Latest news with #currencyexchange
Bloomberg
11 hours ago
- Business
- Bloomberg
Singapore's Banking Hub Has a Corner Where Cash Is Still King
In the heart of Singapore, a financial hub where billions of dollars zip around the world over computer screens in nanoseconds, there's a crowded building where cash still reigns. Six days a week, hundreds of people line up in a rundown mall abutting Raffles Place square to buy and sell hard currency at one of around 30 money changer stalls. All manner of notes can be had in minutes: Singapore dollars for British pounds? Coming right up. Indonesian rupiah for Vietnamese dong? Icelandic króna? Maldivian rufiyaa? No problem. Some 150 currencies are available.
CTV News
a day ago
- CTV News
‘The pesos are too old': Ontario woman frustrated after bank reverses currency exchange of $1,400
When travelling abroad, you may come home with foreign currencies. if you hang onto foreign currency too long it could become outdated and lose its value.
The Sun
2 days ago
- Business
- The Sun
Best time to buy Euros for your summer holiday revealed plus how you can save £100s
BRITS jetting off to Europe for their summer holidays could risk losing cash if they pick the wrong time to buy the currency. When heading abroad, it is not uncommon for many holiday-goers to exchange cash into the currency of the country they are travelling to. 1 But when you convert cash from one currency to another, you could end up getting more money in return or in some instances less. Factors such as inflation and the economic stability of a country can impact how much a currency is worth. Currently, the Great British Pound (GBP) is worth more than the Euro, a currency used in many popular holiday destinations. So for example, if you had £100 and exchanged it you would get €116 in return. While UK holiday goers currently get more money back when they swap their cash for Euros, returns have been better in previous years. Back in 2024, £1 was worth €1.18. Tony Redondo, founder of Cosomos Currency Exchange told The Sun that factors such as "soft UK economic data" and "rising geo-political tensions" is pushing the Pound to Euro exchange rate lower. Inflation fell to 3.4% in the 12 months to May, raising expectations the Bank of England could cut interest rates tomorrow, June 19. This can lower the value of the Pound as investors seek to get higher returns elsewhere. With this in mind, Tony said that holiday goers heading to Europe before the end of the month, should buy Euros "soon". Understanding GDP and Its Impact on the Economy He said: "It might be best to buy soon to protect from any further possible downside." But the money expert said that those not travelling until the end of school holidays have no need to panic. He said: "A calculated gamble would be to wait it out as the world moves at such a pace nowadays, that hopefully, the Pound has time to recover. "After all, in 17 out of the last 20 years, the Pound has gone up in value against the Euro in either July or August. " It is worth noting that exchange rates can go up and down. With that in mind, it may be worth checking online currency converters to see how much you can get. MORE HOLIDAY MONEY HACKS When heading abroad there are a few hacks to ensure you don't end up losing money. Customers should avoid exchanging money at the airport as they tend to have higher fees due as they cater to a captive market. Kara Gammell, personal finance expert at MoneySuperMarket, said: 'If you have a holiday booked and want to make the most of current rates. "Don't wait to buy your travel money at the airport as you will pay a premium – and never pay for your currency with a credit card as paying on plastic means you'll be charged a 'cash advance fee". This fee is charged on ATM withdrawals but also on transactions such as online gambling and buying foreign currency. You should also be aware that banks tend to charge customers a fee for using their debit or credit card abroad. For example, NatWest charges customers a 2.75% fee for spending your debit card abroad. That would add a £1.16 charge to the cost of a jacket which cost £42.16. But some banks don't charge you for spending abroad. For example, Monzo does not charge its customers foreign transaction fees nor does First Direct. Are there other options to for spending abroad? There are several specialist cards that can give you a great exchange rate. These cards include travel credit cards and pre-paid cards which can let you pay abroad without fees or at a set exchange rate. Senior Consumer Reporter Olivia Marshall explains all the options. Travel credit cards: Travel credit cards allow you to spend money abroad without being hit by any fees or hidden charges. But, they may still charge you for taking cash out. We recommend the Halifax's Clarity Card as it won't charge you for using it abroad, nor are there any fees for withdrawing cash. But you will be charged interest if you don't repay your balance in full at a rate of 19.9 per cent. And you will be charged interest on cash withdrawals until your balance is paid off too, at a rate of between 19.9 and 27.95 per cent depending on your credit score. In other words, just because you are using plastic abroad doesn't mean you don't have to pay these credit cards off like you normally would. Always pay off your balance before the end of the month with these cards to make sure that any money you saved isn't wiped away by paying interest. For more on travel credit cards you can read our guide here. Pre-paid cards: An alternative to carrying cash around is to get a pre-paid card. These cards allow you to put a set amount of cash on the card at a fixed exchange rate. So if the rate is good at the moment, you can put money on your card and it will stay that rate when you are on holiday. Just keep in mind that these cards can sometimes have hidden costs and charges so be sure to read the small print.
