donmarwarehouse – financial blog – loans – money – cards

Travel money cards are effectively the new replacement for travellers cheques. But they are in some way safer (smaller and less bulky so easier to keep in your wallet) and far more convenient. On top of this you get a guaranteed strong exchange rate, and you get the rate set when you buy and load the card with funds. It can be quickly topped up online or by phone and replaced if lost or stolen. You will also find that they can be used as any normal banking card – take money out of the cashpoint, pay at shops and restaurants and all with minimal fees. Avoid using your normal credit card which is stacked with fees and poor rates. It takes up to 10 days to order though so make sure you plan properly!

Getting foreign currency is something that may not be a regular part of your life but at some time, especially if you leave the country, you will have to change some money into a different currency. Essentially the primary importance in obtaining foreign exchange is to get the best exchange rates. There are several ways of getting the best deal on whichever currency product you are looking for.

The first stage is probably to look on the internet as you have access to so much information and to so many virtual shops. Effectively you can also find sites that actually compare the exchange rates from retailers or foreign exchange specialists. For larger transfers the best option is to look for a specialist Currency Exchange. These are companies that specialise in getting currency at really low rates and make it available to customers at a fantastic rate. Only in some cases are these actually banks – their principal business is the acquisition, transfer, purchase and buying of foreign currency. To get the best rates use one of these merchants rather than a traditional high street bank and save money.

Let’s imagine you really need a loan, and I mean a substantial loan of say over a £1000 but you have a bad credit history – what can you do? Well there are lenders and businesses that specialise in lending loans for people with a bad credit rating. These companies will take into account CCjs and past refusals but try hard to find you a loan. You may have to pay a higher APR than normal but this may be your only route.