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How to give your holiday cash a boost

13th August 2019

Shop around for the best rate

You should check price comparison websites to see what rates are on offer online and on the high-street. This will give you an idea of the best places to get good exchange rates. There are some companies that offer better exchange rates for customers who have bank accounts with them.

Avoid buying cash at the airport

Generally speaking, getting cash at the airport is never a good idea. The reason being is because the airport often offers worse exchange rates because it has become a necessity for people to get money out. Planning to get your money early will allow you plenty of time to get your money out if exchange rates worsen. If you are in the position of needing to get money out at the airport, call ahead first and you may get a slightly better rate.

Use an overseas travel card

Consider getting yourself an overseas travel card before you go away. These cards won’t charge fees when you spend abroad. If you were to use your everyday debit or credit card whilst you are away, you would be hit with a large fee. This is why you should look at getting an overseas travel card.

Buy half your money now and half later

The best way to hedge your bets is to get half of your money now and then half later. If the exchange rate worsens, at least half of your money received the better rate. Again, if rates increase further down the line you will be glad you didn’t get all of your money at the rate you began with. If you believe the pound will weaken it might be a good idea to buy now.

Know what charges you may get

Be sure to check how much you may be charged if you take money out of an ATM. That way you won’t be surprised with any added charges.

Consider the cost of living

Think about how much you think it will cost once you are on your jollies. Booking an all-inclusive hotel may be the best option if you are on a tight budget, as you won’t need to take a lot of foreign money with you.

Reference – BL074 – Aug – 2019

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