Travel Money

These days there are so many options for getting and carrying travel money. Many people will rely on their cards, but don't discount the other options. Cash is still welcome and in less traveled areas possibly the only option. This article looks at travel money options and the best ways to get them.

Getting cash in advance

Leaving getting your currency to the last minute can end up costing you considerably more. For instance getting currency at the airport just before you depart can be one of the most expensive methods.

One of the best value ways of getting currency in advance of your trip is at a high street exchange service which changes zero percent commission. As they are making no commission, the rate takes this into account.

Travelers cheques

Travelers cheques are still around and are still more secure than cash. If you loose your cheques you can get them replaced. They come at a cost though with commission charges of up to 3% applied when buying currency.

Credit and debit cards

The majority of overseas spending is now done via plastic cards. However, you need to be aware of the additional costs that many banks add. These include commission charges of up to 2.75% and flat rate handling fees for each transaction of up to £1.50.

As card rates vary frequently, it's best that you check yourself as to who is offering the best rates. A good site I can recommend for doing this is the MoneySavingExpert site.

Note: When using cards be aware that if a retailer offers to convert your transaction to £ sterling. The rates they use for the conversion are often poor. They aren't offering this service out of the generosity of their hearts; it's all about making a bit more money from you.

Prepaid cards

Foreign currency cards can be charged up with money before you set off, and then used until they run out of money.  You can off course top them up. They are handy in that you have a restricted amount of money of them, but fees for spending on them aren't the best.

If a card is lost of stolen, for a fee you can get a replacement card. This makes them safer than cash. They also don't link to your bank account or a large credit card limit, so if fraud occurs it's restricted to how much you have on the card.

Helping you on your journey.

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