From going on holiday to sending payments to another country, there are many different circumstances that can result in us sending our money overseas and dealing with international currency. This is why we decided to put together a collection of tips on the matter. Read on to discover more.
How to find the best pound to euro rate
If you are going on holiday in Europe this summer then you undoubtedly have a lot to look forward to. After all, what could be better than sipping cocktails in the glorious sunshine? Nevertheless, the build-up to a vacation can be a little bit stressful. After all, there is so much for you to do and think about. One area you need to make sure you cover is sorting out your holiday money. You need to pay specific attention to this because you need to make sure you benefit from the best pound to euro rate.
But, how do you find the best pound to euro rate? There are a few key tips you should bear in mind in order to be able to maximise your gains with regards to exchanging your pounds for euros. The first thing you need to do is be patient. Form the minute you book your holiday you should begin analysing the different exchange rates. Don’t panic, just take your time and analyse the market. You will find be able to tell when the exchange rate is favourable. When this occurs you then simply capitalise on a good deal.
In addition to this, the only place to get the best pound to euro rate is on the Internet. If you compared online exchange rates to those found in high-street stores you would be flabbergasted. The internet is a lot more competitive and this is evidently represented via the great exchange rates that are available. You should also use the Internet, and sites like CardGuru, so you can find the best credit card for your trip abroad – one that won’t sting you with huge international fees.
And finally, finding the best exchange rate is not enough. You need to think about all of the other types of fees entailed too. Make sure you are aware of how much the service fee is going to be. In addition to this you should be mindful of a minimum charge or a flat rate charge. After all, if a company offers fantastic exchange rates yet their flat rate is extortionate, the effect of the great rate is not going to be felt.
The DON’TS of sending an international money transfer
There are plenty of reasons why individuals need to send an international money transfer in the current day. You may have to pay a cleaning company on a monthly basis for maintaining your holiday home whilst you are in the UK. You may need to simply transfer money to a foreign bank account you have. Alternatively, you may have family who live abroad and therefore you need to do a money transfer frequently for Christmases and birthdays. Whatever the reason for your transfer may be, one thing remains the same; you need to make sure you find the best method of sending your cash.
There are several rookie mistakes you should make certain you never fall victim to if you want to benefit from fast, efficient and effective international money transfers. Thus, read on to discover the DON’TS of sending cash abroad…
Don’t use the bank to do your international money transfer
A lot of people use their bank in order to send money abroad. The main reason for this is the fact that they know nothing different. After all, it is logical; when you want to put money in someone else’s account you always go to the bank to do so. Nevertheless, when it comes to international money transfers this is extremely ill advised. Banks charge a monumental fee for this service. Not only that, but the exchange rates tend to be poor too.
Don’t leave your money transfer until the last minute
Obviously in some instances this is completely unavoidable. Nevertheless, if you can help it, then you should always give yourself some time before sending the money. At the end of the day, exchange rates are constantly fluctuating. If you are aware of this and keep checking then you will be able to be savvier with your international money transfer.
Don’t be naive
When finding a company to handle your foreign money transfers you need to make sure that you read all information given to you. Go through the terms and conditions thoroughly. This may not be the most exciting thing to do, yet it could save you from substantial damage. After all, a lot of businesses incorporate hidden fees and alike and you can get stung massively if you do not make yourself thoroughly aware of all the charges entailed first.
Don’t go for the first company you find
Make sure you shop around and find the best money transfer company. Use the internet to your gain by comparing and contrasting the different businesses offering this service. You should never ever go for the first company you find. After all, how are you supposed to know whether it is good or not if you have nothing to compare it to?
Don’t risk it
And last but not least, you should never risk it when it comes to security. When sending money abroad you need to be 100 per cent certain that your money is going to arrive at the destination stated. Not only this, but you need to ensure the site itself is secure to so that there is no chance of anyone getting their hands on your details.
Selling your leftover travel money
If you have been lucky enough to come back from your holiday and you still have some leftover currency, you will want to make sure you put it to best use. Keeping that in mind, in this post we have put together some handy tips on the options you have available to you when selling your leftover travel money.
One of the best things to do is make sure you find a company that offers you a secured buy-back rate when you initially purchase the currency. By doing this, you can be confident that you will benefit from the same rate of exchange when you return. Otherwise, you could find yourself selling your leftover currency at a worse rate than what you purchased it for.
If you have not managed to secure a buy-back rate, make sure you assess the exchange rates and wait for a moment when the rate is at a level you are happy with. You can set up an email or phone notification so that you do not need to manually assess the exchange rates every day. This is a great way to ensure you get the most for your money.
If you know a friend that is planning on visiting the destination you have been to, why not offer them the chance to buy your currency? Not only will this make both of your lives easier, but also you won’t have to worry about transfer fees and such like. Plus, if you have a currency that is widely used, like euros or American dollars, you could always hold onto it until your next vacation.
If you have been on holiday with quite a few people, you should consider clubbing together when exchanging your leftover currency, as you may be able to secure a better exchange rate by doing so. You will get a better deal for the more you want to change back.
All things considered, if you follow the tips that have been provided in this post you can make sure you get the most for your leftover travel money. Don’t do what a lot of people do by simply letting the money collect dust in your drawer.