Basingstoke ObserverWE are weeks only weeks away from our children finishing the school year and with the airports and airlines struggling with the holiday season already, make sure something that does not cause you a holiday headache is your foreign currency.
We have all been there, endlessly trying to do currency conversions in your head on everything from a pint to a meal to that banana boat trip to see if it is ‘worth it’. So how can you make the most of your travel money?
Firstly, order your money in advance. The Post Office or your bank is a good place to start so if you know how much you want to take, pre-order it. Do not wait until you get to the airport. Cash machine charges and horrendous exchange rates means it is one of the most expensive ways to convert your hard earned pounds.
Get a range of different denominations allowing you to pay for tips, taxi’s and other smaller payments as larger notes may not be accepted. Different denominations also allows you to take out smaller amounts when you go exploring, lowering the risk of losing your money.
If using your debit card to pay for things while abroad and you are given the option to pay in the local currency, then do so. You will tend to get a better foreign exchange rate and less transaction fees.
Check for hidden fees. Many currency exchange shops will show you a great exchange rate but may charge you commission or transaction fees so ask them and make sure you get the full picture.
Try to avoid weekends when changing currency. The Forex markets are closed at the weekends which means typically banks and currency shops will give themselves a better rate to protect themselves in case the rates open up lower on the Monday morning. Get your currency during the week and you will have a better chance of getting a better rate.
Open a multi currency account. Accounts like Revolut and Wise allow you to move your money to different currencies all within the one bank account keeping it easier and more cost effective for you.
The one thing to remember above all else is, enjoy yourself. The point of going on holiday is to unwind and with everything going on in the world at the moment financially, do not add stress to your holiday trying to work out whether the ‘big beer’ is value for money or not. Just enjoy your new surroundings, unwind and enjoy yourself!
By Kevin White
Kevin White is a Director & Financial Adviser at local company Fortem Financial Management.
