Navigating your Foreign Exchange options
With volatile exchange rates making headlines it is now more important than ever to have a strong plan of action when taking funds overseas. Flight Centre Business Travel has negotiated highly competitive exchange rates with our partner American Express Foreign Exchange and can assist with various foreign exchange options prior to your departure.
Prepaid Travel Cards
Apart from foreign cash, prepaid travel cards are growing in popularity. The Cash Passport Card provides access to your funds in local currency wherever you are in the world. Funds are loaded onto the card prior to travel and can be accessed 24-hours a day at any MasterCard cash machine or merchant worldwide.
Each card has its own unique PIN, without which it cannot be used and the amount of each withdrawal is deducted instantly from the card balance. Transaction history and current balance can be found on the Internet site or by telephone (toll free).
These prepaid cards provide peace of mind as the exchange rate has been pre-determined at time of transaction prior to departure.
As a business traveller there may be times where the annual travel allowance of R1 million may be insufficient. To avoid this Flight Centre Business Travel can assist clients in setting up an omnibus allowance with American Express Foreign Exchange on the company’s behalf. This will allow the traveller to purchase foreign currency over and above his annual allowance.
When applying for foreign exchange it is important to note that certain supporting documentation is required to comply with FICA regulations. Individual travellers need to provide a valid passport and proof of residence with every foreign exchange order.
Should you prefer that the foreign exchange to be ordered and paid for by the company, certain additional documentation is required for FICA compliance. This is however a once off process.
For more information on the documentation required please speak to your dedicated account manager today.