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Necessity of learning money value by children

In today’s  uncertain world, judicious management of money is critical. As an expat parent it’s imperative to teach your child the important lessons in financial planning, preparing them to face challenges of adulthood. Make sure your children have a good understanding of the nuances of budgeting, saving and spending, so their financial future is more secure.

According to Beth Kobliner, author of the New York Times bestseller “Get a Financial Life, and a member of the President’s Advisory Council on Financial Capability, “The sooner parents start taking advantage of everyday teachable money moments (for example, give a six-year-old $2 and let her choose which fruit to buy), the better off our kids will be. Parents are the number one influence on their children’s financial behaviour, so it’s up to us to raise a generation of mindful consumers, investors, savers, and givers,”

Children develop understanding with age. Hence as a parent it’s best you teach them about money management as early as possible. We suggest you to playfully begin their financial education as early as when they are three years old. To help you get started, we give below a breakup of what you could teach your children at different ages:

Ages 3-7 (Pre-school age):

  • ·         We need money to buy things
  • ·         We need to wait for the right time to buy things
  • ·         There are different denominations and value for money

 

Ages 8-11 (Primary school age):

  • ·         Comparing prices before you buy things is a good habit
  • ·         Money is limited, so you need to spend money wisely
  • ·         We need to earn money
  • ·         The sooner you start saving money, the faster your money will grow

 

Age 12-18 (High school age):

  • ·         Start saving habits early in life
  • ·         Cash is always better than credit
  • ·         Differences between credit cards and debit cards, and how credit card spending is nothing but borrowing money, which needs to be paid back with interest
  • ·         Storing a copy of all your receipts and checking your expenses at the end of every month
  • ·         Keeping  track of your mobile phone payments
  • ·         Opening a bank account
  • ·         Always working out a budget before you start spending

 

Given that the world is a global village, with people working across countries and students going to study and travel abroad using travel card, dealing with different currencies is derigueur. Parents should sit their children down and discuss about currencies, exchange rates and how money transfers work and how to find a right remittance provider.

 

Teaching your children about money is very crucial and the more they know about money, and the sooner they develop better saving habits, the more secure their future will be!

Importance of noticing dollar movement

Did you know that getting competitive currency exchange rates can positively influence the amount and frequency of money you send home?

As an expat, ensuring your loved ones receive the maximum value for every unit of the currency remitted, is always important. While there are several factors that determine the amount of money that actually reaches your family, the US Dollar (USD) movement is a key one to track. If you are living in the UAE and need to send money home, it’s important that you be aware of the influence USD has on your currency and hence figure out the best time to remit money. Three points to keep in mind on why you should watch the dollar movement before you remit are:

  1. The United Arab Emirates Dirham (AED) is pegged to the USD, hence a strong dollar ensures higher amount of remitted money. Minor fluctuations do not make a massive difference to smaller remittances.
  2. If your home currency loses ground against both the USD and AED, and you are a remitter in the UAE, then that would be the best time to send home money & load your cash card because each dirham will yield more in your destination currency.
    So if you are home currency is Indian Rupees (INR) and it falls against the USD and AED, then send money home. Your family will get more money in hand!
  3. The volatility of the USD is important in the context of the nature of remittance. For e.g. if you are remitting money as an EMI to buy a property in your home country, it may be prudent to speak with yourauthorised money exchange service provider to explore contracted options to cover the risk.

It is also important to take advantage of the right window of opportunity when it presents itself, such as the recent strengthening of the USD against Asian currencies that resulted in a strong outflow of remittances from the UAE.

Exchange rates are ever volatile, so before you remit money, make sure you are well aware of the exchange rates and determine how much money will be received by your family.  Send money only through reputed money transfer service providers who offer the best competitive exchange rates. Don’t lose money anymore to unscrupulous rates. Plan well ahead and remit at the right opportune time!

