Showing posts with label Money Matters. Show all posts
Showing posts with label Money Matters. Show all posts

Thursday, 29 November 2018

Counting the costs



INSURING a trip can save travelers from huge financial losses when the unexpected happens, but many take the risk rather than adding the expense of an insurance policy. Travel insurance comparison site, Squaremouth, shares 3 hacks to save money on a travel insurance policy, proving coverage doesn't need to come at a huge cost.

Insure Only Non-Refundable Trip Costs - Travelers insuring the cost of a trip can expect to spend 4-10% of their trip cost on a travel insurance policy, so it is important to remember: the lower the trip cost, the lower the premium.

To save from spending too much on a policy, travelers should only insure expenses they would lose if they are unable to travel as planned, such as airfare and hotel costs. For example, if a hotel requires travelers to pay a 50% penalty to cancel a hotel reservation, they should insure just that amount, rather than the full cost of the hotel.

Skip Cancel For Any Reason Coverage - While the Cancel For Any Reason upgrade can offer greater flexibility if a traveler needs to cancel their trip, it typically increases the cost of a policy by as much as 40% and only reimburses a portion of the trip cost. Since most common Trip Cancellation concerns are covered by standard cancellation policies, there is no reason for travelers to pay more for the benefit unless they have a unique concern that isn't otherwise covered.

Compare Your Options - The best way for travelers to find the least expensive policy that fits their needs is by shopping around and using a third-party comparison site, such as Squaremouth.com, to compare premiums and coverages. While policies typically have similar benefits, premiums vary widely depending on the insurance provider. Travelers who are offered a policy through their cruise line, airline, or credit card should compare it with other policies on the market to make sure they are getting the coverage they need at the lowest cost.



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Tuesday, 23 October 2018

A four-season land

IRAN, a four-season land, has 23 UNESCO World Heritage sites. These sites have long attracted tourists from across the globe. Foreign tourists #travel to #Iran to visit numerous historical and natural sites and enjoy time in a country which is home to many attractions. World Economic Forum data show Iran's ranking in tourist attraction moving higher from 114 in 2011 to 93 in 2017. That bears proof to the fact that foreign tourists have not become unwilling to travel to Iran.

As foreign currencies, including the US dollar and the euro, claimed ground against the Iranian Rial, the tourism industry in Iran entered a new phase, particularly for foreign visitors. The Rial's slide represents a unique opportunity for foreign tourists visiting Iran as their travel costs have fallen incredibly.




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Monday, 17 September 2018

Choose Sri Lanka for Retail Therapy

SRI LANKA has introduced a new system enabling tourists to obtain refunds of 15 per cent Value Added Tax (VAT) payments for goods they purchase from shops in the country. The Tourist VAT Refund System (TVRS) was aimed at attracting tourists and generating income by sale of products, Finance Ministry sources said. 

A VAT refund counter was opened at the Bandaranaike International Airport’s exit terminal by Finance Minister Mangala Samaraweera on Tuesday. Tourists are able to obtain the VAT refund of 15% of the value of their goods.

Shop owners and traders will be required to register for this scheme at the Inland Revenue Department (IRD) under the Tourist VAT Refund Scheme and it is suggested that travellers check prior to making their purchase. 


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Friday, 29 June 2018

Technology enabled travel planning


WITH innovative marketing tactics, service providers in holiday planning and booking process market in the UK are reversing the impact of Brexit and fuel hikes. Technological solutions such as OTA bookings, apps, bots, and advanced payment tools are encouraging travelers to facilitate well planned holidays. 

As part of its recent development in holiday planning and booking process, Thomas Cook has introduced two novel features such as Direct Debit Payments and Zero Deposit Offer for its summer 2019 program. With the former, end-users can choose to book their holiday plan against a minimum token amount. The latter eases end-users by booking their holiday packages without any advance payment.

Technology enabled travel planning is gaining momentum in holiday planning and booking process market in the UK. Leading holiday organizers are infusing advanced technology with meticulous planning to deliver superlative hospitality experience to end-users in holiday planning and booking process market in the UK. Noted travel planner Thomas Cook has confirmed its incorporation of Bold360ai to improve customer services. With this AI enabled service solution, Thomas Cook has garnered happy customers across Europe with the project first rolling out in the UK.

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Saturday, 26 May 2018

Bidroom and Visa buddy up for European cardholders

IN the EU, almost half (49%) of internet users have booked holiday accommodation or travel via the internet. In the UK specifically 83% of people used this method to book their holiday in 2017.

