A US Dollar currency card is simply a preloaded currency card which operates in a similar manner to a prepaid mobile phone card. A set amount of US Dollars is loaded onto a currency card at an agreed exchange rate at the time of purchase. You buy the currency card before you travel and receive it delivered to your home. You then can spend the funds whilst abroad. A prepaid currency card is a great alternative way of carrying travel money compared to travel money or travellers cheques from a high street bank or bureau de change.

Benefits

• Best dollar rates – Currency cards generally offer better exchange rates than travel money exchange rates allowing you to get far more dollars for your pounds!
• PIN protected
• No Identification required – A currency card offers the security of traveller’s cheques at far greater convenience.
• Lost/Stolen replacements.
• No credit checks.
• No overspending – You can only spend what you have loaded onto the card. Unlike using your debit or credit card there is no chance of overspending with a travel money card.
• Reloading – Simply be completed by text, phone or online.
• Lightweight – Easy to carry

Where can a US Dollar currency card be used?
A US Dollar currency card can be used almost anywhere in the world. Depending on each currency card provider each currency card will have either Visa or MasterCard printed on it. All you need to do is check which signs are on your prepaid card. Anywhere these signs are displayed your currency card can be used. There are a few countries that are currently subject to US sanctions and therefore use of a US currency card is not allowed in these countries: Myanmar (Burma), Cuba, Iran and Sudan.

You can use a prepaid travel money card to make withdrawals at ATMS or in card machines in shops and restaurants etc.

More on Exchange rates
UK currency card providers offer fantastic exchange rates on currency cards that are extremely competitive.

A US Dollar currency card has a fixed amount on US Dollars loaded onto it. When you use the card in a country which uses a different currency a conversion will take place and the exchange rate you will be given will depend on where you use your US Dollar currency card.

If you use a US Dollar currency card in America there will be no further currency conversions as you will be using the local currency.

Fees
Some currency card providers will charge an initial set-up fee for issuing a currency card whilst others may charge a fee for making withdrawals at ATMs. Visit our currency card information tables to find out more about fees and charges

South America is made up of 12 different countries which include Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela. Many people book multi-country South America trips each year where they travel from one country to the next, however unlike travelling within Europe each country has their own currency which can sometimes cause a bit of a financial nightmare!

Here is my quick and easy guide to currency for a South America multi-country trip.

Top Recommendations

US Dollar Currency cards

Whilst travelling around South America the best way of carrying money is with a US Dollar prepaid currency card. A prepaid currency card allows you to load money onto a card and then make withdrawals from ATM’s in each local currency whilst abroad.  This saves you having to carry large amounts of each individual currency with you. Never carry large amounts of money whilst travelling through South America; street crime is an issue especially in poorer parts. A currency card has a personal pin number so withdrawals can only be made by you. If the prepaid currency card does become lost or stolen the provider will issue you with a new one and your funds will remain safe.

Upon arrival in each South American country simply use your currency card in an ATM machine to withdrawal a small amount of cash. Do bear in mind that this is far easier in main cities and resorts. If you are planning to visit the countryside think ahead and make sure you withdrawal enough money to last whilst in a city or airport.

Safety

Whilst travelling in South America keep any money split up, for example some funds should be kept in your wallet, some in your luggage and a small stash on your person. What may seem like a small amount of dollars in your wallet will be a completely different sum to a street seller or other local that happens to see you open your wallet simply to buy an ice-cream. Don’t attract any unnecessary Attention to yourself whilst on the streets.

What is a currency card?

A currency card works in a similar fashion to a prepaid mobile phone card. Money is loaded onto a card and only that sum can be spent. With a prepaid currency card you load the currency card with a specific amount of US Dollars at a fixed exchange rate. You can use the currency card in most major ATMS and to pay for goods and services in shops and restaurants.

Better Exchange Rates

Most currency providers offer better exchange rates for prepaid currency cards than what they offer for travel money. Thus using a prepaid currency card will help you to get the best dollar rate.

