Heading for South Africa – How Will You Pay?

The financial world might be bemoaning the current ‘teetering-on-the-edge-of-a-double-dip’ situation, what with the European debt crisis and news like Finland returning to a recession in the first quarter (according to official data) – so with the World Cup around the corner, is there any good ground to splash out on drinks or better still, go to South Africa?

Banks around the world are being increasingly warned that credit card fraud could be rife during the World Cup.  With fans heading down South from all around the world, many will rely on their credit cards for making payments.  Wise?

According to foreign currency specialists, it is indeed best not to lug great wads of cash around when you are abroad – and by the sounds of it, South Africa might be one place where you ought to be particularly vigilant.  But using a credit card overseas can incur large fees and often, the currency conversion is done at a poor rate and with added ‘currency fees’ (in some cases up to 3%).

A better option is to go for traveller’s cheques – despite their cumbersome nature – because of the safety attached to them.  If your cheques get lost or stolen, they can be replaced quickly anytime.  Another way to pay could be the new prepaid currency cards that are doing the rounds.  Most of them are offered in GBP, USD or EUR but if you go for a sterling card then the conversion will be made at point of sale, into South Africa rands, at a competitive rate.

Before you leave, don’t forget that while safety is important, so is having fun!  Go England!

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Explore posts in the same categories: credit cards, Economy, Finance, Fraud

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