When it comes to holidaying most of us like to indulge and treat ourselves for a week or so. However, eating out every evening, visiting attractions and any other activities you like to do whilst away can easily add up, so you need to be quite savvy with your travel money.
It’s all about preparation and taking a day or two before you jet off can be well worth it. This gives you time to determine how much you’ll need, where you can get the best deal and then plan out the activities while you’re away. It’s all about making your money last, so here is our guide to making your holiday funds go further.
Choosing the best exchange rate
Getting the best exchange rate can be a bit of a minefield so the best option is to shop around. Many comparison websites offer a detailed list of what vendors offer which rates, but bear in mind that this fluctuation can change on a daily basis.
You need to be looking at companies that offer zero per cent on commission as this will eat into the overall value of your currency. Before deciding which one to choose, check currency converter XE.com, which will tell you the accurate exchange rate at the moment. While companies won’t be able to give you a like-for-like rate, it will provide an indication of what to get close to.
Many companies will offer both internet purchase or in-branch exchanges. The former tends to come with a minimum spend and many will charge for delivery or, alternatively, you can simply pick up in store.
In some cases you can get a better rate if you sign up to a special card. Don’t forget to purchase a buyback guarantee to get a fixed rate should you need to convert some funds back into pounds.
Invest in a currency card
In years gone by holidaymakers would have taken extra cash in the form of traveller’s cheques. These tended to be accepted in a wide range of shops and businesses as alternatives to credit and debit cards as well as when there was a lack of ATMs. However, times have changed.
Prepaid currency cards have become more frequently used for example Monarch Prepaid MasterCard® Cards. Travel money is loaded onto these cards allowing you to pay for transactions in shops and restaurants where the MasterCard Acceptance Mark is shown. The cards remove the need for carrying around large sums of money.
There are two types of card available: the Eurozone Card which is designed for spending in Euros and Worldwide Card which is loaded in GB Pounds and can be used for spending in any foreign currency.
These easy and free to order cards have a minimum load of €10/£10 and are delivered direct to your door. Just sign the back, ring up to activate and get your PIN and you’re ready to go. The card can be topped up online whenever you need more spending money .
This card can help you keep track of your finances and avoid splurging that little too much, unless you want to of course, and slips right into your wallet.
Be financially savvy
You can get the best exchange and have your cash cards loaded up but one of the most important aspects of making your travel money go further is by being financially savvy. This is where your planning before the holiday will come to fruition.
Perhaps set a budget for each day and decide how much money you want to spend. Obviously, you can factor in spontaneity as there will be moments when you see something you simply have to have, or want that extra cocktail as the sun goes down.
Beat the tourist traps of main squares, crowded places and get off the beaten track to find some delightful, and often affordable, restaurants. This will help you swerve the high priced places that charge simply because you are in a fashionable spot.
Being financially savvy is much more than just setting a budget, you need to be aware of any potential extra charges. Only withdraw cash from ATM machines unless it is absolutely necessary as it can incur fees and not very good exchange rates.
When making transactions on debit or credit card, typically when paying for a stay in a hotel, you may be asked whether you want to pay in pounds or the local currency. Always opt for the local currency as paying in pounds will mean the merchant can charge you their own exchange rate for the transaction and may add an extra fee.
With the right planning and preparation, your travel money can be a piece of cake.
MasterCard is a registered trademark of MasterCard International Incorporated. The Card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to licence by MasterCard International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under
The post Making your travel money go further appeared first on Monarch Blog.