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