Pound-stretching holiday tips
As the travel season peaks, the British Pound takes a dive against other currencies like the Euro.
In spite of this, demand for travel remains high, especially when it means escaping to sunnier, rain-free climes.
Cheapflights.co.uk, the UK’s leading website for flight price search and comparison, helps budget conscious, sun-seeking holidaymakers manage their travel cash flow while abroad. Whether you turn your sterling into Euros, Dollars or Turkish Lira, you want the money to go towards holiday fun and not banking fees and charges.
“Despite a continuingly bad economy, we’ve found people are still determined to get away. The offering abroad is not only better weather wise, but the cost of travel abroad including flights and ground expenditure is often cheaper than the cost of holidaying in the UK,” says Nadine Hallak, Travel Expert for Cheapflights.co.uk.
Cheapflights.co.uk has researched and pulled together holiday money tips, advising travellers how to get away as cheaply as possible.
BEFORE YOU GO
Avoid airport exchanges: Exchanging money at either your departure or arrival airport is particularly expensive. The best way to avoid getting short changed and make your money go as far as it can, is to exchange currency at a bank or post office prior to travel.
Ordering currency: You can also order and collect your currency prior to departure for 0% commission and a highly competitive exchange rate. If ordering currency, it’s best to do this at least a week prior to departure. The most competitive rates are offered by the likes of Travelex, Marks & Spencer, and the Post Office. As value depends on exchange rates that change daily, customers can compare and even place their order online for the best outcome.
Budget in advance: Research ground costs on average expenditures such as a cup of coffee, a beer, a bottle of wine, a two course meal, to get a rough idea of how much to budget for food and drink. This will help you work out how much money you should set aside for spending while you’re abroad, and how much might be leftover for shopping or activities.
Inform your bank: Most banks have security systems in place, which alert them to any transactions performed outside a customer’s regular banking activity. These measures are intended to protect customers from fraud. As such, it’s advisable for travellers to call their bank before flying in order to avoid being blocked from withdrawal while abroad.
SPENDING WHILE ABROAD
Beat the charges: Avoid being sold short while using your money abroad. Credit and debit cards are often the most expensive source for cash withdrawal in a foreign country. Exchanging some cash before you leave is usually cheaper than withdrawing from an ATM at your destination.
Bank charges for cash withdrawal abroad also vary, so contact your bank prior to departure in order to be aware of any charges you may incur. Limit the number of times you exchange money, as banks charge a commission for this, which means you’ll lose a small percentage on the exchange.
Carrying cash safely: Travellers cheques provide a safe means of carrying cash around. However, they’re not very cost effective and they can be difficult to use, particularly as some shops don’t accept them.
Prepaid credit cards are far more advantageous as, unlike travellers cheques, you’ll only pay commission for loading the card. Mastercard offers an award-winning prepaid credit card option.
Avoid carrying around large amounts of cash at a time. While it is recommended that you withdraw money in advance of travelling, it is advisable to leave some money in your hotel safe, so there is always some extra to fall back on. It is also advisable to wear a money belt. Spreading cash with credit cards in your various pockets/bags helps to minimise risk of loss.
For more travel related money tips, visit: cheapflights.co.uk