When going on holiday there are so many things to remember that exchanging money is often the last thing on your mind, and so you do it last minute not fully thinking about the price you are being charged. But don’t panic, it is not just you that has this habit, thousands of others do it too, and following these quick and simple steps can help you make spending your money abroad cheaper.
Airports
The main rule that you must always follow when exchanging money is to never ever exchange money at the airport, as at this point they know they have you and that you have very little choice to use their exchange rates and charge what they like, which is usually extortionate.
Debit Cards
Another mistake that many people make while spending abroad is to use their debit cards, which is in many cases the worst way in which to spend your money as some debit cards actually fine their users, if they are used overseas.
Credit Cards
The best way to see what charges you will get by using your card overseas is to ask your bank, and they should explain to you how your account works. If you are not satisfied that your card is cheapest to you overseas then there are specialist cards designed for use overseas. These cards then make their money back when people use them in the United Kingdom, so the key thing to remember is to take it out of your wallet as soon as you get home.
Prepaid Cards
Prepaid cards are perhaps best for those who don’t trust themselves with a credit card whilst on holiday, or want to ensure that they stick to a their budget. These prepaid cards are now the modern day equivalent of traveller’s cheques and are easy and simple to use, simply put the cash onto the card and away you go. Another bonus of having a prepaid card rather than a travellers cheque or cash is that if you lose the card you may have to pay a small fee for a replacement card, but you have not lost all your hard earned cash!
Actual Cash
For the actual paper money that you want to take on holiday you can use price comparison sights to compare the different exchanges rates, from your local high street branches to companies that will deliver the money directly to your door. Some even allow for pick up at the airport, which is the one exception to the never exchange money at the airport, because it’s okay if you have per ordered it!
Price Comparison sites
Price comparison sites don’t only have to be used for exchanging money, they can also be used for anything from travel insurance, to hotels, to cheap flights with flight comparison websites like Momondo. These sites can be a great way to save money from the very beginning of your holiday!