Travellers to Israel have typically taken in the tourist sites, such as Jerusalem, Nazareth and the Dead Sea.

However, all that is about to change, thanks to the introduction of the Hidden Gems guides.

According to Ravi Shalev, director of the Israel Government tourist Office in the UK and Ireland, travellers will explore unspoilt regions of the country.

He told ABTA magazine that people will soon be able to visit "the dramatic white chalk cliffs of Rosh Hanikra in Galilee; the Negev Desert to spend an evening among the Bedouin tribes; or the Judean Hill to sample wines from up-and-coming Israeli wineries".

Even without taking an official Hidden Gems tour, it is possible to discover unexpected jewels in Israel.

The Caesarea Underwater Archeological Park is a brilliant opportunity to explore ancient shipwrecks and a submerged Roman port.

For a slice of cosmopolitan cafe culture, head to Haifa.

The town is a tolerant amalgamation of Arab and Jewish influences, and it offers some of the most dazzling hilltop views in all of Israel.

Finally, don't forget to submerge yourself in the therapeutic waters of the rapidly disappearing Dead Sea.

The water level is dropping at a rate of one metre per year, so it won't be around much longer.

Posted by Huw Jenkins

Eat, Pray, Love is a well-known memoir about the author's adventures in Italy, India and Indonesia.

The "Love" part of the book takes place in Bali, where the author finally finds romance, and it's not hard to see why.

Bali is almost synonymous with beauty thanks to its lush landscape of jungles, beaches and reefs.

As such, it is the perfect place to take your loved one.

To avoid the tourist crowds in the South, head to stunning Ubud.

It is the cultural heart of the island with its many temples, ancient sites and music shows, and is also home to some of Bali's best eateries.

Head to Bumbu Bali Restaurant for an intimate dinner for two.

Further up the north coast, watch the sunset over the undisturbed dark sands of Novina beach.

For a low key paradise, consider taking one of the fast connecting boats between Bali and the Gili Islands.

These islets are the ultimate secluded paradise – imagine powder-white sand, turquoise ocean and brightly coloured corals.

Plus, the ban on motorised transport makes for an unbelievably tranquil atmosphere.

Posted by Huw Jenkins

There was very little data out in the UK yesterday as the market looked towards any potential developments in Greece. The Chairman of the US Federal Bank was also speaking yesterday. Sterling weakened against the euro and the Swiss franc as rumours circulated surrounding finalisation of the current Greek bailout package. Very little data out in the UK today as the market once more awaits developments in Europe and tomorrows meeting of the Bank of England. Call in now for the latest update and the latest news.

In the Euro zone yesterday the main focus remains on Greece. The euro strengthened across the board due to a Greek government official stating that Greece was working on a final bailout document. The Greek Prime Minister was also due to meet with party leaders at 19:00GMT last night and the expectation was that an announcement would follow covering the details of a loan deal. Greece must complete the full package by February 15 to allow time for the legal procedures to be completed before the potential default day on March 20. Data released yesterday confirmed that the French trade gap had widened to record levels; but, the figures were actually better than many had expected. German industrial production data was also released which came in much worse than expected. The German Finance Minister sought to quash rumours that had been circulating, categorically stating that Germany and France are not working towards pushing Greece out of the EU; however, he did confirm that Germany opposes adding to Greek bailout and that €130 billion is the limit. Out today there is data on the German trade balance and French Government budget balance. Call in now for the latest update and the latest news.

The Chairman of the Federal Bank spoke yesterday in the US, debating the US’s economic policy with the Senate. The Chairman commented on the state of the economy stating that the recovery is still “frustratingly slow” and that the recovery would last a couple more years; but, he expects a more robust recovery in 2012. The Chairman also mentioned that the Federal Bank expects inflation to “remain subdued” and that it is likely to be below 2% in 2012 and 2013. Furthermore, on the back of positive unemployment data out at the end of last week, he stated that the labour market has “improved modestly” in the past year; but that there was a “long way to go” before the job market started running normally again. A Crude Oil inventory is the only significant data out of the US today. Also a member from the Federal Open Market Committee (FOMC) is speaking later today. Call in now for the latest update and the latest news.

