How to Make the Most of Your Summer Holiday Travel Money

You only have one chance to make a memorable holiday this summer. In truth you may have more than one, if you’re lucky enough to get away multiple times. In either case, the last thing you need are travel spoilers, interfering with your summer travel plans. Working out your travel money ahead of time can ease worry and ensure trouble-free travel abroad.

Using Travel and Debit Cards Abroad

There are many ways to pay for holiday purchases. If you’re unsure which payment method suits your holiday spending needs, answering a few questions can help you work out the best method for making payments whilst travelling this year.

Where are you going? What type of holiday is it – all-inclusive, etc.? How many people are traveling together? Will you borrow money online to fund your trip? Or do you have cash reserves saved for travel expenses? Answers to these and other questions can help point you to the best approach, accounting for holiday expenses abroad.

Be Clever With Your Cash blogger, Andy Webb, recently shared some of his proven travel tactics, offering insight about various holiday payment alternatives. Among the many worthy payment options he explored, travel and debit cards furnish convenient methods of payment for many UK travelers making holiday abroad. According to Mr. Webb, you can save hundreds of pounds, just by selecting a cost-effective payment method for your summer holiday.

Normal bank cards add a number of charges when cards are used by holidaymakers abroad. Card companies usually include a markup of around 3 per cent on the exchange rate, often called a load fee -and it’s just the beginning. You may also pay a transaction fee each time you use your card. And when you access your funds by way of a cash machine, there’s another separate charge added, for using the machine.

With proper research and a little good fortune you may be able to avoid many of the add-ons charged by your normal bank card. The right travel card can yield £40 or more per £1000 of travel cash, compared to changing your money at the airport – simply by signing up ahead of your holiday. Some of the best travel cards offer a nearly perfect exchange rate.

Do You Need Travel Cash?

Cards are an indispensable convenience when travelling, but you may also need some travel cash. Credit isn’t accepted everywhere, so you don’t want to get caught out on holiday. Paying with local currency can increase your spending power, because you’ll get a poor exchange rate paying pounds.

Changing cash at the airport is one of the most common travel mistakes, costing holidaymakers a great deal of money. Although it’s accessible and convenient for air travelers, airport exchange rates are poor. It’s better to work out your travel cash ahead of time.

If you’re not sure how much cash to take, consider some of your ground expenses on arrival, such as transport and incidentals. You want to have enough cash on hand for your immediate needs, plus a cushion for spending where credit cards are not accepted. You may worry about your cash, if you bring too much, so try to avoid carrying an amount that makes you uncomfortable.

For guidance finding the most cost-effective bureaux de changes, try using a web comparison tool that publishes exchange rates. When you show up for the transaction, exchanging cash yields a better rate than buying currency with a credit or debit card.

Using cash machines abroad is notoriously expensive for UK bank card holders. Unlike machines at home, you can expect to pay a premium, using the convenience abroad.

Holiday expenses add up on their own – there’s no need to further inflate the cost of summer travel with excess fees and add-on travel cash charges. Advanced planning and research can help you find affordable travel cash, provinding the money you need for summer holiday fun.

Paul graduated in 2001 with a degree in Finance. Since then he has gone on to work for several of the UK's most well-known financial institutions.

An avid blogger and a huge football fan, Paul is here to guide you through the ins and outs of personal finance and perhaps save you some money in the process!

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