As more and more consumers turn to online travel agencies to book their travel, Bidroom offers an alternative method of finding affordable hotel accommodation online. The platform provides a 0% commission private booking channel with direct reservations, in turn Bidroom asks hotels to provide members between 5%-25% discount compared to the advertised prices on major hotel booking platforms.

European Visa cardholders can register at visa.bidroom.com to enjoy six months free access to the membership-based booking platform enabling them to browse through over 120,000 hotels and apartments worldwide.


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Saturday, 20 January 2018

Paying by credit card win or lose?

A new rule introduced on Saturday January 13th, 2018 stops businesses, including tour operators, charging their customers a fee when paying by credit card.

The EU law, adopted by the UK, is designed to force banks and credit card companies to lower their charges – around half of all holidays and paid by credit card. In reality, the banks have not lowered their charges and the tour operators and holiday companies are being forced to absorb the cost in their own prices.

Or are they?

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Saturday, 2 September 2017

Tourism in Yorkshire races ahead



YORKSHIRE
tourism has got off to a flying start in 2017 as new figures reveal international visitors have spent nearly £100 million in the year’s first quarter. 

267,000 overseas visitors spent £99 million from January to March 2017, up a huge 30 percent on the same period last year, according to figures released today from Visit Britain. 

International spend in Yorkshire is also nearly double the national average which is up 16 percent year on year.

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Wednesday, 11 January 2017

Enjoy New York City for less in January & February


VISITORS to #NewYork City in January and February be able to experience picturesque snowfalls as well as rare moments such as shorter lines at museums, easier-to-book restaurant reservations and other conveniences unique to the cold-weather months. 

Winter 2017 will also be the most affordable value period ever for travellers, with deals on dining, attractions and live theater, and hotels offering their lowest room rates of the year.

“Winter is one of the most attractive and value-oriented times of the year to visit New York City, with unique and magical experiences across all five boroughs,” said Fred Dixon, president and CEO of NYC & Company. “New shopping destinations, iconic attractions, world-class dining and live theater promise to energize visitors and locals alike.”

Each of the City’s five boroughs is a unique destination in itself, where free and affordable hidden gems and one-of-a-kind winter experiences await. Itineraries that feature indoor and outdoor activities by borough—all easily accessible by the City’s affordable 24-hour subway system with additional events and activities listed in NYC & Company’s new Winter Guide at nycgo.com/winter


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Picture Credit: Glyn Lowe Photoworks flickr.com/photos/65354164@N02/11113191973 Signs - New York via photopin

Tuesday, 10 January 2017

Up in the air . . .

THE global flight search and travel deals platform cheapglights, has crunched over 10 billion lines of data to help Brits understand ‘when to buy and when to fly’ in 2017, potentially saving them hundreds on airfares to their dream destinations.

Andrew Shelton, Managing Director of Cheapflights said, “As our thoughts turn to booking our getaways for the year ahead, we hope our analysis helps holiday planning for 2017.

“Travellers who can be flexible with their holiday dates should earmark November and early December for a winter escape, as this period is consistently the cheapest time of year to visit many of the most popular holiday spots, including Dubai, Thailand, South Africa, Barbados and New York.”


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Friday, 30 December 2016

America see increase in travel & tourism spend from international visitors

Acting Under Secretary of Commerce for International Trade Ken Hyatt recently announced that international visitors spent more than $21 billion on travel to, and tourism-related activities within, the #UnitedStates in October, an increase of more than two percent ($493 million) when compared to October 2015.

"In October, U.S. #travel and #tourism exports hit another record. Travel and tourism remains a vital export for the United States and these exports support more than one million jobs across our country," said Hyatt. "Today's data highlights continued growth in this sector with international visitors spending, on average, $672 million a day on travel and tourism services in the United States in October."



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Picture Credit: Andy Morffew flickr.com/photos/66020093@N03/27299847385 The Iconic Image via photopin

Sunday, 27 November 2016

News from Wild Horizons

#ZIMBABWE continues to experience a shortage of US Dollars cash. 

There are cash withdrawal restrictions in place at ATM’s and these vary between $300 and $100 per card per day. Travellers are encouraged to bring small denomination US$ bills with them for payments where credit cards are not accepted, such as some smaller shops and restaurants, as well as the craft markets. 

Note that Euros, Pounds and ZAR are also accepted in cash but exchange rates may not be favourable so US Dollar cash is recommended.

www.wildhorizons.co.za



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Picture Credit: paulafrenchp flickr.com/photos/38397433@N04/30759962670 Elephants walking across the plains in Bumi National Park via photopin

Friday, 28 October 2016

Demand increases for long-haul destinations

RECENT data gathered by flight search and deals platform Cheapflights has shown that the poor Pound-to-Euro exchange rates are driving up the demand for long haul destinations amongst holidaymakers.