Beware

Some currency card providers do charge a fee for purchasing the currency card and may also charge fees for making withdrawals from ATM’s. On the other hand some currency providers offer both of these services for free. Check out our currency card comparison tables for further information on fees and charges. Here you will also be able to compare the current exchange rates offered by the UK’s leading providers.

Benefits of using a currency card instead of carrying conventional travel money or travellers cheques

• Safety – You are not carrying large amounts of cash.

• No identification required – Unlike travellers cheques you do not need to show identification each time you want to get cash.

• Lost/Stolen – A currency card will instantly be replaced if lost or stolen.

• Budgeting – A prepaid currency card allows you to budget as you can only spend the money available on the card. This removes the risk of overspending and getting into debt whilst on holiday.

For further information visit our currency card comparison tables where you will find the best dollar rate.

If you would like to learn more about prepaid currency cards please visit our guide.

With the World cup approaching, many British football fans will be heading to South Africa to support England later this year. South Africa has always been a popular tourist destination for the British for beach and safari holidays. The South African landscape is some of the most beautiful in the world. Find out here what currency is used in South Africa.

The Rand (ZAR) is the official currency of South Africa and the smallest unit is a cent with 1 Rand = 100 cents.You may hear the locals referring to the Rand as a Buck. Rand notes are available in the following denominations: 200 Rand, 100 Rand, 50 Rand, 20 Rand and 10 Rand. Smaller demoninations are avaialbe in coins and these include 5 Rand coins, 2 Rand coins, 1 Rand coins, 50 cents, 20 cents, 10 cents and 5 cents.

You can order South African currency online or by visiting your local bank or travel agent, you will find that online providers offer a more competitive rate than the high street. Visit our Comparison table to see what travel money exchange rates are being offered by the UK’s leading currency providers. As well as buying travel money before you go it is also wise to consider purchasing a prepaid currency card. A prepaid currency card allows you to preload a card with South African currency at a fixed rate before you travel. Whilst abroad if the card is lost or stolen you can contact the provider who will replace the funds. Another great advantage of using a prepaid currency card is that you can load additional funds onto the card by phone, text or email if you find yourself short of cash whilst away. With a currency card you can only spend what you have loaded onto the card so there is no chance of overspending. For more information about currency card visit our currency card guide.

Use of debit and credit cards
Mastercard and Visa are widely accepted in South Africa. You can find ATM’s in the major cities, visit the banks, shopping centres or petrol stations for a machine. Do be aware that if you plan to hire a car most petrol stations do not accept either debit or credit cards so you will need to carry some local currency.

Banks
Banks in South Africa are generally open between the hours of 0900-1530 Monday to Friday and 0830-1100 on Saturdays.At a bank you can exchange travellers cheques however the rate of commission charged for this service can vary quite significantly. Because of this it may be wise to consider using a different method to carry your holiday money so you do not end up feeling short changed. Read our guide to exchange rates to find out how you can get the best deal on travel money.

Visit our comparison tables to find out which of the UK’s leading providers is offering you the best exchange rate with the lowest fees. We also provide an informative comparison table for currency cards which shows rates and fees offered by the UK’s leading currency providers.

Barbados has always been a popular country to visit with it’s beautiful beaches and great weather. Find out what currency you will need to take with you when planning a holiday in Barbados.

The official currency used in Barbados is the Barbadian Dollar and the smallest unit is a cent. 100 cents equal 1 Barbadian Dollar. Dollar notes are available in the following denominations, 100 Barbadian Dollars, 50 Barbadian Dollars, 20 Barbadian Dollars, 20 Barbadian Dollars, 10 Barbadian Dollars, 5 Barbadian Dollars, 2 Barbadian Dollars. The coins used in Barbados are 100 cents, 25 cents, 10 cents, 5 cents, 1 cent and the 1 Barbadian Dollar coin.

Currently the Barbadian Dollar is at a fixed rate against the US Dollar on an exchange rate of $1 US Dollar = $2 Barbadian Dollars (BBD).

