January 1, 2015
Buying holiday money with a Currency Conversion Calculator
If you need hard currency in your hand for a holiday or any other reason it also pays to shop around and have your currency conversion calculator to hand.
The worst place to buy currency is at the airport because you are a captive audience so firms get away with charging sky-high rates.
The best deals are often found online or on the high street, while banks often score poorly in this respect because of their high charges. Keep your currency calculator close by and you could save a packet.
Speaking of fees, don’t be fooled by firms that boast about 0% fees or commission because the exchange rate is as important, if not more important, especially on larger purchases. Always ask how much currency will you get with your pounds after all charges to find out the best deal.
Currency Exchange Rates Calculator – Know the risks
Before moving money overseas or buying foreign currency, do a check on the company you plan to use because the industry is not always properly regulated and there is no statutory compensation scheme in place that guarantees your cash if something goes wrong. An exchange rates calculator is an important tool that could save you money and a lot of hassle.
This message is particularly pertinent following the collapse of Crown Currency Exchange in late 2010, which left 13,000 customers with combined losses of £20 million. A currency calculator will save you going through a similar ordeal.
So, if the company is holding any of your cash (not a concern if you instantly receive overseas currency on payment of your pounds) some of the issues to check are:
1. Is it regulated by the Financial Services Authority? Some firms are only registered, not regulated, which offers little protection. Firms regulated for currency purposes must keep clients’ cash in a separate account to its business funds to protect the money were the company to go bust.
2. How long has it been in business?
3. Does it have audited accounts at Companies House?
Make sure you bookmark our currency calculator to protect yourself.