With the great British summer escape on the way, many families will worry about the cost of their holiday. Getting hold of holiday money seems to be getting more expensive every year, and the honest truth is that families do struggle to afford a holiday. Living costs in the UK keep on rising, and today, most families are concerned about keeping up with general living expenses let alone Sterling exchange rates.
In fact, the Pound Sterling exchange rate to the Euro, has never been this low. Today, you have to look around a bit harder to find the best deal for your holiday spending money. Some still arrive at the airport expecting to get a good deal, but the truth is that you never do. If you wait and change your money at the airport, you are likely to get a bad deal on currency exchange rates. When you want to get the best deal on your holiday money, it pays to do some forward planning. Shopping around to save money on your foreign vacation spending, is just as important and should be part of planning for your holiday.
Save Money with Online Currency Brokers
If you want to get a better deal on holiday money currency exchange rates, you will save money by ordering foreign currency with your local bank, or use many of the online facilities where you can in fact have holiday spending money directly to your door. Buying your holiday spending money online currency brokers such as Hifx and Asda money, is perhaps he best way of getting hold of holiday cash. Fairfx is another online currency broker that can help you. However, don't ignore the Post Office, this is still a good way to get better value for money.
Prepaid Debit Currency Cards
Prepaid debit cards, can be an excellent way to get an even better currency deal on your holiday money. New prepaid debit cards are popping up allover the place, but make sure you get the right deal for you. Most of the cards do not charge you a fee for using them abroad, but some of them may charge you for withdrawing money when you are in the UK. The most common currencies available are euros and dollars, but you can also get them in other currencies. They are an ideal way of getting a good currency exchange rate, and on top of that, prepaid debit cards, is a good way to budget. You can even upload cash through the year on your card. Learn how to take advantage of favorable exchange rate, and load your card up when they are in your favor.
Companies which offer prepaid debit cards are Caxton FX, Travelex, and Fairfx. Also check out the ICE card. Their exchange rate is sometimes a bit lower, but they don't charge you anything for withdrawing cash.
Prepaid debit cards are also safe to use. If they get stolen, all you need to do is to cancel the card, and the company will issue a new one. Travellers cheques used to be very popular, however, prepaid debit cards have now taken over.
Should You Pay in Sterling or Local Currency on Your Holiday or Vacation?
It is always best to pay in the local currency even though a lot of stores, and even restaurants abroad, now offer payment in your own currency. There are a few problems associated when it comes to paying in your own currency. Your bank may charge you fees for doing, and they can quickly add up. Secondly, most of the time you are not in control of the exchange rate. If a retailer suggest you pay in your own currency, it is better to say not, and pay in the local currency instead. Especially if you have a prepaid debit card handy, or enough cash.
Finally, watch out for cash machines abroad. The charges associated with drawing cash from your UK bank are not always clearly explained, and ti can get expensive fast. You are better off making sure you have enough cash with you, getting a prepaid debit card or ensuring you know what your bank is going to charge you. The problem is that it may not be your own bank applying hidden charges, it could be the foreign bank which cash machine you are using.
Saving costs money when it comes to your holiday cash, can be a bit of a mine field. Make sure you understand how much your holiday cash is going to cost you before you travel, and it could be a good idea to make the arrangements as soon as you book your holiday.