How to Handle Travel Money Like a Pro
Exchanging money for a holiday can be a minefield of hidden fees and poor rates, leaving travellers out of pocket. But with the right strategies, you can keep more cash in your wallet and enjoy your trip without financial stress.
Avoid Airport and Hotel Exchanges
One of the biggest mistakes holidaymakers make is exchanging currency at airports or hotels. These locations often offer the worst exchange rates and charge hefty commissions. Instead, plan ahead and use reputable local exchange services or online platforms for better deals.
Use a Specialist Travel Card
Prepaid travel cards can be a smart alternative to carrying large amounts of cash. They often provide competitive exchange rates and allow you to lock in rates before your trip. Some even offer fee-free spending abroad, making them a cost-effective choice.
Beware of Dynamic Currency Conversion
When paying by card overseas, you may be offered the option to pay in your home currency. This is known as Dynamic Currency Conversion (DCC) and usually comes with poor exchange rates and extra fees. Always opt to pay in the local currency to save money.
Monitor Exchange Rates
Exchange rates fluctuate daily, so keeping an eye on trends can help you decide the best time to buy currency. Use online tools or apps to track rates and exchange when the rate is favourable.
Carry a Mix of Payment Options
While cards are convenient, having some local cash is essential for small vendors or emergencies. A mix of cash, cards, and digital payment options ensures you’re prepared for any situation.
By following these tips, you can avoid unnecessary fees and make the most of your travel budget. Safe travels!
