3 Tips on Making your Holiday Money go Further
It is getting to that time of the year where we are looking forward to heading off to sunnier climes and the obsession with 'so how much has that pint cost me in our money' gets ever closer.
With global economics weakening the Pound against the currencies we mostly spend when we go on holiday, namely the Euro and US Dollar, making our good old British pound go further is a must when you hit the runway in your holiday destination. So how can you do it? Here are three tips...
Tip 1 - Pre Order Your Currency
Most of the best foreign exchange rates are offered when you pre-order your currency money. Do this a couple of weeks in advance and this will get you a much more favourable exchange rate. Your bank or the post office usually offer the most favourable rates on the high street so that is a good starting point. HOWEVER, do not wait until you get to the airport to get your currency. We have had a look at the difference between pre-ordered money and money 'at the airport' and the difference is sizeable, so get planning! A site like www.travelmoneymax.com will be able to compare the best currency rates for you.
Tip 2 - Choose The Local Currency
With the trend of paying for more and more on our debit and credit cards, when paying for something overseas, you will get the option to choose to pay in the local currency or your home currency. Choose the local currency and not your home currency as this will typically save you money due to the fact that the exchange rate you get if you choose your home currency is up to the bank or the restaurant/shop you are spending money in. There can be a difference of up to 5-7% between the foreign bank and your own and also watch out at the cash machine where the difference can be 10%.
Tip 3 - Keep the Plastic in your Pocket
Paying on Credit Card when you are abroad is more expensive than using cash and not just if you do not pay the credit card bill. Typically most credit card providers will charge you a 'non-sterling' transaction fee if paying in a foreign country and this can be up to as much as 3% of the money you have spent, so not only will you pay the exchange rate but also the transaction fee aswell. Keep your plastic in your pocket and pay with good old cash.
So, keep your money on your mind, enjoy the Sun, Sea and Sand and for more information or for any questions do not hesitate to contact Fortem Financial Education on 01256 345630 or firstname.lastname@example.org