Elsewhere, the main news that took the market by surprise yesterday was the decision by the Reserve Bank of Australia to keep interest rates unchanged at 4.25%. This resulted in the Australian dollar strengthening significantly through the morning with both the £/Aus$ and €/Aus$ exchange rates hitting an all-time low. Also out yesterday, Canada’s building permits came in much better than expected and the Swiss National Bank’s Interim President reiterated that he won’t tolerate the market breaching the €1.20/Chf1 peg. Out today is the release of housing data in Canada and late in the evening see’s the release of unemployment data in New Zealand. Call in now for the latest update and the latest news.

To get a live exchange rate and quote for your money transfers,
please go to www.fxcompared.com/smart-currency-exchange

Email: fxcompared@smartcurrencyexchange.com

If your company needs to transfer money overseas, the please
visit our pages for corporates using the link below:

http://www.fxcompared.com/corporate-money-transfers/smart-currency-exchange/

It seems that the traditional British summer holiday may soon be a thing of the past, thanks to the increasing popularity of the springtime getaway, or 'Maycation'.

According to savings provider ING Direct, more than 13 million Brits will take a Maycation this year.

In contrast, the number of people going on holiday in the summer is expected to fall from 13.2 million in 2009 to 11.9 million in 2012/13.

This is thought to be largely driven by the cost of going away during the peak months.

ING Direct chief executive Richard Doe said: "It’s understandable that families are choosing not to go on holiday during the summer months when they can get away in the spring for much less and save money."

According to the savings provider, the average family can save almost £900 by taking a "spring break" rather than a summer one.

Of course, another reason that Britons are reluctant to leave over July and August could be due to the London Olympics.

As Mr Doe says, one of the most iconic sporting events in the world is "taking place on our doorstep" and many will not want to miss out.

The Games will take place from July 27th to August 12th.

Posted by Emmanuel Addy

Headlines:

• All eyes on Europe for potential resolution on Greek debt issue
• Euro rises vs majors on rumours Greek debt draft is finished
• Sterling hits 12 week high versus US dollar on gain in risk appetite
• Greenback sold off across the board as risk appetite increases

US Dollar:

The dollar was driven lower across the board yesterday which continued overnight with Asian equities opening to the upside and moving higher throughout the session following a positive lead from Wall Street. The catalyst was growing optimism over a Greek agreement with the Troika giving a boost to risk appetite. Risk sentiment got a further fillip by a WSJ report which stated that the ECB are to make concessions on Greek debt, which helped buoy risky assets including the euro and commodities. The dollar gave up over 1.2% against sterling as cable rallied over the $1.59 handle. Cable maintained a tight range during the session floating around the 1.59 level despite the release of softer BRC shop price inflation which slid its lowest point since March 2010. EUR/USD traded with quite a narrow range as investors remained cautious as they awaited the outcome of the Greek meetings, although got a lift to move above the six week highs of 1.3270 on the approach to the start of the European session, with EUR/JPY also rising up through the 102.21 level to a fresh seven week high. USD/JPY ticked higher throughout the session rising up through the 77.00 handle to hit a high of 77.16. Be aware that there is speculation that intervention by the central bank in Japan may have been a factor on USD/JPY movements.

Pound:

Sterling was swept along for the regular euro ride yesterday as we saw GBP/EUR slide throughout the afternoon session on the back of reports a draft was being composed on agreeing how the Greek debt issue will pan out. A full cent was lost as the pound fell below the 1.20 handle with the euro benefiting from light at the end of the debt tunnel. Sterling also took a hit on the back of weak economic data in the form of UK shop price inflation, which fell to its lowest level since March 2010. The rise in risk appetite also hurt the pound, as the euro was the main benefactor of investor confidence as players turned their back on the dollar and sought the battered euro. The flip side of this was a surge in cable strength which sent GBP/USD flying through the $1.59 handle. Overall GBP/USD gained over a cent to hit a 12 week high of $1.5924. Some positive data did emerge from the UK in the form of KPMG/REC’s survey on permanent job placements in January, which increased, the first expansion since last September.