Travel Cards Better than credit cards

Travel cards have become very popular over the years mainly because of the convenience and security they offer. Being the easiest way to buy foreign currency and take it overseas, travel cards such as gocash are a big hit among frequent travellers. Industry experts have claimed that apart from being the safest option, travel cards are also the cheapest option for travellers, especially for those who are travelling on a budget. These travel cards offer a host of benefits when compared to credit or debit cards.

When compared to traveller’s cheques or carrying hard cash, travel cards are a better option because these cards can be pre-loaded with money of a single currency or even multiple currencies, based on your travel plans. Most cards offer standard currencies such as US Dollars, UK Pounds, and Euros, as well as other world currencies ( gocash offers upto 16 world currencies). Once the travel card has been topped up, they can be used as a regular debit card to withdraw cash from ATMs, buy products, online purchases, pay bills, flight tickets and for many other expenses.

Benefits derived from travel cards when compared to credit/debit cards:

  • Facility to lock ideal exchange rates for future use. So, no matter how badly the currency fluctuates, the amount loaded onto the card does not get devalued.
  • The flat ATM withdrawal fee for travel cards is much lower than the charges associated with debit/credit cards.
  • A single travel card can be loaded with multiple world currencies at the locked exchange rate. Spending in local currency means, not having to pay any conversion fees!
  • Since these cards are loaded with a fixed amount of money, the temptation to overspend is curbed. There is no overdraft facility in travel cards.
  • These cards are absolutely secure and should they get lost, a lot of the issuing banks will replace the card almost anywhere in the world. Also, losing these cards means you are losing only a small amount of fixed money and not all your money.
  • Travel cards offer free travel insurance, which credit/debit cards usually do not provide.

No stress, no fuss and wherever you go, cash is available. Armed with this information, now travel with peace of mind.

Have you got your travel card yet?

How to transfer money without having bank account

Are you an expat in UAE with your family living in a remote village in your home country?

They must be totally dependent on you for the money you send month on month for their expenses. Sometimes, it may so happen that you may have to transfer money to a family member or friend who doesn’t have access to a bank account. Sometimes you may have to send money urgently due to some medical or other exigency. Sending money via banking channels may not be the most efficient, quickest or cheapest way.

What are your alternatives?

A simple and effective way to send money is via online money transfer service providers such as money2anywhere.com.   The reason is that your recipient does not need a bank account and through the cash payout facility across 180,000 agent locations in 160 countries, your loved one can receive cash within minutes.  Money transfer is simple and easy. You can do it from anywhere, anytime at just the click of your mouse.

When we say it’s simple, yes we mean it. It works in 5 simple steps:

 

You need to be sure that sending money via cash payouts are safe, secure and your information is kept confidential. Security measures such as 128-bit Secured Socket Layer (SSL) encryption technology, the protocol used by all responsible websites on the internet that prevents any unauthorised person from accessing your account details online, needs to be in place.

Your recipient only needs to take their 16 digit XPIN and a valid ID to receive the money. When the beneficiary of the money transfer receives money, you get an SMS alert that the money has been received. In fact you can track your money with transaction trackers that allows you to keep track of your money at every step of the way.

Think about it – going to a bank and transferring money means standing in long queues, incurring high exchangerates, and most importantly, the beneficiary needs a bank account. With service providers such as Money2anywhere, you can simply call, and their agents located worldwide will pick up your cash , ensure safe passage and transfer to countries from Australia to Yemen. It can’t get any better than this. By awaring about the exchange rates we can lock our multi currency card 

Incidentally, online remittance service providers give you options to transfer money to bank accounts as well. Of course the pre-requisite is that the beneficiary must have a bank account. But now you know better.

Bank accounts are really not necessary if you need to transfer money – it’s truly anytime, anywhere!

Benefits of Travel Insurance

I had just completed college and was at the threshold of starting a job, settling down into a routine and doing what most adults do once ‘done’ with education. But having wanderlust in my veins, I wanted to travel, explore and expand my horizons so to speak. I decided to back pack to Europe. I wanted to live out my dream of visiting foreign lands and guess what, my parents agreed!

