Amanda PhillipsExchanging your money is one of those holiday admin tasks that has to be done. While it might seem like a straightforward task, there are a few things to consider to ensure that your holiday budget will go far. Here are our top 5 tips on making the most of your travel money.
1. Exchange your money in advance
Unless you’re visiting a country with a closed currency (meaning, you physically can’t get the notes and coins outside the country) then it’s always cheaper to get your money in advance. And this includes exchanging your money before the airport, where profit margins and commission are typically much higher.
2. Use a credit card rather than debit card abroad
Generally, it’s still cheaper to withdraw from an ATM via a credit card rather than debit card. However, you should shop around for a good one. We also recommend logging into your internet banking while abroad and paying off the balance as soon as you can.
3. Book your car hire in advance too
This is something that you will likely pay a premium price for when you are abroad, so book it in advance. We work with several car hire companies and can work it into your itinerary.
4. Remember your travel insurance
Travel insurance is one of those things that feels like an extra at the time, but if you’ve ever needed it – you know it’s worth organising. Don’t skip it.
5. Exchange your money back once you’re home
A lot of people like to hold onto their holiday money as a souvenir, which is great if you arrived home with only a few coins to spare. But if you’ve returned with several notes than we can buy your currency back. Sometimes if the exchange rate is good you can actually receive a surplus!
P.S. Remember to read our other money-related blogs: tipping in 20 different countries and 7 ways to eat for less on holiday.