Euro:

A storming day for the single currency yesterday saw it roar back against both the pound and US dollar. The euro rose to it’s highest level in eight weeks against the dollar as Greek officials and creditors worked on the final draft of an agreement on budget and structural measures needed to free up a second aid package. The 17-nation currency strengthened as Prime Minister Lucas Papademos prepared to meet with the European Commission, the ECB and the IMF to put the final touches to the document. Euro-dollar has driven up through $1.3250 and is taking other currencies such as sterling with it because people feel this thing just may be resolved. In the end, the euro politicians will strong-arm the Greeks into the austerity measures. The euro rose 1 percent to $1.3261 at 5 p.m. New York time after touching just over $1.3270, the highest level since Dec. 12. The euro gained 0.75% versus sterling, sending the currency pair to 0.8354 and 0.2 percent versus the Swiss franc. It rose to 1.21019, breaching the 1.21 mark for the first time since Jan. 25. A government spokeswoman said a meeting between Papademos and the leaders of the three parties supporting his government was postponed till this morning. Lets see what happens later today as we are probably set to see another choppy day in the FX markets.

General:

Commodity currencies such as the Aussie, Kiwi and Canadian dollars and the South African rand strengthened yesterday as risk appetite returned firmly in the finance markets, with hope a deal is soon to be done on the ongoing Greek debt saga. 

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EURUSD hits 2 month high on hope that deal to be signed soon

 Another deadline missed and still no agreement on the Greek debt situation. A meeting planned between interim PM Papademos and other political leaders failed to materialise and was rescheduled for later today. This is now becoming a parody of itself and were it not for the March 20^th line in the sand (a EUR14.4bn bond redemption) this could be dragging on past Christmas.

Despite the delays, a comment by a Greek government official that the government was drafting an agreement on the bailout deal for approval later in the day moved EURUSD to an 8 week high and saw cable retrace back into the 1.59s. As we said yesterday, the pricing in/out of a default or deal is very liquid at the moment and the “path of most pain” is EURUSD higher from here to possibly 1.35. This has made sure that although there has been no bad news from the UK in the past 24hrs (BRC retail figures apart, which were largely brushed off) that GBPEUR finds itself below the 1.20 level.

As it stands at the moment in Greece it looks like members of the ECB/EU/IMF troika are looking to meet the individual party leaders separately before they come together later in the day. Whether they are using “enhanced negotiation” techniques cannot be confirmed and the similarities with prisoner’s dilemma is startling! Risk does point to markets moving higher today and a deal from Athens, or some positive move at least, could be the catalyst.

The Swiss National Bank reiterated its desire and stalwartness to keep the EURCHF floor imposed at 1.20 yesterday with interim Chairman Jordan stating that the bank will not tolerate a break of that level. EURCHF has rallied from the lows that it’s seen in the past few sessions as investors try to test the Bank however they are having none of it. There were rumours that the speech would coincide with a move of the floor to 1.22 but that turned out to be false. We do expect the floor to rise over the year, however, as the pressure on the Swiss economy grows.

The plan for today is very much the same plan as we have had for the past couple of days: watch out for Greece. The Dutch PM went a little off-piste yesterday by admitting that the Eurozone would survive without Greece and that the possibility had been discussed. Juan Manuel Barroso attempted to row these back by saying that all of Europe “wanted Greece in the euro”. One sounds true, the other false; I’ll let you guess which one.

The structured data for the week starts tomorrow with the Bank of England and European Central Bank meetings. For instant reaction to Thursday’s Bank of England and European Central Bank announcements you can join our webinar on Thursday at 2pm. It is free and we will be looking at what sterling’s prospects are for further gains in the coming months. You can register here

 A German bond auction is the only real news in the debt markets today with a 5yr auction from Germany at 10.15 GMT.

