Sort your holiday finances early or you could end up getting stung
Analysis by moneysupermarket.com shows that by doing a bit of financial preparation before going abroad this bank holiday, UK travellers could have an extra £94.00 to splash in the sun, especially important this summer as sterling struggles against the Euro and the US Dollar.
Avoiding the bureau de change at the airport is the first step towards saving. Travellers exchanging €1,000 with OnlineFX in advance would pay £978.79, saving them £53.00 compared to someone who purchased their euros at the last minute from the Travelex at Heathrow airport.
Using debit and credit cards abroad can be expensive and the way in which providers charge for usage varies enormously - whether they're withdrawing cash or spending on the card. The best option for savvy consumers is the FairFX prepaid currency card that charges no fees and offers 1.15 rate of exchange. Using the FairFX prepaid card instead of their normal credit card could save travellers £41.00 when making ten €100 cash withdrawals throughout their holiday.
Kevin Mountford, head of banking at moneysupermarket.com said: "For those looking to get their hands on some foreign currency before they travel, it's worth remembering that they'll rarely get the best deal at the airport. Instead consumers should shop around beforehand to ensure they're getting a competitive rate and not getting stung with high commission fees.
"Those that are clever enough to plan ahead, ensuring they have the right plastic abroad can save holiday makers a pretty penny. The market leading prepaid cards from FairFX or CaxtonFX have no purchase, withdrawal or foreign loading fees and can be topped up online or over the phone for free with a debit card. Consumers can stick to their budget and use the card as often as they want, without worrying about racking up huge charges.
"For consumers that don't want to take out a specialist prepaid cards, there are regular products available that offer free withdrawals and purchases abroad. The Nationwide or Santander current accounts for example offer a great exchange rate and have no charges for card usage in the European Visa Region.
"Alternatively if you are looking to send large sums of money overseas, currency specialists like HiFX offer a safe, secure service and excellent exchange rates that avoid the charges levied by most banks. Ultimately, a little bit of preparation and an understanding of the options available are worth their weight in gold for the tuned in tourist this summer."