You’ve saved up for your holidays, now it’s time to chill out and enjoy the sun. Buying currency and managing your holiday budget probably isn’t top of mind when you’re thinking about enjoying your break, but follow our key tips and you’ll have a hassle-free trip.
1. Get more for your pounds
To get a bigger holiday budget for your pounds, planning ahead is always a good idea. If you plan ahead, you can buy your currency when the pound is having a good day. Buying when the rate is in your favour means that you’ll get far more travel money for your trip. Sign up to our Rate Alert service and we’ll let you know when the pound is having a good day. That means more cocktails for you, and more ice creams for the kids.
Load a FairFX Prepaid Mastercard® with smaller amounts throughout the year and by the time you travel you’ll have squirrelled away the spending money you need for your trip.
And whatever you do, don’t leave converting your holiday budget until the airport. Each year, a potential £94.3m is wasted by UK travellers exchanging money at the airport. Currency firms operating in airports are known to offer the worst exchange rates.
2. Keep control of your travel money
No matter where you are in the world, you really shouldn’t be carrying wads of cash around. Cash is easily lost and easily stolen, it’s not that easy to keep a track of and manage – and let’s face it, you never know what to do with leftover travel cash when you return home.
But don’t just default to your debit or credit card. Your UK bank card can come with costly fees when you’re spending in a foreign currency, and you’re almost certain to get a poorer rate. Brits end up paying £834m extra each year for their trip by using the wrong plastic.
With a FairFX Card you can enjoy real-time control of your holiday budget. Use the FairFX mobile app to keep an eye on your spending and top-up you card on the go. No hidden fees and you can keep money on your card until your next trip, so no leftover travel cash.
And, whichever card you do decide to take, remember to always pay in the local currency. If you pay in pounds the merchant chooses the exchange rate and you’re almost certain to get a poor rate. Our latest research for the BBC has revealed that UK holidaymakers lose almost £500m every year by paying in pounds abroad.
3. Share money with the family
Make family spending hassle-free for you and the kids!
Add multiple Family and Friends Cards to your main FairFX Card and take the hassle out of managing your holiday budget. Transfer money from your own card to the additional cards instantly. You can even move it back again.
With just a few taps on the FairFX app you can transfer money from your own card to theirs. Use it to split spending money with your partner or teach the youngsters how to manage money as anyone 13yrs+ can have a card. Give them a budget for the day or week, or just transfer money for each transaction. Just like your main FairFX Card, Family and Friends Cards are chip and PIN secure and valid for 3 years.
The easiest way to share spending money with family and friends.
Any money loaded on the FairFX Card is not protected by the FSCS.