With travel for business now common across many industries it is more important than ever before for businesses to be as economical as possible. Travelling costs, accommodation and expenses soon eat into your budget, making overseas trips a potentially costly affair, but one place you can save is with your travel money.
International Currency Exchange (ICE) general manager, Louis Bridger has shared his five ways businesses can be more cost efficient when purchasing travel money for business trips, and how travellers should pay when they get there.
1. Weigh up your options
With hundreds of currency providers available, you will never be short of choice, so ensuring you shop around to get the best deal is essential. Be sure you weigh up your options – do you want a convenient store location or do you want to take advantage of the best deals available online? If the business trip is short notice and you don’t have time to buy the currency online most foreign exchange (FX) providers offer a Click & Collect service, meaning you can take advantage of online rates with the convenience of collecting in-store or at the airport, where exchange rates can often be a lot higher.
2. Get a buyback guarantee
If you intend to purchase more travel money than you think might be needed to cover any unexpected business expenses, then purchasing a ‘buyback guarantee’ will ensure you are covered should the rates change during the trip. This ensures you will be able to return any excess currency at the same rate you bought it for, but be aware that a few foreign currency exchange providers will charge you for this service.
3. Keep an eye on the exchange rates
If you have a few weeks to prepare before the trip keep an eye on rates so you can see how volatile they are with the foreign exchange provider you are considering using. That way you’ll know if you need to snap up a good deal straight away, or can take a more laid back approach. It’s also best to be aware of the potential for overnight rate changes. If you want a specific rate guaranteed, make sure you order the same day as you’ve spotted the deal.
4. Keep your company’s money safe
To ensure maximum safety for your company’s money, be sure to check how long a provider has been operating. Companies that have been dealing in foreign exchange for longer are much more likely to have security and customer service policies in place that will help you resolve any problems, should they come up. This is especially important if you are transferring money abroad or using a currency card.
5. Don’t rely on just one payment method
Remember, whilst the exchange rate may be forecast to go down, it might also improve while you are away. This is why a ‘split purse’ approach, making the most of both foreign currency notes and a credit or debit card, can be so useful. Ensuring cards are used to pay for purchases when rates are good, and cash when bad, will ensure the best exchange rate while travelling.
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