Pre-Brexit vote, three Eurozone countries – Spain, France and Greece – were in Cheapflights’ top-five most-searched-for destinations, ranking two, three and four respectively. Following the ‘flash crash’, 

  • Spain remains second on the list, but demand for the destination has dropped by 22%. 
  • France has dropped from third place to number five on the list, with searches down 28%
  • Greece has fallen from number four to number seven, with demand dropping by 34%.

On the flip side. . . 

  • Australia has moved up from sixth to fourth in Cheapflights’ long haul search rankings with searches up 28% 
  • Searches for China are up a staggering 138% and the country is now number three on Cheapflights’ long haul search list (up from number eight pre-Brexit vote) 
  • Searches for US destinations are up 12% overall versus pre-Referendum levels, despite the Pound falling to a three-decade low of just US$1.18 value. It remains Cheapflights users’ number one long haul search destination 
  • Searches for Canada, at number six, are up 3%


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Monday, 15 August 2016

Keeping your travel money safe

RESEARCH reveals that Brits resort to rudimentary tactics for managing their money abroad, with 65 percent admitting to hiding cash in shoes, clothing, or under mattresses when on holiday.

Rob Darby from Escape Travel Card has advice to travellers on how to look after holiday money when abroad:

Carrying cash

To avoid repeatedly paying ATM charges, travellers often opt to carry large amounts of cash, which could make them vulnerable to loss or theft. Using a prepaid currency card however, means that ATM charges can be avoided, removing the need for holidaymakers to carry lots of cash with them and giving them peace of mind.

Local currency or Sterling?

When using a credit or debit card for shopping abroad, tourists are often given the option to pay for the transaction in their own currency rather than the local one – which is portrayed as being more convenient. Rather than the till simply showing the customer what the amount translates to in their domestic currency, it usually uses a less favourable exchange rate meaning the traveller pays extra. Tourists are better off paying in local currency on their prepaid travel card to avoid paying these steeper rates, as this kind of expense can add up during the course of a trip.

Manage your budget online

It’s easy to get carried away when you’re making the most of your time abroad, but it’s important that holidaymakers keep on top of budgets so they don’t leave themselves short at the end of the trip. By using a currency card, such as the Escape Travel Card, that offers a secure online account to manage spending, travellers can stay clued up on their expenditure in the same way they would at home. Using the Escape online cloud account, cardholders can view their balance and statements and top up their account by debit or credit card. They can also check their balance by text with the Escape Travel card and receive low balance alert texts to warn them if they’re funds are running low.

Be safety wise

Preparing for the worst-case scenario is always advised when taking money abroad, and having safety procedures in place will help ease the anxiety of being stranded without cash. The majority of prepaid currency cards see funds held on them directly, meaning that if the card is lost or stolen the funds are taken with the card. But Escape’s unique cloud account offers increased security by allowing funds to be transferred from the card back to the account at any time, keeping spending safe if something should happen to the card. Escape also offers a 24/7 helpline for immediate support and can arrange for funds to be sent to a Moneygram outlet, meaning travellers will never be stranded without access to money. In addition, users can also take advantage of a free SMS service, which can be used to temporarily lock and unlock the card, providing peace of mind if they’re going for a swim and leaving their card in a bag or hotel room.

Be discreet

It is easy to see how holidaymakers can draw attention to themselves rifling through the unfamiliar bank notes of another currency when making a payment. It’s best not to make a scene when doing this and carrying a prepaid currency card means it can be avoided altogether. We advise tourists to be aware of their surroundings when on holiday, and to make sure they take the necessary precautions to ensure that their trip goes off without a hitch.

*The Escape Travel Money Prepaid MasterCard costs £10 to purchase, the fee being refundable if the card is loaded with £100 within 30 days of application. It can be order online at www.escapetravelcard.com.


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Monday, 25 July 2016

Decline in resort costs cushions £ fall

WITH the end of the school term in sight, the challenge for families planning trips to the euro zone, will be how to get the most for their money and avoid busting their budget after sterling’s fall in value.

There is encouraging news for them in the Post Office Travel Money Family Holiday Report. This confirms that while resort prices are up on 2015 levels, when sterling was at a seven-year high, meals, drinks, and tourist items now cost less in several family favourites than in each year between 2011 and 2014.

Andrew Brown of Post Office Travel Money explains: ‘It’s all about putting today’s exchange rates into context. Sterling may have fallen recently, but when you compare its value with every other year since 2011 except 2015, holidaymakers can be reassured that the cash in their pockets will cover their costs – particularly as bars and restaurants in several of the resorts we surveyed have cut their prices to attract tourists.’

