As the Australian dollar continues to slide against the US dollar, travellers are being advised to pre-buy US dollars now to safeguard against further falls.
A combination of a stronger US dollar and weaker commodity prices has seen the Aussie drop from its mid-July high of US98c to a one-year low of about US80c.
With analysts predicting further falls to come, foreign exchange specialist Travelex says travellers can lock in US dollars at the current exchange rate using the pre-paid Cash Passport travel money card.
Travelex’s Graham Perry says the Cash Passport is valid for three years so even cardholders who aren’t planning an immediate getaway can buy their US dollars now safe in the knowledge the exchange rate is locked in.
“The recent slide in the dollar has been quite rapid, so it pays to monitor the currency markets on a regular basis,†Mr Perry said.
“Those people who pre-loaded a US dollar Cash Passport card in mid-July are US18c better off based on the current exchange rate, which is a difference of $900 on a $5000 load, or equivalent to a five-day family Disneyland pass,†he said.
The Travelex Cash Passport is available in Euros, British pounds, New Zealand, Hong Kong and Singapore dollar as well as the Australian dollar, enabling Aussies to lock in a strong fixed exchange rate against a number of currencies.
“Regardless of whether you’re going to Europe, Asia, the USA or New Zealand now or in the future, savvy travellers can add considerably to their holiday spending money by buying at the right time,†Mr Perry added.
Cash Passport holders are charged a flat fee for ATM withdrawals in each country, avoiding the hefty currency conversion charges associated with using bank debit or credit card overseas.
The card also offers a range of benefits including a free second back-up card issued prior to departure, free 24 hour global emergency assistance offering help with lost or stolen cards or passports, access to emergency funds, medical emergencies, legal assistance, interpreter services or sending messages home.
For further information visit www.cashpassport.com
A Report by The Mole