It’s true when they say, travel leaves you speechless and then you turns into a storyteller. So yes, I have stories and tales that are funny on hindsight and nerve racking, but I wouldn’t change it for anything in the world. So when I bought my ticket to Paris, that being my port of entry I had to apply for a Schengen visa which allows you to travel in most countries under the EU seamlessly. My father ensured that I had a travel card that I could top up wherever and whenever I wanted, and could actually load multiple currencies on it. It was safe, convenient and the best way to travel, instead of worrying about cash, theft and all of that. The prepaid travel card allowed me to do a host of things including check my balance, transaction history, and even block a stolen card. This was fantastic.

“Have you got your travel insurance done?” my father asked and I thought to myself, “dude what’s the need for a travel insurance?” That was the first and last time I ever thought that travel insurance was unnecessary.

  • Amsterdam airport – I was lost without my back pack. It was everything, my life in a back pack. But the travel insurance that I had bought was so helpful. I made a call to their emergency number and within a couple of hours I had emergency money transferto cover for expenses. A slight disruption, but that travel insurance sure helped.
  • Venice – After 15 days of travelling and eating in strange lands, my stomach decided to do its own number. I was ill and had to see a local doctor. Remember medical consultation can cost you an arm and a leg, especially if you’re on a budget, and many doctors abroad won’t even entertain you if you’re not insured. Guess who came to my rescue? Travel insurance again. Hallelujah!
  • Florence – I was travelling by the night train from Venice to Florence. When the train chugged into the station in the morning, to my horror I found that my wallet was stolen, and all my cards, money, change, everything gone. Thankfully my passport was intact and I had my phone on me. The first thing I did was report the loss to the railway authorities and then made a call to my insurance company. After which I reported lossof my travel card to the service provider. In a few minutes I was asked to visit a particular branch and got my travel card and my insurance provider promised me to reimburse me for my loss within a day or two. I had emergency money and I was saved.

What’s a trip abroad without incident, that’d be so boring!

You’d have realised by now that having a prepaid travel card with multi-currency facilities and most importantly buying travel insurance is a life-saver. Go for travel insurance policies that will cover you against incidents like trip cancellation or curtailment, medical issues, and lost or stolen possessions.  By the way, it will serve you well to know that certain multi-purpose travel card providers such as gocash, provide free travel insurance.

So the next time you’re planning a trip abroad, ensure that you’re insured. Take it from someone who knows a thing or two about travel.

Enjoy the adventure destinations 2017

Don’t listen to what they say. Go see!

Travel is not just a goal, it’s a journey, a journey of life itself. However,  it’s not easy to just take off whenever you want to wherever you want. There’s much to be planned, that includes taking some time off from work, ensuring you have the money saved up as per the exchange rates today, and co-ordinating schedules with your loved ones and family. Buying flight tickets at discounted rates, getting great hotel deals if booked in advance, and availing some fantastic offers on prepaid travel cards such as gocash enable you to plan without the stress.

A list of destinations that you’d most like to visit is a good place to start and we can give you a leg-up with our recommended list of travel destinations. We’re starting with a list of 3 best adventure destinations, because we believe that every life deserves a little bit of adrenaline rush. Our travel recommendations are based on National Geographic’s lists for some of the best adventure and nature trips of 2017.

News of currency exchange rates & its benefits

When you choose to go into the matter of running foreign money exchange, a standout amongst the most imperative things you have to do is to guarantee that you have the most recent information on the business through foreign exchange rates news. The cash exchange business is exceedingly alterable and individuals in the business comprehend that the main way they can stay aware of the quick paced environment is whether they will brush upon foreign exchange rates news. Nowadays, it’s truly simple to get these data since you can discover them in the web.

Places where you can angle these significant data are:

1. Online news sites

2. Blog locales

3. Gatherings

4. Social bookmarking locales

5. Mailing records

The Advantages of Getting Updated with Foreign Exchange Rates News

You may imagine that signing onto Forex is as of now enough. That the length of you are on the web, that is all you ever need to keep your business going. In any case, the thing is, things occur inside a snap with regards to money exchange. What you may have believed was an incredible exchanging system may simply end up being passed as of now. So all the better you can do is likewise keep data getting sustained into your framework with the goal that you will dependably figure out how to remain large and in charge.

