In the UK, it’s officially summer (well some days it feels like this).  The schools six weeks holidays are fast approaching and there are many outdoor festivals taking place all over the world, so it is the time for people to start jet setting.

Before going on holiday, there are so many things you need to ensure you prepare, from packing your suntan lotions to ensuring you have a sufficient amount of clothing for all occasions.  However, typically sorting out finance can be an afterthought for many, resulting in you getting less for your money when you buy foreign currency.

How to ensure you are getting the most for your money?

• The number one sinner that many holiday makers do is buying their currency at the airport because they have often sorted everything else and waited till the last minute to exchange their money.  Often these exchange bureaus offer poor exchange rates, and charge expensive commission fees.  Overall, you will end up getting less for your hard earned cash and will evidently have less to spend on luxury items.
• Before jet setting off to your destination, give yourself plenty of time to research which companies are offering the best exchange rates.  Gone are the days of ringing up and going into every travel agents; now you can simply use online comparison sites to do all the hard work for you.
• If you have a packaged account with your bank, it is worth consulting with them to see if you are eligible for preferential currency exchange rates, which could offer a better rate than the ones advertised on comparison sites.
• Sometimes people may not want to convert all their holiday money into the needed currency, so choose to keep it in their home currency until they need to dip into their extra funds.  Having back up money is a good idea; however once you need to use it, it is imperative you change it into the correct currency.  In some countries, restaurants or shop owners may allow you to pay in Great British Pounds (GBP), yet it will often be at a low exchange rate, resulting in your purchase being more expensive.
• Depending on the nature of your holiday, some people prefer to pay for things by using their debit or credit card.  The negatives for using this method of payment is that many providers offer poor exchange rates and the interest you incur for withdrawing cash abroad is extremely high.  It is imperative to find out from your provider before you go away what charges and rates of interest you will be issued with whilst using your card abroad.

 

Holidays can often work out expensive before you even leave the country, but by ensuring you are getting the best exchange rate, you will be able to get more for your money.