Heading abroad? Get travel money savvy

Holidaying Brits racked up a massive £122m in unnecessary credit card charges last year. The figure, although high, is unsurprising once you take into account all the fees your bank credit/debit card charges.

Michelle Slade, analyst at Moneyfacts.co.uk agrees, “In the UK we are so used to ‘free banking’ that many people assume things will be the same when they go abroad. This can be a costly mistake as additional charges may well apply; both for taking money out of a cash machine and for making purchases in store”

Indeed, just using your bank plastic to withdraw your own money can cost you anything from £1.50 to £5. Even what used to be the best of the bank plastics, Nationwide, has announced that it will be scrapping its Flex card and replacing it with a card that can’t be used for overseas ATM withdrawals.

So how do you get your pounds to go further and avoid paying these unnecessary fees? The answer is simple. Break away from conventional travel money options and get a prepaid currency card. Coined ‘travel money on a pay-as-you-go plastic’, a prepaid currency card offers travellers genuine value for money and added security.

James Hickman, managing director at Caxton FX says, “Prepaid currency cards are a holiday must have. It’s not only a hassle free way of carrying your holiday cash; they also act as a great budgetary tool. With a Caxton FX prepaid currency card, you know exactly how much you are spending and as there are no overseas ATM fees or transaction charges, it takes away the shock of discovering that you’ve been charged and overspent.”

Available in euros, dollars or sterling (Global card), all Caxton FX cards are prepaid MasterCards meaning they can be used anywhere you see the MasterCard acceptance mark, whether it be online, in store or at an ATM.

For more information, visit: caxtonfx.com