Holiday Cash – Win a Gold Medal for Making Your Cash Go Further Abroad!

• Top Tips
• Published: 26 Jul 2008 in Travel and General

If you’re thinking of jetting off to China (or anywhere else for that matter) for what’s left of summer, make sure you get the best foreign exchange rate possible for your hard-earned British pound. Here’s Confused.com’s guide to finding the best holiday deals.

High Street Foreign Currency 

With so many offers on the high street from the various travel agents, bureaux de change, and banks, it can be frustrating deciding who to buy your holiday dosh from. But although their foreign money is often marketed as ‘commission free’, you’ll usually pay for this with a less than fantastic exchange rate. To find the best rates you’ll probably need to…

…Change Currency Online to Get Top Dollar (or Yuan!)

The online world is your oyster when it comes to finding cheap exchange rates. For example, Internet Bureaux de Change usually have the best rates and the lowest fees and are very competitive. However, most charge a delivery fee so this may make it less of a good deal – but it still usually beats buying direct from the high street.

And if the Beijing Olympics are your chosen destination for this year’s summer break, another benefit from buying online is that you won’t have to embarrass yourself struggling to pronounce Renminbi (the Chinese currency) at the travel agent’s counter.

Hint: Airport foreign exchange counters are usually one of the worst places to buy foreign cash, but it is possible to get a much better rate by pre-ordering online and then picking it up in person before you fly.

Planning to whip out the plastic?

Don’t be punished by your plastic for having summer fun just because the bankers are stuck in work. It might seem hassle-free to use foreign ATMs, but some banks are absolute stinkers when it comes to using cards abroad. Fees, loadings (an automatic charge you pay to the lender) and interest will apply, so before using your credit or debit card for holiday cash, read the terms and conditions that go with them first.

Prepaid Currency Cards

Prepaid currency cards are the latest thing in holiday money and are available from most of the usual foreign currency outlets. All you do is load money onto the card before travel and use it like a debit card, and when the money’s gone, it’s gone, so they’re great for staying within budget.

Apart from convenience and helping you stay within your means, another reason why these cards are a good idea is security. Drop a note in the Medina in Marrakech and it’ll be snapped up by an excited performing monkey quicker than you can say bananas, but if you lose a prepaid card, any credit left will be replaced by the provider (just let them know as soon as you realise the card’s gone, and usually for a small fee). Basically, prepaid currency cards are a plastic version of traveller’s cheques, but with the added benefit of being able to withdraw cash at ATMs.

Note: You may be restricted in the use of your plastic in some countries - not all places have ATMs after all. Lucky for you, Beijing isn’t one of them, so you won’t get stuck playing javelin in the hotel room with your chopsticks, too broke to leave and see the real thing.

Don’t forget your toothbrush (and other holiday tips)

• Find great travel insurance deals. Travel insurance doesn’t have to cost the earth, save the money for travelling the earth instead.
• Don’t keep all your money together – split up cash, cards and cheques and leave some in the safe in your hotel room when not required.
• Some countries don’t allow currency in or out e.g. Morocco and India, so be prepared to change or withdraw money when you get there - more reason to check the debit and credit card rates before you fly!

So whether you’re heading off to see one of our athletes win British Gold, or are happy just to settle for bronze on the beach, Confused.com wishes you a happy holiday!

 

*0% foreign exchange rate as of 26/7/2008