You’re going on holiday. Hooray! With your bucket and spade, factor 30 sun-cream and brand new beach towel at the ready, don’t forget your European health insurance card and travel money. Having spent hundreds, if not thousands, of pounds paying off the holiday, getting the best deal on your travel money is more often than not on every holiday makers mind. In order to get the best deal on your travel money this winter or for next year’s summer holiday abroad, take into consideration our top tips.
Monitor the exchange rates
One of the best ways to get the best deal on your travel money is by watching the exchange rates. You can use this information to make an informed decision as to whether or not to withdraw your holiday money now or at a later date – which is why it is so important to keep a look out for the best exchange rate in the upcoming weeks to your much-deserved break abroad.
While the Post Office and your bank are convenient outlets to visit when you are short for time, they should only be used as a last resort. You can find much better rates elsewhere using online comparison sites. Here, you can find the best competitive rates and find all the relevant information you need in one place from reputable providers.
Before you walk into your local travel agent, consider purchasing your travel money online as expert foreign exchange providers often offer much better rates online than in store! Plan in advance before you travel and order cash online to pick up in store or to be delivered through the post. This way, you can compare the overall cost of exchanging your currency to find the best one available.
Prepaid cards are great for several reasons. Not only are prepaid cards a great alternative to carrying wads of cash around in your pocket, but your travel money will be secured at the exchange rate on the day you bought the card. You won’t have to worry about the exchange rate fluctuating throughout your time abroad and you can buy it before you fly! But, be sure to find out if your prepaid card has any limitations, such as hidden charges or purchase costs.
Ignore the hype
While travel money providers offer benefits such as ‘0% commission’, ‘guaranteed rates’ and ‘best rates on the high street’, these are often misleading or false. For example, despite the fact that 0% commission sounds like an added bonus, rates can be less because commission is hidden in the exchange rate margin. So really, the only and best way to get a fantastic exchange rate is to shop around and check out the current rates. It might sound like a great deal, but we can almost guarantee there will be a catch or you won’t benefit at all!