There are few places in the world that offer as many opportunities to get close to nature as Mozambique.

Not only does the African country host abundant national parks, with opportunities to glimpse large game such as elephants and lions, it also boasts reefs rich with marine life.

Last week, there was even a rare sighting of land and sea life coming together, when an elephant was spotted frolicking in the ocean off the coast of  the Nampula Province.

At the award-winning Gorongosa National Park, visitors can go on a safari to see elephants, zebras and hyenas, as well as giant Nile crocodiles.

Snorkellers and divers should take time to explore the Bazaruto Archipelago.

Once described as the "ultimate tropical paradise" by Lonely Planet, the turquoise waters teem with colourful fish and manta rays.

Similarly, the Quirimbas Archipelago is home to some great diving sites, but is equally suited to simply lazing under a palm tree or wandering among its charming buildings.

Posted by Emmanuel Addy

Overseas money transfers are big business for banks and turn them a tidy profit. But if you want to save money, when wiring a large sum of money abroad, the best option is usually to dodge your bank and use a Foreign Exchange (FX) broker.

For individual customers, buying a property abroad is likely to be the biggest foreign exchange transaction, but other transfers for holidays, emigrating or investing in business can also mean large sums of money being transferred to various countries.

In order to get the best deal for your money, it is important to shop around. A small percentage difference in the rate can result in large savings.

Overseas transfer: We guide you through getting the best deal for your money

For example, if you are a buying a home for £200,000 and you can find an FX firm offering an improvement of just 1 per cent, you would save £2,000.

This is Money talks to Emmanuel Addy from www.fxcompared.com who advises how to get the best deal, the important details to watch out for and why you shouldn’t use your High Street bank for overseas transfers.

The FX comparison website was originally created as part of a project funded by the UK government’s Department for International Development (DFID) to assist migrant workers sending small amounts of money home to friends and family in emerging markets.

How do I go about finding the cheapest way to transfer £100,000?

A good starting point is to ask your bank for a quote. It is unlikely to offer the best rate, but it does give you a benchmark – also, it may offer you special discounts or offers for being an existing customer.

You should then check the rates and services that are offered from a range of top FX providers – www.fxcompared.com is one such comparison website to do this.

According to Emmanuel, it provides visitors from around the world with an independent and transparent comparison of the best value services.

He adds that it caters for any amount of the mainstream currencies and demonstrates the considerable savings that can be made compared to banks.

The website takes into account factors including fees, exchange rates (updated real-time), amount received, speed and method of transfer.

Looking at the website on the morning of Monday February 6 2012, a £100,000 transfer to Spain offers a large difference between FX firms and High Street banks.

For instance, using The FX Firm – which according to www.fxcompared.com is FSA registered (this is very different to regulated, as we mention further on) – will get you €120,175.53. However, the same amount via Halifax will get you €116,062.13 with a £9.50 fee.

Are all of the FX firms regulated (If one goes bust, will I get my money back) and are they covered under the FSCS scheme? 

People need to carefully select their currency specialist. The collapse of Crown Currency in October 2010 left some 13,000 clients about £20million out of pocket as it did not have client segregated accounts.

According to www.fxcompared.com  the currency brokers listed in its tables are Financial Service Authority (FSA) authorised payment institutions (or the equivalent within their respective country of operation), have an extended history of successful operations and have excellent client reviews and customer feedback.

Given the fact that there are hundreds of currency specialists in the UK, with this number growing over time, the companies listed in its tables are handpicked based on extensive review of their operations and company profile.

All the companies listed also have segregated client accounts which means funds are ring-fenced separately and are safe should anything happen with the FX company. But don’t take someone else’s word for anything before committing a large sum of money, check an FX service out first with the FSA yourself. [www.fsa.gov.uk or 0207 066 1000]

Below are a few tips to bear in mind when dealing with a foreign exchange broker:

• Avoid companies that don’t require you to provide any identification documents. These are required by law and this could suggest the company is not a registered Money Services Business. You can check the register of money service businesses at HM Revenue and Customs.