You can order Barbadian currency online or by visiting your local bank or travel agent, you will find that online providers offer a more competitive rate than the high street. Visit our Comparison table to see what travel money exchange rates are being offered by the UK’s leading currency providers.

If you do run out of currency whilst in Barbados there are many ATM’s where you can withdraw money. The commercial banks in Barbados will convert your money at no charge. You will find the main offices of the larger banks in the capital of Barbados which is Bridgetown. The island has a national bank and plenty of international banks to service your requirements. Bank opening hours are generally Monday-Thursday 0800-1500 and Friday 0800-1700. You can also use bureau de changes in the airport and some major hotels however the exchange rate is likely to be less competitive. If you can aim to plan your budget in advance and buy your currency beforehand to ensure you get the most dollars for your pound! Check out our guide to travel money to find how how you can get the best deal when shopping for travel money.

Visit our comparison tables to find out which of the UK’s leading providers is offering you the best exchange rate with the lowest fees.

There are many reasons which cause Brit’s to return to the UK after spending may months or years living overseas. Some return because of work, a contract may ave ended or a new one may have begun, others may return for family or because of financial hardship.

Reduced income
The recent fall in value of the pound has hit alot  of Brit’s living abroad extremely hard, the weakening of the pound has caused serious financial problems for those whose lives abroad rely heavily on a British income. Expats receiving a British state pension will have seen their monthly income reduced significantly over the past 12 months. This has caused a vast increase in the number of British over 65 returning to  the UK, they have been forced to sell up and transfer their money back to the UK.

Whether young or old, returning to the UK after spending time abroad will be pretty stressful. Not only do you need to think about where you are going to live but you also have a stack of paperwork which must be completed. HM Revenue and Customs will need to be informed for legal and taxation reasons. In the country where you had previously been residing you may have debts or other financial commitments which will need to be resolved. With all of this going on it may not want to spend time finding the best way to send your money home however in order to get the best deal and return home with the greatest amount of pounds in your pocket you must allocate adequate time to it!

International money transfer
You can transfer money home using either a bank or a foreign exchange broker. A bank will usually charge you a fee anywhere up to £30 for an international money transfer and the exchange rate you receive is likely to be a blanket rate that you will have little control over. The alternative is to use a foreign exchange broker where you will receive a completely different level of service whilst carrying out the international money transfer. Foreign exchange brokers offer a unique specialist service, a currency expert will be assigned to you and can discuss any questions you may have about your currency transaction. Not only will the foreign exchange brokers offer better rates and charge little/no fees for their services they will also give guidance on how the market is performing and help you sell your foreign currency at the best time. Foreign currency brokers offer a range of different foreign exchange contracts and will explain the different options available to you. unfortunately even the most highly regarded customers of the bank do not receive this level of service.

How do foreign exchange brokers make their money?
You may well ask this after reading that foreign exchange brokers rarely charge fees and offer fantastic exchange rates (especially compared to bank exchange rates.) Thanks to their enormous buying power foreign exchange brokerages make their profit from adding a very small margin to the exchange rate they offer clients. Due to the scale of transactions carried out by a brokerage they are able to obtain far better exchange rates than any individual could ever hope to achieve for themselves. The Foreign exchange broker then simply adds a little extra to that exchange rate and voila!…. profit for them and still fantastically competitive rates for the consumer!

To learn more about money transfer visit our money transfer guide and also check out our comparison table to find out more about the UK’s leading money transfer providers.

If you are buying a property overseas, sending money to a friend or relative in a foreign country or sending money back to the UK to pay bills or other such financial commitments, you will use the foreign exchange markets in order to transfer money from one currency to another. In 2009 exchange rates fluctuated as much as 10% during some weeks meaning that from one week to the next the price of a property or item overseas altered dramatically. Although this may seem rather daunting fear not! There are many companies out there who can help you ensure you buy foreign currency at the best time, with the best rates and the lowest costs. Online currency brokers can help you buy currency as cheaply as possible and without any hassle.

