1. Plan ahead
If you leave sorting out your money until you get to the airport you will be severely out of pocket. Exchange rates can be around 10% higher at airports than elsewhere and will cut your spending money by over £100 for every £1,000 you change. Regional airports can be much worse and you could pay £165 per £1,000 more* than you need to.
2. Get rate alerts
Keep an eye on exchange rates by setting up a currency alert with a foreign exchange provider. This will let you know when the exchange rate for your chosen destination is in your favour, which means you could get more local currency for your sterling. Getting the best possible rate will mean your spending money will go further. Sign up to our rate alerts here.
3. Say no to double conversions
When on holiday, beware the double exchange rate dupe. If you let the seller – in a shop or a restaurant – convert the price back into pounds they will choose their own exchange rate, and generally it will be a poor one meaning you lose money unnecessarily.
4. Check card fees
Taking debit or credit cards away on your trip is a good back up, but be careful to rely on them for all your transactions. You’ll be stung for a whole host of fees including transactions fees, and exchange rates can be poor. Instead, get a prepaid currency card which you can pre-load with your spending money before you set off. It also offers a great exchange rate and can be topped up online or via mobile if you’re running short of cash.
5. Share funds across multiple cards
Consider a Family & Friends prepaid card which allows you to share funds from one pot of spending money during your holiday. This not only gives you a backup card if one is lost/stolen but couples and families can enjoy their own shopping & activities without being reliant on one person to manage spending money.