Families can expect to pay over a third less for a meal this summer than in 2011 in the Costa del Sol (£34.83 now compared to £53.92 in 2011) or Crete (£39.19 vs £58.82) and 40 percent less in Bulgaria (£27.83 vs £46.39).

Meal costs are lowest by far in Bulgaria. Families can expect to pay an average of £27.83 in Sunny Beach – 3.8 percent less than in last year’s record-breaking summer (£28.92).  The Algarve is another good bet for bargain hunters at £33.09 for a family meal. By contrast, holidaymakers visiting Sorrento (£87.09) and Ibiza (£100.15) will pay over twice as much as in Sunny Beach or the Algarve.

But Brown warned: ‘Keeping a tight rein on the holiday purse will still be crucial this summer and that is going to be a big challenge for many because our latest research found that only one-in-five families stuck to their budget on their last holiday.  The majority of families said they overspent by an average of over 25 percent – or £178 – on the £694 budget they set.

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Tuesday, 21 June 2016

Holidaymakers rush to buy foreign currency as pound falters


AS the Leave camp pulls ahead in the EU Referendum polls, the pound is experiencing intense fluctuations, and holidaymakers are rushing to buy their summer holiday money. 

HiFX reports that the number of holidaymakers buying euros this week is up by 35 percent on the same time last week.

Chris Towner, chief economist at HiFX, said: ‘We know that in the event of a Brexit, we’re likely to see a significant weakening of the pound, with many warning that a Leave vote could trigger a 15 to 20 per cent fall in its value.

‘We also know that if the UK votes to stay, the pound might recover some – or all – of the losses it has made in recent months. However, as the outlook is gearing stronger towards a victory for the Leave camp, those preparing to buy their holiday money for the summer need to weigh up the potential risks. Concerned travellers should hedge their bets by either buying some or all of their holiday money now, or by pre-loading a pre-paid currency card.’

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Wednesday, 18 May 2016

ATOL tips that can save you money

THE COST of a family holiday has risen by 20 percent in the past five years, with the average per person spend per trip up from £597 in 2011 to £694 in 2016, says ATOL, the consumer protection branch of the UK’s Civil Aviation Authority. This – along with the fact that two-fifths of consumers are booking flights and hotels independently – makes it more important than ever that travellers know how to best protect their holiday and make sure they won’t lose money if the worst happens and they are stranded abroad.

ATOL has five essential travel tips for booking a holiday:

  • Think outside the box – package holidays can be personalised. There are plenty of ways to tailor a holiday for you and your family, so don’t be put off by the term ‘package holiday’. Buying a package where flights and accommodation are booked through one company means your holiday will be ATOL- protected and your money will be safe. If you book a hotel and flight with different suppliers, your whole trip will not be ATOL-protected, and you could lose your money if either company fails. 
  • Do your research and check for ATOL protection. Some travel websites falsely display the 'ATOL Protected' logo, in order to lure and defraud customers. You can check that a company has ATOL protection. Write down the company name and/or the 4 or 5 digit ATOL number. Visit www.packpeaceofmind.co.uk and enter the details into the ‘Check an ATOL’ database, which has a list of all ATOL registered companies. 
  • Think beyond the price. There are many foreign-based travel companies, which offer cheap and attractive package holidays, but these will not have ATOL protection. If booking with a non-UK travel company, find out what financial protection they provide and if this covers company failure and repatriation. If not, you might decide to take out additional travel insurance to include insolvency protection, which might mean you pay extra. 
  • Take your ATOL certificate with you. You must receive an ATOL certificate as soon as you pay any money towards an ATOL-protected holiday. The certificate confirms what is protected, which company is responsible for your holiday booking (it may not be the company you are booking with directly), and what to do if the company ceases trading. Whether you print the certificate or have a digital version, it’s important to take your certificate with you. 
  • Use a credit card and take out good medical and travel insurance. If you are booking your holiday through a number of travel operators, this will not be ATOL-protected, so remember to pay with a credit or debit card. These cards provide some protection if the goods and services you’ve booked are not delivered, for instance if one of the travel operators fails, but might not cover consequential losses. Make sure you have travel insurance, which will cover medical costs and other potential expenses such as damage or loss of any possessions you take with you. 

ATOL stands for Air Travel Organiser’s Licence and is the UK’s statutory holiday protection scheme run by the Civil Aviation Authority.  By law, every UK travel company which sells air holidays must hold an ATOL licence and issue an ATOL certificate as soon as a customer pays any money towards a trip. Booking an ATOL- protected holiday means passengers will get a refund if their travel operator collapses, or if they are already abroad, they will be flown home at no extra cost. 