Becoming an Expat

Regular money transfers
Most Brit’s who decide to move abroad after retirement will still need to make regular money transfers to the UK to pay bills as well as possibly receiving a rental income and a pension on a monthly basis. Many foreign currency brokers offer a great service to cater for this type living. They remove the hassle of having to set up a new money transfer each month and simply allow you to arrange regular transfers through them via a simple direct debit from your bank account  each month. The broker will simply change the funds into foreign currency and transfer it into the relevant account abroad. Most foreign currency brokers will arrange regular transfers for amounts above £250.00 and depending on the amount you will be transferring each month some will even waiver any fees.

For more information about what fees currency brokers charge check out our money transfer comparison tables here.

If you do need to make regular money transfers here are three options you may wish to consider:

1. Always send a fixed amount of sterling to the currency broker. This will allow you to know the cost of every transaction, however the amount of foreign currency you will receive will fluctuate.

2. Always specify the fixed amount of foreign currency you want to receive. This will allow you to budget in your new country, however the cost of the transaction will vary as exchange rates fluctuate.

3. Fix your exchange rate for every transaction up to 2 years in the future. This option empowers you with certainty on how much each transaction will cost and how much foreign currency you will receive for up to the next two years. The benefit of this is that you now have certainty in your life and if rates drop you are in a better position than most. Do bear in mind that exchange rates can also move upwards and a better rate may be available somewhere down the line. If you purchase forward contracts you are contractually obliged to complete the contract with your foreign currency broker and will not be able to benefit from the advantageous exchange rates.

Making small one-off money transfers

Many expats need to make small money transfers before they move to a new country to pay for things such as new furniture or removal firm fees. For any transaction below £1,000 you can either try to consolidate the money transfer and send it via a foreign exchange broker or alternatively you can use your bank.

Do be aware – Banks charge a hefty fee for money transfer services, exchange rates are likely to be poor and you will find yourself having to pay a premium to have your funds arrive in a swift efficient manner!

If you can consolidate the funds you need abroad and make one money transfer via a foreign exchange brokerage you will achieve a far better exchange rate and much smaller fees!

Large money transfer

Buying a property abroad will mean exchanging a large amount into a foreign currency which can be slightly unnerving. In 2009 the Financial Services Authority (FSA) began to regulate foreign exchange brokers meaning that any funds up to £50,000 transferred to a foreign exchange broker are protected by the Financial Services Compensation scheme. All reputable foreign exchange brokers will also hold any client money in a separate trustee account meaning that the funds are kept separate from the companies assets. If the foreign exchange broker was to fall into insolvency your money would not be available to liquidators.

For more information on making an international money transfer visit our money transfer guide and use the compare currency money transfer table to see what services are available from the UK’s leading foreign currency providers.

The majority of British citizens travelling abroad buy travel money before they leave the country. According to spending trends researched by First Rate many of these travellers are also purchasing prepaid currency cards due to their convenience and flexibility.

First rate have compiled data to show how travellers are most using  prepaid currency cards .

Here are the top 10 ways tourists are using currency cards:
1. ATM withdrawals
2. Restaurant meals
3. Supermarkets
4. Fast food chains
5. Gift and souvenir shops
6. Hotels
7. Specialist retail stores
8. Petrol stations
9. Department stores
10. Pharmacies

A preloaded currency card allows a person to carry large amounts of cash in a safe and secure way whilst travelling overseas. Unlike travellers cheque which were previously the safest alternative to carrying foreign currency bank notes, a prepaid currency card does not require you to carry identification. Instead you simply use the card in a chip and PIN machine to make a payment as you would with any debit or credit card.

Advantages of using a currency card instead of a debit or credit card whilst overseas:

• No overspending – You can’t spend what you do have loaded onto the currency card.

• Fixed exchange rate – Your currency card is loaded with foreign currency at a pre agreed rate.