• Avoid companies that are offering a rate the same as the interbank market rate or above it. This would mean the company is not making money or is losing money on your transaction. Although this might seem like a good thing, it may mean the broker is speculating to make a profit or it could mean it is making losses which might threaten their solvency.

• Only deal with brokers who operate client segregated accounts, that way you’ll know that your money is safe. It will be able to confirm who its bankers are.

• Don’t be afraid to ask questions to satisfy yourself you are dealing with a reputable company. It is after all your money.

Currency exchange firms, unlike banks, are not covered by the Financial Services Compensation Scheme (FSCS) so if something does go wrong, you cannot be guaranteed to obtain full compensation, like the situation which hit customers of Crown Currency in 2010.

But bigger businesses – those trading over €3million a month – must be authorised by the FSA. A little research should prove how stable a currency firm is and show if it has ring-fenced funds.

Crown Currency was an exception to the general FX situation. Currency orders from the majority of online providers are immediate, with currency sent out on receipt of payment. Crown offered an advance ordering service with very attractive rates – even for travel cash – which meant that it held many customers’ funds for periods of up to nine months.

Compare online: Fxcompared allows you to source out the best deal for your overseas transfer

Why shouldn’t I just use my High Street bank?

Whether for one-off payments such as buying a property or regular payments such as income, pension, monthly bills or repatriating salary, you will almost always get more for your money by going through a specialist currency dealer, according to Emmanuel. 

Most consumers will traditionally use their banks to make international payments without understanding that there are alternative financial products available. It is estimated that 90 per cent of overseas currency transfers are done via banks.

However, banks add a considerable margin to the exchange rates when trading foreign currency and historically charge a fee for the transfer (usually somewhere between £10 – £40).

This substantially reduces the amount of foreign currency being received. So if you are making regular monthly payments say for an overseas mortgage, the fee for each transfer also mounts up.

Service is important too. Currency specialists will advise on the best time to make your transfer so that you make the most out of your money, given the global financial crisis and the often dramatic fluctuations in exchange rates.

In short, there are other options to transfer money globally that are cheaper, offer better exchange rates and afford the same security as banks.

How do FX firms manage to offer a better deal?

For high value transfers, the difference between the cheapest and most expensive way of sending money can run into thousands of pounds.

Most High Street banks charge about 4 per cent more than a currency specialist and also charge a transfer fee that can be anywhere between £15 – £40 for each transfer.

So for an overseas property purchase of £100,000 that’s a massive £4,000 difference.

Currency specialists make their money on the difference between the rate it buys the currency and the rate it offers the consumer.

This is a premium on the interbank rate, which is the rate at which banks buy and sell to each other. For currency specialists this is around 1 per cent, whereas High Street banks will charge about 4 per cent.

Specialist currency dealers can also take the hassle out of money transfers by advising on when the best time is to make your transfer given the fluctuations in exchange rates.

How long will a transfer take?

Typically, transfers with currency specialist take between 1-4 days.

What if I need to transfer the money instantly (or within one day?)

For smaller amounts of several hundred pounds there are money transfer organisations where you can take your money into an agent, make a transfer and the recipient can collect the funds in the local currency.

Western Union offers consumers the service to take the cash into any of their branches or agents and for the funds to be collected by the recipient within 30 minutes.

Western have also recently launched a direct to bank service which allows you to deposit money directly to a qualifying bank account within a maximum of 3 business days using a credit card.  

It is worth remembering that if you are sending smaller amounts of money on a regular basis, it is worth saving up so that you send as infrequently as possible to reduce the number of times you have to pay fees.

Read more: http://www.thisismoney.co.uk/money/holidays/article-2097143/Transferring-money-abroad-house-purchase-business-emigrating-How-send-money-overseas-cheaply.html#ixzz1lhSfBuEZ

Sun-worshippers planning a break in Europe usually head straight for tried-and-tested destinations such as Spain and Greece.

However, Bulgaria's beaches are fast growing in popularity.

