Sending your money

You might be sending money for an overseas property, or contributing to a mortgage abroad. Or you may own an international business, and make regular international money transfers. You may want to invest money abroad, or you may simply want to send a gift to a friend or relative. You should consider how you are sending money online. 

Does the person or business you are sending the money to have a bank account? Can they access their bank while most countries are in a lockdown? Whichever online currency exchange method you use, you should communicate with the person you are sending the money to. 

Consider professional advice

Are you looking to transfer or invest large sums of money? You should consider a currency expert who can assist you. They can offer further protection on your money, and competitive rates for more significant currency transfers. You should still do your own research on the following online currency exchange tips, even if you are looking for professional advice.

Check the real-time rates

To give yourself an idea of the currency exchange rate, use a currency converter. Google’s own currency converter is suitable for a fast and easy check on the current exchange rate, but to get the best deal online, you should check real-time rates. Websites like XE and Currency Convertor offer detailed information that can help you protect your money.

Shop around

You should always shop around for the best online currency exchange rates. Generally, all the major banks are less competitive than online bureau de change shops. Big bureau de change operators like Travelex still offers home delivery of cash. While the coronavirus crisis continues to affect the high street, remember to check that the bureau de change does not require physical pick-up.

Look out for hidden extras

Online currency exchange websites often offer attractive currency exchange rates, only to hide fees. You may discover you need to pay extra for same-day transfers, payment tracking and confirmation, and intermediary fees. Some banks may charge the recipient additional amounts, for processing the transfer of the funds. Watch out for any hidden charges, as those fees add up and you can lose a lot of money.

Look out for scams

While you should shop around, you should be aware of ‘too good to be true’ rates. Only use well established and reputable online currency exchange stores. Look up some classic foreign exchange scams (always an interesting read!) and avoid any schemes that do not appear trustworthy. 

Consider how long a transfer may take — is the best rate worth the delay in a volatile climate? 

Check the timescale for your currency conversion. Generally, a currency transfer should only take around 24 hours, and anything longer than that may be worth a re-think. You may end up paying for a long delay in transferring your money. Current online currency exchange rates change every day due to the economic fluctuations in response to the coronavirus. 

Online currency exchange for a one-off payment or ongoing transaction? 

Consider online banks and apps that offer discounted rates for online currency exchange. You might consider Transferwise, which is an online bank that provides a “fast, cheap” way to send money abroad. Transferwise is much more competitive than high street banks and offers convenience. Revolut is another option: this “radically better account” can transfer currency online at competitive rates and manage your money.

You might also want to check out the best travel credit cards on offer, as you can still use them as an alternative to an online currency exchange to make purchases.

The post How to use an online currency exchange appeared first on The Motley Fool UK.

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MyWalletHero, Fool and The Motley Fool are all trading names of The Motley Fool Ltd. The Motley Fool Ltd is an appointed representative of Richdale Brokers & Financial Services Ltd who are authorised and regulated by the FCA, and we are permitted in this capacity to act as a credit-broker, not a lender, for consumer credit products (our FRN is 422737). The Motley Fool Ltd does not have permissions for, and does not advise on, investment products and services, but may provide information on investment products and services.

The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers.

In late March, Boris Johnson announced everyone should stay inside and warned against booking future travel. The Foreign and Commonwealth Office (FCO) has advised against non-essential travel. Thousands and maybe millions of people will need to cancel holidays, weddings and events due to the coronavirus, not always knowing where to turn to for help…

The advice and terms of cancelling your travel due to coronavirus vary from insurer, provider and policy. Meanwhile, some holiday protection covers are providing more information than others.

However, there are a few tips may help you minimise the financial costs of the coronavirus ruining your break – so you can at least enjoy some time to yourself even if you can’t get away to that Caribbean island! Here’s what to do if the coronavirus cancels your travel. 

1. If you have travel insurance, check your terms and conditions

Read over the terms and conditions of your insurance carefully. The majority of holiday cancellations due to the coronavirus are wholly covered by insurance. Try not to rush into any decisions. If your travel plans are a few weeks away, you might be pushed into a less desirable option, like rebooking, when you can get a full refund by contacting the airline company or hotel first. 

2. You may need to contact your insurance company to claim (expect delays)

At the moment, most travel firms are inundated with callers and customers. You may need to call in to request your refund if your trip is booked in the immediate future. If your trip isn’t for a few weeks, you may be better off emailing or writing to your insurer requesting a refund.

3. Contact your flight, hotel and travel providers for a refund

Most airline companies have now grounded their fleet of planes. If the airline cancels your travel because of the coronavirus, you can choose a refund or vouchers, or you can rebook your trip in the future.

You should consider all three options carefully. Some travel companies have been pushing people to choose coupons or re-arrange their travel. If the company has cancelled your flight, you have a right to a refund and can contact them to request one – you don’t have to take airline vouchers!

4. If you have a spa day, staycation or cottage getaway booked soon, you can request a full refund

The majority of the hospitality industry has closed. You may have booked a local break and are worried about the money you put down.

While we are in lockdown and hotels are closed, you are entitled to a refund. You should contact the hotel directly if they have not refunded you already. If you cannot reach your hotel and you purchased the holiday on a credit card, you may want to consider asking your bank to charge back the money. 