• Fees or Commission – Some currency card providers offer free withdrawals and usage whilst overseas. (Check with each provider on their fees and commission charges)

Check out the Compare Currency Blog to find out more facts about currency cards, what they are and how they can be used. To compare the features and benefits of the currency cards offered by the UK’s leading foreign currency providers visit our currency card comparison table.

A currency card is an alternative way of carrying money when travelling abroad. Currency cards were first launched in the UK back in 2006 and have been growing in popularity ever since. Although 95% of holidaymakers who buy their travel currency before their trip say that travel money is the main source of spending money whilst overseas, prepaid currency cards are becoming more common in wallets and purses. Research by First Rate estimates a 30% year on year growth in the usage of Sterling, Euro and US Dollar prepaid currency cards since 2006.

What is a prepaid currency card?
A prepaid currency card allows you to pre-load your travel money onto a card that can be used internationally at ATMs, in restaurants and in shops.

Currency’s available:
Most prepaid currency card issuers offer cards in Sterling, Euros and US Dollars. Travelex offer 7 different currency options.

Currencies available with Travelex Cash Passport:
Sterling
Euros
US Dollars
Australian Dollars
New Zealand Dollars
Canadian Dollars
South African Rand

What to do if travelling to a country without a currency card available in the appropriate currency?
If you like the idea of storing your travel money on a prepaid currency card but cannot find one for your holiday destination the solution is to load your travel money onto a prepaid currency card in sterling. Your balance will remain in pounds sterling on the card until you are ready to make a  purchase or withdrawal from an ATM, at that point the funds being used will be converted into the appropriate currency.

You will find that most of the major currency card providers offer a sterling prepaid currency card, CaxtonFX offer the Global Traveller and card providers such as Freedom and White Eagle only offer cards in pounds sterling.

Why carry a sterling card?
You may question the point of carrying your currency in Sterling on a prepaid card abroad instead of simply converting your funds into travel money before you go away.

Here are the top 10 advantages for the Sterling currency cards:
1. Better foreign exchange rates offered.
2. Security – Chip and PIN on the card.
3. Ability to budget and not overspend.
4. Replacement of funds is card lost or stolen.
5. Globally accepted so can be used wherever you travel.
6. Great if your travelling to multiple countries, no need to carry multiple currencies.
7. No credit scoring.
8. Easily reloaded, online, by phone or text.
9. Multiple cards can be issued on the same funds.
10. Convenience – No ID required to make withdrawals unlike travellers cheques.

Visit our comparison tables to find out what currency cards are being offered by the  leading foreign currency providers. Use the comparison tables to compare fees and foreign exchange rates.

Although prepaid currency cards have been around for a while many people are still unsure of what they are or how they work. Put simply…..Currency cards provide an alternative way of carrying currency whilst you are abroad!

Prepaid currency cards work in a similar fashion to prepaid gift cards or phone cards. You load money onto your currency card which can then be used in restaurants, shops or to withdraw money from an ATM abroad.  The cards are issued by Visa, MasterCard and Maestro and are available in all currencies. You simply load the card with your chosen currency e.g. Dollars or Euros at a set exchange rate and then can top the card up at any point using a variety of methods.

For a wide range of currency cards check out ourcomparison tables which show the exchange rates and fees offered by the UK’s leading currency providers.

Fees V Exchange Rates
Once you have visited our comparison table it will soon become apparent that exchange rates available do vary considerably between providers as do the fees that they charge for the initial purchase of the card and fees for overseas withdrawals.

Companies offering the best exchange rate do not necessarily give you the best deal. Large purchasing fees can often wipe out any gain from a competitive exchange rate especially if you are loading your prepaid currency card with a couple of hundred pounds. The bottom line is you need to find out when I exchange X amount of pounds I will receive X amount of currency after all initial purchasing fees have been paid.

Here is an example comparison to show how fees and exchange rates will affect the amount of travel money you get.

