Tips for Great Holiday Money Deals

When planning for your overseas holiday, it is worth your while to shop around for your holiday money as it could end up saving you a reasonable chunk of money. Usually, good holiday money deals means spending less money on commission and charges, and enjoying a good exchange rate. To make your holiday money comparisons easier, we’ve compiled a few tips that will make your hard earned money go further.

Buying Cash

There are various means of buying holiday cash. A convenient way is to order holiday money online and then pick it up from the airport. This is far easier and less expensive than exchanging money at an airport’s bureau de change. According to the Post Office, around £21 million is wasted on buying currency at the last minute at airports, as they generally have higher holiday money rates as well as commission charges, especially for lower value transactions.

Watch Out for Additional Charges

Just because a holiday money deal doesn’t charge commission, it does not mean that it is the best deal, as it’s likely that fees are already included in the rate. Flat fees and minimum charges are often expensive, especially if you are purchasing small amounts. However, if you are purchasing a large amount of holiday money, it can be good value for money. Handling fees are another additional charge that may be added to your holiday money. Also, when buying cash, check whether your debit card charges an exchange fee. If so, rather withdraw the cash for your holiday money purchase. Check at your bank or building society for holiday money benefits for account holders.
Money Holiday Services

Travellers’ Cheque

Traveller’s cheques have long been a preferred method for holiday money. Their main benefit is that they are far safer compared to carrying cash. If they are lost or stolen, you can get a refund. The downside to this type of holiday money is that the exchange rates are usually quite high with added fees. For example, Travelmoneymax revealed that for £100 one could only purchase €102 of holiday money from Lloyds TSB travellers’ cheque. Furthermore, when you cash in your cheques at your holiday destination, you are likely to face additional fees.
Pre Paid Cards
There are simple, safe and effective, and are increasingly popular options for holiday money. Money can be loaded onto the prepaid card, which can then be drawn from the ATMs at your holiday destination. Stolen or lost cards can also be reported, cancelled and then replaced, making it a safe holiday money option.

Penny Munroe is an avid writer in finance related news and tips. Articles include forex broker tips to the latest in economic news.

Photo By krejcirikmira on Flickr License By http://creativecommons.org/licenses/by/2.0/deed.en