You are here: Home - Saving & Banking - How to -

Five ways to save money abroad this Easter

0
Written by: YourMoney.com
16/04/2019
If you’re off on holiday this Easter, there are plenty of ways to save money while you’re overseas.

Here are five top tips from the Rachel Springall, finance expert at Moneyfacts:

Buy foreign currency sooner than later

Avoid airport currency exchange kiosks, as the convenience will come at a cost.

Instead, even with just a few days to go, consumers would be better off checking online for current exchange rates to find the best deal.

It is worth keeping in mind that click and collect rates are usually more rewarding than just popping into a branch as you can secure the rate of exchange. As an example, M&S Bank offers €227.98 per £200 for click and collect, but only €224.96 for home delivery or as a bureau rate.

Be wary when using a debit or credit card

Using a debit card abroad to withdraw cash may seem convenient, but it’s at a costly expense. A typical debit card can charge as much as £9.50 (NatWest Select Account) for the equivalent of a £200 cash withdrawal abroad, while a typical credit card can charge £11.96 (HSBC Classic Credit Card) for the same transaction.

Clearly, it pays to be more prepared. It’s also wise to inform the bank of the upcoming trip too.

Pack a more cost-effective card

To avoid paying out on unnecessary fees, holidaymakers would be wise to apply for a credit card designed specifically for use abroad, or even switch their current account to a cheaper alternative.

There are even credit cards that do not charge a usage fee when used overseas, such as the Creation Everyday Credit Card and Halifax Clarity Credit Card.

Those customers looking to save on interest charges will also find the Santander Zero Credit Card appealing, as it offers an introductory purchase deal of 0% for 12 months.

For more, see: Spending abroad: should you use a debit, credit or prepaid card?

Download an app to save a transport headache

There are free apps such as Citymapper that list public transport and can help consumers avoid relying on last-minute taxis when travelling.

Not only this, but these types of apps allow consumers to plan any sightseeing tour of their choosing, without the expense of a tour package.

Transport apps also have the added benefit of allowing holidaymakers to change their plans last minute, due to unpredictable factors like the weather for example, giving them peace of mind that a new route is close to hand.

Check your travel insurance cover

Consumers don’t always have to pay for travel insurance, and not all travel insurance policies will cover everything, so it is important to carefully check all the terms and conditions before travelling abroad.

There are current accounts that offer worldwide travel insurance cover as an add-on to their package, with Barclays Bank charging £12.50 per month on its Bank Account with Travel Pack and Nationwide charging £13 per month on its FlexPlus, some of the cheapest on the market and they include baggage and delay cover.

The latter also includes worldwide mobile phone insurance and UK and European breakdown cover, plus the debit card allows free cash withdrawals abroad too.

Spend from your own bank account when travelling abroad, just with a different card. Life’s too busy to juggle currencies with prepaid cards or different accounts. Just get your Currensea card and go. Click here to learn more

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week