Spending Overseas Advice

Travel money exchange rates vary between suppliers and are affected by a country’s financial situation, including interest rates, inflation and supply and demand. This is called the floating rate and it is not controlled by a government as a fixed rate may be.

When the pound is not performing well against other currencies it is imperative to secure the best conversion. On the 19th July 2018 the pound fell to its lowest rate against the US dollar in over 8 months and it has also dropped against the euro. Securing a poor rate can be costly.

Comparing travel money exchange rates is always wise; it can cost a surprising amount to use a high street favourite or the airport. By purchasing money in advance, the holiday money exchange should offer money for luxuries and treats.

Often, the best rates for currency and pre-paid cards are achieved via online purchases with reputable providers. Using a live comparison website takes just a couple of minutes and is simple to navigate. There’s no need to leave your desk or home; the information is at your fingertips.

You should consider how to mix your spending money; taking just currency is a risky strategy so travellers cheques or a pre-paid card are safer alternatives. Experts recommend that you at least take a small amount of cash to pay for taxis, souvenirs and snacks.

Be aware that credit and debit cards are subject to fees when used abroad and that not paying a bill in full can lead to interest; another cost to be avoided.

Pre-paid cards

A pre-paid card is growing more popular, this option is replacing travellers cheques.

The pre-paid card performs like a debit card and has chip and pin protection.

Pre-paid cards are not linked to bank accounts. Only the amount loaded on the card can be lost or stolen.

Cards can be loaded with one currency or several if travel takes you between countries with differing currencies. A fixed travel money exchange rate is offered.

Users can top up their cards at a Mastercard or Visa ATM (fees may apply.)

Travellers cheques

Travellers cheques are familiar and safe.

They allow you to budget as you go.

When changing the cheques in to currency don’t forget to check the holiday money exchange fees and rates to get an excellent conversion.

Debit and credit cards

Debit and credit cards are normally charged approximately 2-3{85629059ac2e8044767bece865d2d09c2b75f5dda6ed1c8364a24627c269000d} when used overseas and interest may be applied.

There may not be ATM availability in lesser known, lesser populated resorts.

A debit card does not cover faulty or undelivered items.A credit card will cover the above.

Never leave a currency, travellers cheque or pre-paid card purchase until the last possible moment. Airports, and ferry ports, are prone to offering the poorest rates and unattractive fees because the suppliers know that you are limited in your possibilities; you can’t shop around, head to the high street or happily wait until you arrive in resort.

Trust a travel money exchange rate comparison website like travelmoney.com to advise and protect your interests.