Travel money: Don't get ripped off by unnecessary costs
The rate at which travelers lose money every year is alarming. High transaction fee and the reduced exchange rate is the reason. Holidayers and travelers abroad pay in excess when making payment, or when buying their travel money due to their inability to get the best deal.
Researchers have proven that they pay nothing less than £100 million more than they should be paying when making payments. Travelers waste millions of pounds because they prioritize convenience more than cost when it comes to foreign exchange.
A traveler can save an unimaginable amount of £55.25 by buying their foreign currency in advance instead of buying at the airport. You can get more tips like this below on how you can save money abroad. If you’re a student, you can even start from saving money with Best Essay Help before planning your trip.
Tips to Save Money at Abroad
Traveling abroad for holidays can indeed be expensive. However, as holidaymakers, you can save a lot of money and avoid excess cost by following the following guidelines:
- Use The Right Card
Usage of the wrong card as holidaymakers can incur a loss of a massive amount of money. Using a primary credit card instead of a travel card can result in paying an extra £100 million on exchange rates and transactions. It has been reported that only 8% use the travel card despite its better price of exchange and no charge fee.
Also, a collective loss of £95 million has been traced to the use of debit cards abroad. This stat proves that besides exchange, the usage of the wrong card can be too demanding for a traveler.
Therefore, the correct usage of a card can help you save costs abroad. Travelers are advised to ensure they get travel cards with no overseas transaction costs and make use of it abroad.
- Consult A Travel Bureau
The airports take advantage of the fact that it is the last hope of travelers to make a foreign exchange and therefore charge high rates. It is a business opportunity for them. Travelers are therefore advised to visit a travel bureau that is capable of offering them the best exchange rate in the foreign exchange market.
Getting your foreign exchange done by the travel bureau before jetting off can be an added advantage to you. It helps save unnecessary airport costs must be placed on you since you have no other choice.
- Confirm Bank Charges Before Travelling
As a holidaymaker, ensure you verify how much your bank charges on transactions abroad. Compare it with another lender and consider getting an alternative if the charges are high. Your bank should not be the reason you lose a large amount of money. If they are not offering the best rate, be fast to make use of the alternative.
ATM withdrawal charges can be different from the transaction fee. Sometimes, charges on ATM withdrawal can be very high abroad. Ensure you find out how much it is and consider buying currency in advance of your trip if you intend to pay in cash.
- Make All Payments In Local Currency
If there is a need for you to make a payment abroad using your card, try making payment in local currency and not sterling. Paying in pounds can mean paying in extra because you will be charged a reduced exchange rate.
Avoid familiarity and make all card payments in local currency. The local currency transaction rate is low compared to other types of currency, especially pounds.
Conclusion
A traveler can avoid money loss and unnecessary costs by ensuring they make use of the right card. Ensure your travel card is always with your passport. It will make it easy for you to take it along while traveling. Debit cards and credit cards can incur unnecessary charges, which can be avoided by using a travel card.
You must do all foreign exchange before getting to the airport. The airport's foreign exchange rate is always high compared to others in the market. In case you will be paying in cash for all transactions while abroad, your money you should be ready with you before traveling.