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Tuesday, 3 May 2016

Asda money report reveals UK travel trends

IN LIGHT of ongoing currency fluctuations, Asda Travel Money has examined the changes in people’s holiday habits over the past few years. Its research highlights a 68% decrease in sales of the Turkish lira and a 77% fall in sales of Egyptian pounds.

But in the past year, Asda Money has seen an 84% rise in sales of the UAE dirham, a 96% increase in sales of the Thai baht, and a 93% spike in sales of the Czech koruna, even though sterling has declined in value against these currencies.

Neil Foster head of Asda Travel Money said: ‘Our customers don’t seem to be put off by the poor exchange rates for certain countries. This suggests a shift in appetite for holiday destinations. Families do still need to consider getting the best value for money to the increasingly popular holiday hot spots, even when exchange rates aren’t at their best.’



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Saturday, 16 April 2016

Fingerprints to replace currency for tourists visiting Japan

#JAPAN will soon introduce a hassle-free way of changing money with the launch of a system that will replace currency notes with fingerprints. 

The government is planning to launch the system this summer.

Foreign visitors will need to register their details, which would include fingerprints and credit card information, at airports or other public verification locations. As registered tourists, they will then be able to buy products with taxes automatically deducted from selected stores by placing a finger on a reader device.

The fingerprint system will also be used as a substitute for presenting passports when checking into hotels, which is currently a legal obligation for overseas tourists.

In its first test phase, the project will involve 300 souvenir shops, restaurants, hotels, and other establishments used by tourists.

The fingerprint experiment is part of a wider effort by the Japanese government to encourage visitors from overseas to visit the capital in the run up to the 2020 Tokyo Olympic and Paralympic Games.

Officials are hoping to launch the system throughout the country – including Tokyo – by 2020, with as many as 40 million overseas annual visitors expected by that year.

The new system will also enable the government to analyse the spending habits of foreign tourists, with anonymous data managed by a government-led consultative body. The data obtained from the project will be used to help government officials create effective tourism management policies.

But one concern among officials is that some tourists might be reluctant to provide fingerprint information voluntarily due to fears relating to privacy issues. 


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Sunday, 28 February 2016

Cheaper travel costs offset £ slump

THE POUND has plunged to a 13-month low against the euro and some other European currencies, but there is still good news for people planning trips abroad in one of the busiest holiday booking months.

Research by Post Office Travel Money for its Holiday Money Report reveals that lower prices in most European resorts will cancel out the impact of the sterling slide. At the same time, currencies for many popular long-haul destinations including Mexico, Malaysia, and Thailand have weakened against sterling.

The biggest gain for sterling has been against the South African rand, so UK tourists on safaris, fly-drive trips along the Garden Route, or exploring Cape Town will see their travel cash stretch 26 percent further than last year. In just five years sterling has doubled in value against the rand.

Sterling is also surging against the Mexico peso, which means that Cancun will be a bargain bet in 2016. Holidaymakers heading east will be better off in Asia and the Indian Ocean, too. A sterling surge of over nine percent against the Malaysian ringgit compared with a year ago has compounded the impact of falling prices in Penang to make tourist staples 27 percent cheaper in Malaysia’s most popular destination. Sterling has strengthened by 1.5 percent against the Thai baht year-on-year.

While the US dollar is at a five-year high against the pound, making Orlando and New York some 10 percent more expensive, three other dollars are significantly weaker. The Australian, New Zealand and Canadian dollars have each fallen in value since last February, and are now over 10 per cent weaker than two years ago.

The Norwegian krone has lost value against sterling. A six percent year-on-year drop, rising to 22 percent over two years, makes a Northern Lights trip to Norway a better prospect than visiting Iceland for the Aurora Borealis. Sterling has fallen 10.5 percent in value since last February against the Icelandic krona.

Andrew Brown of Post Office Travel Money said: ‘This is definitely a year when it will pay people to do their homework before booking a destination. With sterling’s recent fall in value against more than half of our bestselling currencies, you can’t blame them for thinking twice about where to go on holiday. However, canny travellers will be quids in if they opt for destinations with weak currencies or those where local prices are low. Better still, if they combine both elements their holiday money will stretch further.’

Despite a fall of more than 10 percent since last summer, when sterling hit €1.41 to £1, the picture is far from gloomy for people planning visits to the eurozone. Post Office Travel Money research shows that fierce competition to attract tourists has led to hefty price-cutting in many popular holiday destinations – resulting in lower rather than higher prices this year.


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