Company    Purchasing Fee  Exchange Rate  ATM withdrawal fee  Currency

Company A    £9.99                  1.1460                  £2.00                              217.75

Company B     Free                     1.1180                   Free                                 223.60

In this example £200 has been converted into Euros by two different providers. Although Company A offered by far the best foreign exchange rate the initial purchasing fee caused the actual amount of Euros received by the customer to be less than what Company B was offering (even though Company B was offering a less competitive exchange rate.)

Withdrawal Fees
When purchasing a currency card find out if they charge any withdrawal fees when you use the prepaid currency card abroad, some providers offer this service for free whilst others will charge up to £2.00 each time you use an ATM. Remember you are taking your holiday money on a currency card to spend! Check that you are not going to have to pay over the odds in order to do so!

For a further information about prepaid currency cards visit our blog or alternatively check out our comparison tables to find out who is offering the best deal.

Greece is set to be one of the top value for money European destinations in 2010. According to the Post Office Worldwide holiday costs barometer, prices are down by a staggering 9.5% compared to one year ago. With its current economic problems holidays here are far cheaper than they were, local prices for food, drink and other items have gone down and travel providers are slashing prices to keep their businesses alive. These reasons will entice more Brits to holiday in Greece over a destination such as Turkey where prices have increased by a massive 44% compared to this time last year.

Why choose Greece?
Aside from the financial factors Greece is a beautiful country to visit, rich in history with great weather and fantastic beaches. The Greek islands offer something for everyone whether you are looking for a lively break, a peaceful retreat or somewhere completely off the beaten track.

Money saving tips
Here is our top 9 tips for saving money whilst on holiday in Greece:

• Don’t travel during the school holidays. Avoid booking your trip when prices are at a premium. The weather in Greece is fantastic from May through to late October.
• Go self-catering. Alternate nights out with nights in cooking local cuisine in your apartment.
• Consider camping. Greek campsites on the islands are very basic but on the mainland they are far better. Many mainland campsites will include tavernas, mini markets, swimming pools and laundry services.
• Go local. Avoid the restaurants and bars with multilingual menus in the busy touristy areas. Instead find out where the locals go, the food will not only be much cheaper but also generally far better. Here you will get a taste of traditional dishes and Greek culture.
• In restaurants order jugs of the local wine instead of imported bottles.
• Find an island off the beaten track. You may have to get a ferry transfer from Athens to islands such as Milos and Kea but here on these islands prices have not been pushed up by hordes of travellers flocking to their shores each summer.
• Use the local transport. Don’t be afraid to hop onto a local bus to see the island. The bus service on most of the islands is great and will allow you to get a real feel of the local culture. If you are booking ferry trips to see other islands again find a local operator as you will save money.
• Shop around for your travel money. Visit our currency comparison table to find out who is offering the best deal on Euros before you go on holiday. Currency can be ordered online and delivered to your home the next working day for free. If you leave buying Euros until the airport or when you arrive in Greece you will find yourself feeling rather short changed.
• Get a currency card. A currency card is preloaded with a set amount of currency allowing you to budget whilst on holiday and not overspend. Check out our currency card comparison table to find out what rates are being offered from the UK’s leading providers. Any funds remaining on the card when you return to Britain can simply be converted back into pounds.

Which island is for me?

If you are looking for a popular destination choose:
Corfu, Crete, Kefalonia, Kos, Lefkas, Mykonos, Rhodes, Santorini, Skiathos or Zante.

If you are looking for a peaceful destination choose:
Aegina, Andros, Ios, Kalymnos, Lesvos, Naxos, Paros, Samos, Skopelos or Thassos.

If you are looking for a sleepy destination choose:
Alonissos, Ithaca, Leros, Lipsi, Patmos, Paxos or Symi

If you are looking for a quiet island off of the beaten track choose:
Agistri, Hydra, Ikaria, Kea, Milos or Skyros

For more information on foreign exchange rates visit the Compare Currency travel money table or the currency card table where you will find exchange rates from the UK’s leading providers.