The Black Sea Coast offers long stretches of golden sand.

Some parts are more developed than others – for a more unspoilt experience, head to the quieter areas of coastline at Sinemorets.

In Varna, the attractive and unofficial regional capital, there are plenty of cocktail bars and beach parties for those in search of a livelier scene.

Aside from its beaches, there are plenty of other attractive sites to see in Bulgaria, from historic architecture to national parks.

The beautiful Rila Monastery is a Unesco-listed building dating all the way to the tenth century.

Sofia, the cosmopolitan capital, boasts plenty of stunning churches and museums to keep history lovers occupied.

If you prefer hiking to history, the Pirin National Park is a must-see.

The 27,000-hectare World Heritage site is a hiker's paradise populated by waterfalls, forests and glacial lakes.

Posted by Emmanuel Addy

Headlines:

• Sterling steady against euro as Greek talks drag
• Greece in talks with international lenders
• Dollar eyes Greece for next move
• Aussie advances to six month high as RBA holds rates

US Dollar:

The better than expected US Non-Farm Payrolls last Friday, resulted in positive gains for the USD to close out the week. 243K jobs were added to US payrolls in January, in yet another sign that the American economic recovery is progressing. Unemployment dropped to 8.3% percent as a result, its lowest level in almost three years. Turning to this week, both European and US news will likely determine whether the dollar can extend its bullish trend. On the European front, Greece’s inability to reach a deal with its creditors has raised concerns that the country could default on its debt. Traders will want to continue paying attention to any announcements out of the euro-zone. If a Greek deal is not finalized in the coming days, the USD could see further gains as a result. With regards to US news, the most significant event at the moment will likely be a speech from Fed Chairman Bernanke today. The dollar is currently trading at $1.3140 against the single currency and $1.5820 against sterling.

Pound:

Sterling was steady against the euro and the dollar yesterday as Greek politicians struggled to find a consensus on bailout terms, heightening anxiety over the debt crisis in Europe and lending support to the U.S. currency. A recent run of positive UK economic data gave some support to sterling, though dealers said it was unlikely to dissuade the Bank of England from announcing an increase on Thursday in the asset purchase programme that has been weighing on the pound. In the meantime, events in the euro zone continue to drive currency movements. The Greek government and party leaders are yet to agree on what conditions they are prepared to accept in exchange for a second bailout. They must do so before euro zone finance ministers next meet, a government official said, countering reports that a deadline had been set for today. A strong run of closely watched Purchasing Managers’ Index (PMI) data last week suggested Britain could dodge recession early this year. But the Bank of England is expected to remain cautious and adopt another round of quantitative easing when it meets this week. Currently, sterling is trading at around 1.2040 aginst the euro.

Euro:

Greece has held further talks with its international lenders, as discussions continue on more austerity measures. Finance Minister Evangelos Venizelos said the negotiations in Athens were “so tough that as soon as one chapter closes another opens”. He was speaking after meetings with EU, International Monetary Fund and European Central Bank delegates. Negotiations between Greece’s coalition parties on new austerity measures have been delayed until today. Two of the largest public unions are going on strike today as well, reflecting widespread opposition to the current cuts. French President Nicolas Sarkozy said time was running out for a deal. ”Greece’s leaders have made commitments and they must respect them scrupulously,” he told a press conference in Paris. Greece was bailed out once in 2010 and again last year by the EU and IMF. Athens needs money from the latter bailout – £108bn; $171bn of funds – and help from private lenders to avoid a debt default. The country faces loan repayments to private lenders of 14.4bn euros on 20 March, but it cannot currently afford to pay. A European Commission spokesman said Greece was already “beyond the deadline” to end the talks.

General:

Australia’s dollar surged to the highest in six months after Reserve Bank policy makers unexpectedly left interest rates unchanged and signaled optimism global economic growth will strengthen. The so-called Aussie climbed against all 16 major peers after central bank Governor Glenn Stevens said sentiment in financial markets “generally improved” since December.

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