A Quick Review Of The Rand Travelex Cash Passport
There could be quite a few different prices available for travel. How can you ensure you will get the very best rates? Where can you find hidden fees? Will the South Africa Rand Travelex Cash Passport provide you with the value you want to see when you’re traveling?
You should not buy into myths about commission-free travel money.
That’s really the first thing that you need to know. Too many people believe that a zero commission rate translates into a zero exchange rate margin - and that there won’t be any additional charges. But this is definitely not the case! You should be sure to research exchange rates for currency and also examine any fees for foreign exchange prior to placing an order for travel monies.
What is a foreign exchange fee and why do you need to be aware of them?
If you make a stop in a foreign nation during your travels to South Africa or have some surplus petty cash after coming back home, it’s likely that you will feel like spending the funds on that travel money card while outside of South Africa. If this is what happens for you, you will need to pay foreign exchange fees on your Travelex Cash Passport. If you return home with 500 pnds of cash left on the Rand card, you may find yourself charged upwards of 28.75 pnds to take any of that money out of a bank or cash machine.
Exchange rates for Travelex Rand.
One of the main things to remember about rand currency exchange rates which are offered through Travelex is that the rates will be different depending on where you charge your Cash Passport. If you charge your card through an airport vendor, the rates will likely not be as good as if you shop around online and purchase your card through an online service. Just how good is an online rate and are the airport rates really that much worse?
We made a choice to study Travelex’s Cash Passport prices at 11:30 a.m. on May 12th, 2010. What we found is as follows.
The online selection allowed you to add to your Travelex Cash Passport Rand card at 10.752 rand to one pound sterling, near but not equal to the interbank exchange rate of 11.2087 being offered at that same time as listed on XE.com. This shows that Travelex is charging a margin of 4.07%. So much for the commission-free travel cash, huh?
But if you instead chose to charge your card at Heathrow airport on that same date, you would have received 10.1527 rand per pound sterling which is 9.42% less than the interbank exchange rates that were being reported by XE.com. If you had exchanged 2000 of sterling to rands at that rate, Travelex would have made a profit of 188.40. This also does not account for the 5.75% fee they will tack on when you attempt to withdraw any leftover monies upon your return home.
Being that the Travelex card appears to be a poor choice, what would be the more favorable pick?
The Rand Travelex Cash Passport may not be much of a bargain, but that doesn’t mean you should give up on the idea of using a travel money card. We have conducted comprehensive research on the benefits and disadvantages of various currency cards, and the FairFX Anywhere Card really does stand out.
Why would you want to pick the FairFX Anywhere Card over any others?
It offers you an incredible values for your money. There aren’t any foreign exchange costs, and the exchange prices roughly fall at 0.25% lower than interbank exchange fees. There is a one-time 1.5% transaction charge that is employed with ATM withdrawals and buys. So no separate rules or charges for using an ATM.
How much money can a person save when they use the FairFX Anywhere Card?
Let’s take another look at that 2000, but this time with the FaixFX Anywhere Card: you’d keep an additional 46.40 over the Rand Travelex online exchange and an unbelievable 153.40 more than the Rand Travelex exchange at Heathrow airport. (This is just an example of how much you may save and is only intended as a demonstration - the true amount saved will depend on current exchange rates at the time of the transaction.)
Travel Money + Foreign Exchange Made Clear
When you’re traveling, you’ll want to make a quick holiday money comparison to see how you can get the best exchange rates. Obviously, wherever you go, you’re going to need money, and you’re going to need it to be in the local currency. And of course, you don’t want to spend an arm and a leg getting a hold of that local currency. Fortunately, everything you need to know to make sure you’re getting a fair shake, you can learn in just a few paragraphs. So here’s what you should keep in mind about the money exchange…
Knowing The Exchange Rates
Don’t just trust the exchange websites. They’ll be charging a premium for exchanging the money, so check the actual exchange rate on a financial news website and make certain that the exchange people are dealing straight with you. Look, a lot of money changes hands in the exchange market, and wherever a lot of money changes hands, there will be unscrupulous people just trying to make a quick buck. So just make sure that the people you’re dealing with aren’t charging you much more than the actual exchange rate from country to country. Find a low premium.
Look All Over
There are dozens and dozens of exchange companies out there, and not all are created equal. Again, there are a lot of scammers because it’s a high-volume business when it comes to cash. Look at all your options, don’t just go with the first company you find that seems reputable enough. What you want is a combination of a great exchange rate, reliability, and fast response time. Obviously, a super low exchange rate ranks first here, but not at the expense of the uncertainty that comes with a company that can’t quite verify its reliability. If you’re never going to see the money you just paid for, it’s not that great a deal in the end.
Use the Web
It’s a competitive market, and it’s most competitive online. This is the age of the internet, and the web has really dropped the price on things. If you just want to wait until you get to the airport in Thailand or Mexico and use whatever services they have there, go ahead, and spend more than you would probably like to since it’s your only option. If you want choices, and you do, then you’ll want to shop around online, compare the different exchange companies, and go with the best one you can find.
