Save On Your Holiday Travel Money

Most plan their our holiday destination and accommodation well in advance to get the best deal, make sure you plan your holiday travel money too to help your spending whilst away.

If you’re planning a half term holiday, a last minute romantic getaway for Valentine’s or perhaps a summer holiday, according to MoneySupermarket.com, you could save up to £100* by planning your holiday travel money before you jet off.

Exchanging money at the airport bureau de change could cost as much as 10% more than using a debit card designed for overseas usage.

For example, travellers changing GBP to US dollars via ICE bureau de change at the airport would pay £714.44 for $1,000, while someone spending $1,000 on the Norwich & Peterborough Building Society Gold Classic debit card would only pay £640.25.

And as the Pound strengthens against the Euro, make sure you look for the best deal on your Euros too.

For example, you could save £93.73** when using a Sainsburys Finance Gold Credit Card to take out €1,000 at an ATM, at a cost of £837.46. On contrast, taking out €1,000 last minute via ICE at the airport you’d end up paying £931.19 for €1,000.

Even if you just pre-order money online for same day collection in London you could save £70***. For example, buying $1,000 online with central London collection with ICE would cost £645.16, compared to a direct purchase at the airport ICE bureau de change, costing £714.44.

Bob Atkinson, travel expert at MoneySupermarket.com, said: “Travellers who change their travel money at the airport could be paying well over the odds for doing so and missing out on significant savings by not planning ahead and shopping around.

“For those strapped for time, both Thomas Cook and Travelex offer a service where you can reserve your currency online for same day airport collection and benefit from the internet rate and no airport commissions.

“But, you can save even more by thinking ahead and buying in the right place and at the right price in order to save as much money as possible.

“Even for those already planning their summer holidays, now is a good time to arrange travel money while exchange rates for the Euro are stronger than recent months. Currently, Brits can benefit from exchange rates nearly 9 per cent stronger than in July 2011, giving you a boost to your holiday spends.”

An increasingly popular option to consider for your holiday travel money is a prepaid card such as offered by FairFX or CaxtonFX.

Using a FairFX prepaid card it would cost £654.66 for $1,000, based on five purchases in the US, and there’s no charge a fee for application of spending.

If you withdrew cash abroad using the CaxtonFX Prepaid Card it would cost £657.89 for $1,000, and there are no charges for ATM use abroad

And currently, the Norwich & Peterborough Building Society’s Gold Classic debit card offers free card usage abroad and using it would cost just £640.25 for $1,000. 

Bob Atkinson continued:”A prepaid card allows consumers the most spending power and protection against loss or theft when abroad, and pre-paid best buys such as FairFX or CaxtonFX have no purchase or withdrawal fees, can be topped up by phone or online for free and replaced quickly if needed.”

MoneyHighStreet comments: “We all have our holiday check list – you know the sort of list that includes sun lotion, swim wear, toiletries but it needs to also include finance matters such as your holiday travel money and travel insurance.

“For many these will be considered the less glamorous or even less important things to include and yet if not carefully planned could end up costing you significantly.

“When it comes to buying travel insurance, remember, as with all insurance, the cheapest isn’t always the best. Makes sure you think about what cover you need and then shop around to get the best deal. Using a comparison site, such as Confused.com or Quotezone.co.uk, can help.”

Useful Links

Confused.com website – click here

Quotezone.co.uk website – click here

CaxtonFX website – click here

FairFX website – click here

* Halifax Clarity Credit Card (based on €1,000 purchases) at £832.46, ICE currency to collect at airport (€1,000) at £931.19= £98.73 saved

** Sainsbury Finance Gold credit card £837.46 for €1,000, compared with ICE currency to collect at airport (€1,000) at £931.19 = £93.73 saved

*** ICE pre-ordered currency online £645.16 for $1,000 with central London collection, compared with ICE currency direct collection at airport ($1,000) at £714.44= £69.28 saved.