Tourist's best currency option

Shutterstock
Shutterstock

A Fin24 user who is travelling abroad wants to know which currency is best to use. He writes:

We are to visit Ireland on May 2 2013 and ponder over which currency is best to use once the rand value strengthens, be it the US dollar or the euro?

Do you expect the rand to increase in value shortly?

Craig MacFarlane, head of retail at Bidvest Bank, responds:

Ireland is in the eurozone, so your best bet is to buy euros. Depending on how long you would be travelling, carrying notes is always risky, so your safest bet would be to preload your money on a World Currency Card.

A World Currency Card works very much like a debit card: when you use it at a point of sale, the balance on your card will diminish by the amount you bought for. There are no transaction fees.

You can also draw from all the Visa-accredited ATMs in Ireland and surrounds, The ATM withdrawal fee is approximately €2.50.

My crystal ball which predicts currency movements unfortunately broke last week. Seriously, nobody can precisely predict the currency in this volatile market.

At least with pre-loaded currency, there's no need to worry about fluctuating exchange rates, because you peg it at the rate on the day you purchase and preload your currency of choice. 

- Fin24 

Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query. 

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. 

Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.


ZAR/USD
17.08
(+0.45)
ZAR/GBP
21.40
(+0.55)
ZAR/EUR
19.25
(+0.48)
ZAR/AUD
11.86
(+0.46)
ZAR/JPY
0.16
(+0.42)
Gold
1801.23
(+0.39)
Silver
18.44
(+1.01)
Platinum
839.00
(+0.30)
Brent Crude
42.97
(-0.05)
Palladium
1924.00
(+0.89)
All Share
55582.35
(+0.61)
Top 40
51289.23
(+0.72)
Financial 15
10218.70
(+1.31)
Industrial 25
77635.69
(+1.01)
Resource 10
52027.83
(+0.02)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1755 votes
I am taking a hit, but should be able to recover in the next year
23% - 2304 votes
My finances have been devastated
35% - 3450 votes
It's still too early to know what the full effect will be
25% - 2481 votes
Vote