One of the main ways to save money when travelling is to organize your travel money before you leave. Travel money can be tricky to plan for as you may not know how much you need, however there are a couple of vital tips to help ensure you get the best currency deals and don’t fall victim to overseas charges.
All banks and credit cards have different rules and allowances for using your card abroad; something many of us are completely unaware of. This can result in being welcomed home with a significant bank bill. However, it’s easy to avoid any extra charges by contacting your bank or credit card company prior to your departure. Ask the bank or credit companies to give you a specific breakdown as to what charges may apply if you were to use your card abroad and how you may acquire these charges. Some banks charge you for drawing out cash at ATMs but won’t do so for a debit card transaction. It is vital to find out this information before leaving to make sure you don’t incur any unnecessary charges. It is also important to ask your bank what rate they offer for cash withdrawals, as it has been found that if you are with a bank who does not charge for foreign withdrawals you may get a better currency deal than if you exchanged the money up in a UK store.
If you do decide to take cash with you on your trip be sure to shop around to make sure you get the best currency deals. Research has shown that airports charge between 3 – 6% more on foreign currency than highstreet retailers, meaning you will get less for your money if you exchange at an airport rather than a highstreet retailer. Getting the best Euro rates can involve a fair bit of research as this is one of the most competitive currencies, however, just allow yourself time to shop around so you don’t rush into anything and you can be sure to get the best rate for the Euro available.
There are several companies online that offer some of the best currency deals around. This mainly applies to customers spending over £450, but they also offer free next day delivery. So even if you’re in a hurry you can still take advantage of the best currency deal available.
Remember, one of the best ways to save money when travelling is to fully arrange and prepare your travel money prior to your trip.
Copyright © 2012 Monica Martinez