Half term holiday – get a competitive deal on your holiday travel money

With the pound weak, if you’re about to go off on a half term holiday make sure you get a competitive deal on your holiday travel money – consider a prepaid card such as offered by FairFX or Caxton FX.

As Peter Harrison, travel money expert at moneysupermarket.com, says “Using an appropriate product can save holiday makers a packet and there are several different options available to savvy travellers. The market leading prepaid cards from FairFX or CaxtonFX have no purchase or foreign loading fees and can be topped up online or over the phone for free with a debit card.”

Prepaid currency cards are becoming increasingly popular. They can be topped up with currency before leaving and then used like a debit or credit card.

If you decide to use a debit card rather than a prepaid currency card, be aware that many banks and building societies charge a foreign usage transaction fee of between 2.75 per cent and 2.99 per cent every time you make a purchase on your card; ATM fees are also common for most debit and credit cards.

If you opt for taking currency in cash, remember that whilst the bureau de change may show a headline ’0% commission’ and many think that this means the travel exchange money service is free, this couldn’t be further from the truth.

The true cost of exchanging money ranges from up to 5% in High Street foreign exchanges to well over 10% at some airports.