Many of us have been on holiday and walked by a sop and something has caught our eye, we then wonder if we should buy it or not. This could be anything from electrical items, jewellery or even art. There are times when making a purchase abroad does make perfect sense due to the price you are paying. There are factors that you will need to consider though as you bargain may suddenly get very expensive, or even worse, worthless!
Exchange Rate
Local Taxes
Import Duty and Taxes for you home country
Shippinga
Insurance
Getting the most for your money
It is very easy to make a mistake with the exchange rate when you first get to a new country where everything is new and different to what you are used to. Many Smartphone’s can get applications to work out the exchange rate based on the latest rate, so you can easily covert the price to your own currency and then judge how much of a bargain this actually is. If you do not have this available on your phone, then find out the latest exchange rate and use a calculator to work out the cost. It is better to take your time and work things out properly, than pay more than you would if you bought the item back at home.
VAT and Taxes
Depending on the country that you come from and also the country that you are visiting, you may be able to make high value purchases VAT free. This can add to the savings that you can make when purchasing your item on holiday and can be a real incentive to follow through with the purchase. What you do need to be careful of though, is when you take your item back home, whether you ship it home or put it in your luggage, you could be liable for heavy import duties and taxes when you get the item home which could make your bargain very expensive. Some people will take things back in the luggage and not declare them. Some of these people get away with it and some people get caught, so you need to be aware of the penalties before attempting to avoid these. It is much better and safer to declare your goods rather than face another bill as well as the duty being charged. If you are shipping an item back via couriers or freight forwarders, then you are going to need your receipt for this to get through customs and import duty and taxes will be charged. These will need to be paid before customs will release the shipment and it can be delivered to you.
Shipping
If the item is too big or bulky to travel back with you, you may wish to consider using couriers or a freight forwarding company and send the item back to your home this way. You will need to shop around and get some good prices before committing yourself. The benefits of using a freight forwarding company over a courier, is that even though they costs a little more, they will take care of all of the paperwork for you and get your item shopped through customs safely. This can also save you a headache at the other end trying to get your item cleared through customs by yourself, there can be a lot of paperwork involved depending on the circumstances.
Insurance
Whether you are looking to travel with the item or ship it separately, you may need to consider taking out additional insurance to make sure that you purchase is covered for loss or damage while you are travelling. If you are using a courier or freight forwarding company, they will be able to offer you additional insurance coverage for a premium.
Be careful
If you go on your holidays to Egypt or other similar countries, you will need to be careful when buying antiques. Some countries will require paperwork and even a permit before they can leave the country so you will also need provenance to prove where the item came from in case it is on a prohibited list. Do not rush into a decision and try and avoid impulse buying as this usually costs you more in the long run. Take your time and find out as much as you can before committing to your purchase. Use a credit card to pay for it and if you have any doubts, reservations or sounds too good to be true, just walk away.
This article was written by Ted Hunter on behalf of Travel Republic. Travel Republic offers some of the best Holidays to Egypt available. Ted is a seasoned traveller having visited many of the world’s travel destinations and enjoys submersing himself in the local culture to gain the true experience of the country he visits.
Buying Art & Antiques On Holiday