Daily Mail
3 days ago
- Business
- Daily Mail
Why you should get your holiday euros now - but hold off buying US dollars amid the Trump tariff turmoil
Tourists risk losing hundreds off their spending money by picking the wrong time to buy currency. Exchange rates continually see-saw, but this year the volatility is especially heightened thanks to sweeping US trade policies that affect markets around the world. Currency experts here reveal when they think you should buy to get the best deals. Get euros now If you're jetting off to Europe in the next month, buy euros as soon as possible, says Tony Redondo, founder of Cosmos Currency Exchange. The euro has been strengthening against the pound in recent weeks – meaning each £1 won't go so far – and there is likely to be more to come. It has benefited from US tariff policy, which has made investors nervous about buying dollars. Money has instead flooded into European investments, which have been seen as a safer option in an uncertain climate. That has pushed up the value of the euro – not only against the dollar, but sterling as well. The pound could weaken further against the euro due to a poor economic outlook in the UK. Last week there was a sharp drop in the pound's value following unexpectedly dire official data, which revealed the economy shrank by 0.3 pc in April. This could force the Bank of England to cut rates as soon as August, which could spell further bad news for our currency. Mr Redondo says: 'Until last week, the view in the markets was for the Bank of England to cut interest rates maybe one more time in 2025. This week has changed that, with two cuts now forecast.' Hold off dollars Heading to Disney World during the school holidays? You're in luck as you can currently get $41 more than you could last June for the same £500. Simon Phillips, at travel money firm No 1 Currency, explains that while the UK's weak economy is contributing to the pound's underperformance against the euro, the pound's strength against the US dollar is being driven by President Trump. On Friday the dollar sank to its lowest in three years against a basket of currencies as his trade policy continues to cause disruption and uncertainty. Plus, there are growing expectations the Federal Reserve will cut US interest rates, which will trigger an outflow of investment as individuals pull their money in search of higher returns. Prem Raja, of Currencies 4 You, suggests holding off buying dollars until nearer your time of travel – especially as Mr Trump has floated the possibility of an extension to the 90-day tariff pause. He says: 'If we keep getting tariff extensions and volatility, the pound will perform well against the dollar.' Analysts at Goldman Sachs agree. They believe the dollar's weakness will continue due to uncertainty from policies such as the tariffs – while both the euro and pound are set to benefit. Best of both because no one knows for certain what will happen to rates, one way to exchange your currency is to 'hedge your bets', Mr Phillips says. 'We can't work out what's going to happen, particularly with President Trump in charge. So buy some currency now and buy some later,' he says. 'You'll never get all your money at the best rate, but you won't get the worst, either.' Where to buy bureaus offer different rates so shop around. Think about your travel money before arriving at the airport – passengers often pay a premium rate at the gates. Also, don't rely on cards all the time when abroad, especially after the power outage in Spain and Portugal which left households unable to pay for items on a card machine. Plus, cash is still king in many parts of Europe. Think about a mix of both cash and card. If using a debit or credit card, choose one with no foreign transaction fees. Options include Starling and First Direct. Pre-paid cards are also an option. This way you can lock in an exchange rate ahead of time if you want certainty, unlike with a regular credit or debit card. Options include the Wise card, which costs £7 to order. You can read our full list of our best picks for free spending abroad here.
The Independent
3 days ago
- Business
- The Independent
Martin Lewis issues warning to anyone using credit or debit card abroad this summer
Showing now | News 01:53 Martin Lewis has issued a warning to anyone using a credit or debit card abroad this summer. The Money Saving Expert founder explained that when you spend on your bank cards abroad normally, the bank adds a non-sterling exchange rate fee between 2.75 percent and three percent. He told This Morning viewers: 'Your £100 worth of euros costs you £103. With the specialist cards, they don't add that. So you get the near same perfect exchange rate. Mr Lewis then went through the specialist cards currently available , 'The top at the moment is the Barclaycard Rewards Credit Card, which is giving you half a percent cash back on spending abroad.'
