, August 25, 2011

Get quick and hassle free money exchange with Post office currency exchange

Travelling abroad, then the most important thing you have to check with before your travel is money, how do you maximize the use of your money as every time you convert your currency or use the travelers cheque or use your credit cards, there are issues of safety and extra charges involved.

There are different forms of travel money and there are charges related with each of them:
Currency exchange- While exchanging currency one has to check for the ongoing currency rates and also check out the exchange rate offered currently. Sometimes the companies say commission free but offer bad exchange rates. Also check out for handling fees and it is also better to use one’s own bank as you might have favorable rates for existing customers. However travelling with large amounts of cash is not advisable.

Traveller’s cheques – Again safety is an issue and the problem of exchange rates, commission and handling charges exists. So regularly keep checking to get the best exchange rates.Credit Cards –this is quite portable and the problem of safety is also taken care of as in case of it being misused you can call the banker and the entries would not be charged to your account. But they have heavy interest rates especially if it is not repaid immediately. E.g. Post office currency exchange classic card charges 14.9%APR.

A better option would be to use prepaid cards where it is safeguarded against fraudulent use and quite a few companies also have 0% exchange rate.eg. Post office currency exchange, virgin, First premier master card, etc.


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