62 In-spire LS
I
n the UK, it's officially summer (well some days it
feels like this). The schools six weeks holidays are fast
approaching and there are many outdoor festivals taking
place all over the world, so it is the time for people to start
jet setting.
Before going on holiday, there are so many things you
need to ensure you prepare, from packing your suntan
lotion to ensuring you have a sufficient amount of clothing
for all occasions. However, typically sorting out your
finances can be an afterthought for many, resulting in
you getting less for your money when you buy foreign
currency.
How to ensure you are getting the most for your money?
· The number one sinner that many holiday makers do is
opting to buy their currency at the airport because they
have often sorted everything else and waited till the last
minute to exchange their money. Often, these exchange
bureaus offer poor exchange rates, and charge expensive
commission fees. Overall, you will end up getting less
for your hard earned cash and will evidently have less to
spend on luxury items.
· Before jet setting off to your destination, give yourself
plenty of time to research which companies are offering
the best exchange rates. Gone are the days of ringing up
and going into every travel agents; now you can simply
use online comparison sites to do all the hard work for
you.
· If you have a packaged account with your bank, it is
worth consulting with them to see if you are eligible for
preferential currency exchange rates, which could offer a
better rate than the ones advertised on comparison sites.
· Sometimes, people may not want to convert all their
holiday money into the needed currency, so choose to
keep it in their home currency until they need to dip
into their extra funds. Having back up money is a good
idea; however once you need to use it, it is imperative you
change it into the correct currency. In some countries,
restaurants or shop owners may allow you to pay in
Great British Pounds (GBP), yet it will often be at a low
exchange rate, resulting in your purchase being more
expensive.
· Depending on the nature of your holiday, some people
prefer to pay for things by using their debit or credit card.
The negatives for using this method of payment is that
many providers offer poor exchange rates and the interest
you incur for withdrawing cash abroad is extremely high.
It is imperative to find out from your provider before you
go away what charges and rates of interest you will be
issued with whilst using your card abroad.
Holidays can often work out expensive before you even
leave the country, but by ensuring you are getting the
best exchange rate, you will be able to get more for your
money.
Money Matters
When
Buying and Using
Foreign Currency
Top Tips
5
By LaToya Kadesha @Toyz305