Top tips for saving money when you travel abroad
With the possibility of lying by a pool or standing at the top of a snow-capped mountain options once again, the last thing you want is your ability to spend to be restricted. On holiday, you don’t want to worry about being burned
by over inflated exchange rates or unnecessary transaction fees. Purchase your holiday mementos or dinners by the beach without hassle or extra fees with some top tips to make the most out of your money when spending abroad.
Avoid the airport exchange desk
Before going abroad, you need to check what type of currency you'll need in that country. This way, you can make sure you get the amount of money you'd like at the best possible exchange rate. The first step is to get your money before your trip. Avoid getting your money at airport currency exchange desks as they're notorious for overcharging their customers. Their exchange rates can be up to 15% more than currency exchange options outside of the airport. At FairFX, we offer travel money delivered directly to your door with a next working day delivery service for orders placed before 1 pm on a working day1. You can get money from over forty currencies at some of the best available rates.
Get yourself a prepaid card
Whether you’re a meticulous holiday planner or a free spirit when travelling, you don’t want your travel budget to be limited by transaction fees. To avoid this, you can get a prepaid card to take you and your money further. When using a credit or debit card from your bank abroad, you’ll be subjected to fees. That coffee you buy at the brasserie or the leather bag you buy in the market will be more expensive because your bank will add a charge for processing your payment. For example, NatWest and HSBC charge an extra 2.75% and Nationwide charges up to 2.99%2.
At FairFX, we offer currency cards that you can order for free, and we don’t charge transaction fees for purchases made abroad3. Our cards can hold 15 major currencies, including euros, US dollars and Australian dollars. In addition to a currency card from FairFX, you can also use our Linked cards, which are a safe and simple way to share money with friends and family whilst travelling. When you receive your card, you can start spending straight away.
Budget your trip
Keeping to a budget on holiday is important - you don’t want to find that at the end of your holiday you’ve burned a hole in your pocket. It’s always best to make a plan of action for your stay, but not all holidays go to plan. Sometimes situations crop up that may be out of your control, or you find a place you would like to visit that you didn’t know existed beforehand. With FairFX multi-currency cards, you can access our mobile app 24 hours a day, 7 days a week. If any unexpected plans occur, you’re able to sign in to your account on your phone to top up the currency on your card when needed. If you prefer to pay in cash rather than card, it’s good to know that when using a standard bank card at an ATM abroad, your bank can charge you up to 2.99% for non-sterling withdrawals. With our FairFX Currency card we keep these withdrawal fees as low as possible.
If you’re planning on going on holiday soon, why not consider getting your travel money from us or using one of our currency cards? Get started here.
1Fees apply for next day deliveries
2Prices correct as at 30/03/2022
3Transaction fees apply to purchases made outside the 15 currencies