5. Consider rebooking your holiday to a later date

If you can move your holiday to a later date, then this could be a better option than a refund. The hotel may be happier to re-organise your holiday, and the process can be more straightforward. 

6. Be clear about your reasons to cancel your travel

When contacting your travel provider, be very clear why you are requesting a refund and changing your plans. If coronavirus is the reason, be sure to include this information in any communication.

The fact that you are cancelling your travel because of the coronavirus may seem obvious, but people often forget to include this information. Missing this information can delay your refund and confuse the administration process. 

7. Even if you booked on a non-refundable rate, it’s worth checking with your travel provider

Writing in to ask your travel provider to consider your situation is always worth a go. No one could have predicted the events of the last few weeks, and very few organisations have prepared for it. Kindness can go a long way. They may have written their terms and conditions and never conceived that a virus would isolate us all in our homes, and thus be happy to bend their terms and conditions to keep valued customers.

The post 7 tips for cancelling travel due to the coronavirus appeared first on The Motley Fool UK.

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• How to invest £10,000 to aim for a £6,108 annual passive income

MyWalletHero, Fool and The Motley Fool are all trading names of The Motley Fool Ltd. The Motley Fool Ltd is an appointed representative of Richdale Brokers & Financial Services Ltd who are authorised and regulated by the FCA, and we are permitted in this capacity to act as a credit-broker, not a lender, for consumer credit products (our FRN is 422737). The Motley Fool Ltd does not have permissions for, and does not advise on, investment products and services, but may provide information on investment products and services.

The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers.

Here is a list of the best five free personal finance apps you should use in 2020.

1. Klarna

Klarna is a free personal shopping app that lets you pay for your online purchases in monthly instalments. There is no interest, no fees, and no charges. The money come out directly from your card, so you don’t have to worry about missing a payment.

Currently working with over 205,000 retailers including ASOS, Adidas, H&M and Halfords, you can buy your essentials and spread the payments out over 3 instalments in 6 to 36 months. You can begin payments up to 30 days after your purchase – so you can wait until your next payday.

The personal finance app also helps you plan, budget and save by tracking all your purchases through the app. The Fintech company has been handling payment transactions for over 15 years, operating in over 86 nationalities and 17 different countries and has been used by over 85 million shoppers.

2. Snoop 

Snoop is a free app registered with the Financial Conduct Authority (FCA) that literally ‘snoops’ on your finances, creating visual data of your spending and revealing where you can save money. Snoop spies on your bank accounts, bills and shopping habits, connecting all of your accounts into one powerful app.

The finance app releases regular new updates including balance alerts and notifications to switch or save on energy, insurance and mobile bills. It can spot where you are overcharged by companies and show you how to find better deals and make more savings. The personal finance app tracks where you regularly spend your money so it can find clever ways of helping you save in your favourite places.

3. Credit Karma

If you are trying to improve your credit score and manage your budget, then Credit Karma is the free finance app for you.

Credit Karma displays your credit score in an easy to read way and explains where you might be able to improve your score. You can see all your accounts in one place, choose a personal credit score goal to achieve, and it recommends personal finance products that you are eligible to purchase. Credit Karma also alerts you to any changes in your credit score, so you can keep an eye on any unusual transactions and monitor issues that may be affecting your score. 

4. Banking apps like Starling and Monzo

Mobile banking apps like Starling and Monzo are free and offer personal finance budgeting and spending solutions. While in 2020 most of the world is currently in lockdown, these banking apps are more relevant because everything can be done on the app, online or on the phone.

Mobile banking apps also offer features like spending-tracking and savvy saving. Starling displays your spending data in a Donut Graph, so you can easily see where you are making substantial savings or where you may need to cut-back your expenditure.

Monzo, Starling and most free personal banking apps also let you save money automatically and hassle-free. You can add your final pennies from in-store and online purchases into your rainy-day savings goal or create a new savings goal any time.

5. Plum

Plum is a free personal finance AI app that grows your money by setting aside money automatically to invest, save and grow. The app also analyses your transactions and bills to stop you from being overcharged on bills. They accept all major banks and with AI technology you don’t have to even think about saving, the software puts aside your money where you can spare it. The app also helps you lower your bills by analysing where you are being overcharged and helping you switch for better savings. They have saved an average of £179 a year for each customer and set aside a collective £110 million for 650,000 people. 

There are many free personal financial apps for 2020 that you can take advantage of, including the completely free HMRC app where you can access your NI number, tax details and ‘Help to save account’. 

The post 5 free personal finance apps you can’t miss in 2020 appeared first on The Motley Fool UK.

More reading

• Suddenly investors can’t get enough of GSK shares! What’s going on?
• £5,000 invested in Greggs shares in October 2024 is now worth…
• Where will Rolls-Royce shares go next? Let’s ask the experts
• No savings at 45? Here’s how investors could still build a £17,360 second income
• How to invest £10,000 to aim for a £6,108 annual passive income

MyWalletHero, Fool and The Motley Fool are all trading names of The Motley Fool Ltd. The Motley Fool Ltd is an appointed representative of Richdale Brokers & Financial Services Ltd who are authorised and regulated by the FCA, and we are permitted in this capacity to act as a credit-broker, not a lender, for consumer credit products (our FRN is 422737). The Motley Fool Ltd does not have permissions for, and does not advise on, investment products and services, but may provide information on investment products and services.

The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers.