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Travelling can be an expensive business, so it's vital you're able to make the most of your travel money. Here are a few ideas on how you can do just that.
When travelling, it's best to take a mixture of cash and cards to make sure you're not left short if a retailer/vendor doesn't accept card payments, or if you don't have enough cash to cover a big purchase.
Most credit cards and debit cards will charge extra fees when you spend abroad, but some don't. Check our travel credit cards for the top traveller-friendly cards around.
Most debit cards charge a fee when you spend in another currency, so it's worth checking this before departure. It could work out cheaper to pay with a 0% purchase credit card or travel credit card and then pay off the balance in full when you get home.
Credit card providers tend to treat this as making a cash withdrawal. That usually means a fee, and a higher rate of interest charged from day one of the transaction taking place – it's very expensive. Alternatively, take cash out using a debit card and buy using that, or change less cash and use a traveller-friendly card to make purchases abroad.
Cash withdrawals from a credit card can be hellishly expensive. There are a few that allow you to do this with no extra fees, but these are the exception rather than the rule. The same applies to debit cards, so make sure you've got a specialist travel card if you think you'll need to make withdrawals.
Although it's not always the case now, Visa is traditionally a more universally-accepted card outside of Europe than Mastercard. Taking both means that you should be able to pay by card, wherever you go.
Local retailers may offer you the option to pay in sterling on your card rather than the local currency. While this can be appealing as you know exactly what you're spending in pounds and pence, it's also expensive. That's because something called Dynamic Currency Conversion is applied, which effectively means that you're paying over the odds for the privilege of paying in pounds.
Compare exchange rates and factor in any commission that would be charged. It's often the case that even with commission you can get more for your money than with a provider that offers commission-free currency exchange.
You'll pay a premium if you do. Sort your currency exchange before you get to the airport, or even locally when you arrive at your destination. Again, have in mind what a competitive exchange rate is to make sure you're getting a good deal.
Travellers' cheques allow you to carry currency securely, safe in the knowledge that if you lost them or were robbed, you would be able to get your money back. However, in comparison to cash, you will pay a bit more for this peace of mind and they're not available in some currencies.
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