Don't let money worries spoil this scene
If you're staying within the confines of Europe on your holiday destination this summer then you must by savvy when it comes to money, as we are well aware the pound is struggling against the Euro.
To help you lessen the blow of the Euro rate rise and avoid the classic holiday money pitfalls we have currency tips that will help you get the most out of your British pound.
Despite nearly half of Brits expecting the value of the Pound to improve against the Euro, analysis of currency trends by the foreign currency specialist actually reveals that the Pound is down over seven per cent year on year. This means that the millions of holidaymakers heading to most popular Euro-zone destinations of Spain and France this summer will find they get a lot less bang for their buck. A family of four exchanging £1,000 will get 90 Euros less than this time last year (£82).
"This years Brits need to make sure that they are making every penny count. It's unrealistic to think that the rate is going to drive significant numbers away from travelling to the Eurozone, but when it comes to going away, those who do a little research and follow our simple tips, will be able to negate some of the impact on their holiday budget," says Peter Davies at Travelex.
Top 10 traveller tips:
1. Order Currency Online
To get the best deal on your currency be sure to order online. Travelex offers an online Price Promise which guarantees travellers the best price foreign currency in the UK, or the difference refunded.
2. Be rate savvy
Research from Travelex has shown that the majority of travellers only think about exchanging foreign currency when the trip is imminent. Travelex’s handy free Travel Rate Tracker allows holidaymakers to plan ahead by monitoring a chosen currency or currencies on a daily basis and identify how it is performing overtime.
3. Mix cash and cards
Travelex recommends a mixed wallet approach – taking both cash and cards. It’s a good idea to have some banknotes on you for incidentals like tipping, a drink or taxis, for which you might not be able to use a card. We also recommend a prepaid currency card.
4. Avoid Credit and Debit Card Charges
Travelex’s research has shown that a family of four using a debit card abroad could incur as much as £110 in card fees alone over a 10 day holiday. Travelex’s Cash Passport currency cards are free to make purchases and cash withdrawals, while Cash Passport Globe gives you the MasterCard rate of the day, with one flat fee of 1.49%, compared with an average of 2.75% on regular plastic.
5. Guarantee your Buy Back Rate
Exchanging money left over from your holiday can be costly. With Travelex’s Buy Back Plus they can purchase your currency at the same rate you purchased it at, commission free, meaning those worried about how much to take can rest assured they won’t lose out on any leftover currency.
6. To Barter or not to Barter
Take time researching your destination before you jet off, make sure you are aware of any tipping rules and if it’s acceptable to barter with restaurant owners, shopkeepers or taxi drivers for a good deal on your meal.
7. Budget
It’s a good idea to have an idea of the cost of goods at your destination so you can stick to your budget. Be sure to check out the Cash Passport Budget Calculator
8. Be Aware
Some countries have restrictions on how much currency you can take in banknotes, like Morocco, while some, like India, forbid you to take currency at all.
9. Do Your Research
Research on entering your destination is crucial; some countries charge a visa fee on entry such as Turkey, for a family of four this cost can add up.
10. Avoid Hotel Exchange Rates
Avoid exchanging currency in your hotel due to cost, and look for reputable exchange bureaus to ensure the best exchange rate.
Femalefirst Taryn Davies
Tagged in Travel travel tips