Beside the standard highs and lows in money values, rates news will likewise give you more particular data in the matter of what drives these progressions. Like if a decrease in the dollars has happened what triggers have affected such change will likewise be incorporated into the news. Things like these are vital to consider on the grounds that it will help you plot your cash exchanging choices ought to the comparable exchanging atmosphere or variables at the end of the day come up. In any event you can as of now have cautioning signs approaching about your business instead of going out on a limb.

Another critical favorable position that you can pick up from perusing up rates news is that you can likewise recognize key identities who may turn out to be potential customers or key business accomplices. News regularly incorporate identities and key witnesses on occasions. You may need to deliberately fabricate your forex business by connecting with these news identities, and rates news themselves additionally offer you a brisk and simple method for exhibiting these individuals’ genuine aptitude in forex.

Tackle practical challenges at the airport!

Waiting for the flight at the airport could be an irksome experience on its own. Bitter-sweet feelings of bidding goodbye and hopeful anticipation about the destination keeps playing irate games in your mind.

How do you handle such practical annoyances and stay sane at the airport? Read on to know how you could deal with the most common challenges faced at the airport. Here you go!

Battery drain

First turn on the flight mode in your phone and then charge your device at the airport lounge.  This way the battery charges faster.

Unsecured Wi-Fi

Most airports are equipped with free Wi-Fi facility that could be swarming with spyware and viruses of all kinds. Top-notch anti-phishing web protection is indispensable at airports. Don’t use that free connection to transfer money overseas

Noisy waiting time

High stress levels could be triggered from the boredom in noisy airports. Hence carrying your own noise- cancelling head phones (you could avoid infections) to watch a movie or listen to some music.

Lost Luggage

Lost luggage incidences at airports are indeed a nightmarish experience. So always ensure you attach digital tracker such as Trakdot, LOC8ING or Spy Tec STI_GL300 Mini to your bags

Fluctuating interest rates

While at the airport, check for your destination country’s currency exchange rate.  Using travel cards  you can lock your exchange rates and use them later on

Plan to travel by making aware of todays exchange rates

If you travel frequently to the same destination it may be wise to purchase a larger sum of money dependent on the current currency exchange rates.

The rates can fluctuate and if you become aware of a favorable rate it is a good investment to purchase more money at that time.

If you’re planning on traveling to another country you’ll find yourself wondering about current currency exchange rates. It’s important to know how far your dollars will go when you get to your destination.

You simply need to conduct a search looking for current currency exchange rates. Once you’ve chosen a site the rest is very easy.

You put in the amount that you’d liked converted and then choose the country whose currency you have and the country whose currency you want to.

These sites have the current currency exchange rates and you’ll see exactly what your money is worth.

It can also be confusing if you try to transfer money at a financial institution in the country you are visiting. Although most foreign banks have English speaking associates who will explain the current currency exchange rates to you, some don’t.

If this is the case and you don’t speak the language of the country you are visiting it can be frustrating exchanging your money there.

One method of finding out current currency exchange rates is to visit your local bank. They will have the most up to date rates. Your bank can also exchange your money for you prior to your trip.

Many banks also offer this service over the phone. They will quote the current currency exchange rates in messages that are recorded daily. The bank’s customer simply calls an automated system and can listen to the current currency exchange rates at their convenience.

Many of these types of vendors actually charge a significant service fee for this. Therefore although the current currency exchange rates may be favorable the service fee could make your trip more expensive than you had planned.

Many people wait until they arrive in their destination country before exchanging their money. In many airports there are vendors who will do this for you. Although this is a very convenient method of exchanging money it can also be costly.

 

If you are traveling sometime in the future and want to load your multi currency travel cardensure that you get the best value for your dollar you can check out current currency exchange rates on the internet. There are several websites that offer this information for free.

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