In the wake of Brexit, Irish travellers are eyeing their nearest neighbours as a promising spot to get some real value on a city break. However, experts at TransferMate, the Irish Fintech global currency exchange specialist, say the UK is not the only place offering good value for money at the moment and that there are plenty of other destinations with strong currency exchange rates to consider – particularly for those looking to venture further afield.
The FX experts are advising consumers to carefully consider their holiday plans in order to avail of falling currency rates in certain countries. The FX specialists have also suggested that businesses that trade internationally should work with currency experts where possible to lock in the best currency rates.
Speaking to Irish Tech News Barry Dowling Co-Founder at TransferMate said, “People in Ireland are now looking at how they can take advantage of currency fluctuations. While there’s nothing people can do to stem the decline in value of a currency, a more knowledgeable holiday maker or trader can make better informed decisions, which may save them significant sums of money”.
TransferMate say that there are a variety of countries where the Euro has gained some ground over 2016 but also countries where the value of the Euro has declined.
Barry explained, “Ireland has a huge diaspora in countries like Australia, New Zealand and Canada – if any of the mums and dads, or brothers and sisters are thinking of going to visit their loved ones in these countries then they should look at the currency rates to decide whether or not now is the time to do it”.
Eur – Aud Dec 2014 1.4623
Eur – Aud Nov 2015 1.4963
Eur – Aud Today 1.4812
Eur – Nzd Dec 2014 1.5878
Eur – Nzd Nov 2015 1.6321
Eur – Nzd Today 1.5438
Eur – Cad Dec 2014 1.4034
Eur – Cad Nov 2015 1.4234
Eur – Cad Today 1.4578
Eur – Pln Dec 2014 4.1758
Eur – pln Nov 2015 4.2388
Eur – pln Today 4.3102
Aud is Australian dollar
Nzd is New Zealand dollar
Cad is Canadian dollar
Pln is polish zloty
Eur – us$ Dec 2014 1.2448
Eur – us$ today 1.1313
Eur – stg Dec 2014 .7956
Eur – stg Today .8599
TransferMate say that for those looking to ensure they get the best value on their currency exchange the first consideration would be to shop around for foreign exchange services.
Barry explained, “Although your bank manager may tell you differently, your bank is not providing you with the best currency exchange rates in the market. Banks charge for changing your hard-earned cash from one currency to another and for transferring it internationally from one location to another.”
“However, most holidaymakers don’t tend to keep an eye on the currency exchange market. In fact, even if you are an avid Forex follower, there is very little chance that you will be able to overcome the ups & downs associated with the rise and fall of the markets.”
“The first rule for anyone changing currency is – do not go to the bureau de change in the airport. To be quite frank, it’s an absolute rip off. When using your card overseas be aware of the high fees involved – usually a mix of cross-border fee (1.5%) and an FX fee (1.5%) – so on average you end up paying 3% in fees”.
TransferMate have also given Irish Tech Readers their top 5 tips to help save holiday funds and they can be seen below:
– Choose your destination wisely – look at the currency comparison to see which country gives best value.
– If you have a relative, friend, someone you trust who has an account in the country you are visiting, TransferMate offers excellent rates for individuals and as long as the transaction occurs before 12pm, the money is transferred the same day. This is a very safe and efficient method for any traveller to transfer money.
– One of the best ways to make your money stretch further is to book in advance for excursions, car rental, theatre shows, parking and a range of other services. These all add-up and will mean you don’t have to fork out as much if you do it online.
– If you are planning to pay for most transactions by card when on holidays then it’s a good idea to load up your debit card before going, so at least you are not going into credit. Try not to use your credit card to withdraw money. If you must do this, put funds into your account before you leave so that it is in credit and you won’t then be hit by extortionate fees and rates for using your card. The savings you can get by doing this can often offset any hike in exchange rates that may affect your hard-earned holiday budget.
– Always insist that you be charged for your purchases in the local currency. This is particularly relevant if you are asked to be charged in US Dollars (if travelling outside of the US). This is called dynamic currency conversion and not only offers lousy exchange rates, but it also includes hidden fees, plus your own credit card will charge you its own foreign-transaction fee on top of the cost of the purchase. In effect, you will be paying double the fees.