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Travellers 'should consider the best time to buy their foreign currency or pre-paid card'

Those planning to travel abroad in the future may want to start thinking about when would be the best time to buy their currency.

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14 December 2009

Travellers 'should consider the best time to buy their foreign currency or pre-paid card'”

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Prepaid currency cards allow travellers to lock into a particular exchange rate so it may be a good idea to keep an eye on exchange rates so that foreign currency can be bought in advance at a good rate.

Many factors can affect the exchange rate between the sterling, US dollar and euro.

For example, according to the head of the UK trading desk at Travelex, Mark Bolsom, the sterling dropped against several currencies in the aftermath of the pre-Budget report last week.

"The pound was affected by chancellor Darling's refusal to tackle the issue of fiscal deficit aggressively enough," he said.

Prepaid currency cards are available from companies such as Caxton FX, Fair FX and O2.

They work in much the same way as a traditional debit or credit card, except they must be preloaded with money before they can be used.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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