Advice For Taking Cash On Your Holidays

When you're on your holidays, there are quite a few choices within your reach, the simplest would be to withdraw the amount of money that you will require on holiday and have it converted by your UK bank. Whilst this is the simplest option, it's not necessarily the most cost effective and not the safest option either.

Take a small amount of the local currency with you - So that you can pay for small things when you immediately arrive like ordering a taxi or having a drink. This saves you hunting for an ATM when fully laden with your suitcases and tired after a flight.

Pre-paid Cash Cards - You generally pay commission on loading the card with money in the UK although you possibly will be charged at the ATM machine and for further top-ups whilst abroad. Try to find a card that allows free withdrawals and that can be topped up on-line.

Travellers Cheques - The safest way to carry cash abroad is still the Travellers cheque, although they are not the cheapest they are available in numerous denominations and can be exchanged in many locations regardless of whether you speak the local language or not (make a photo-copy of the cheques before you go just in case you lose them).

Use a Debit Card without fees - Several UK banking institutions now provide cards that won't charge you for European usage. Find them and save yourself some money.

Use A Credit Card - Although usually more expensive than Debit Cards if you Shop around there are still some great deals to be had.

Safety first - Carry as little money as possible and invest in a money belt.

Keep in touch with your Bank - let your bank know that you are travelling abroad as they might suspend your account due to 'suspicious foreign activity', Also make a note of your banks telephone and fax number should you need to get in touch with them.

Beware of 'Dynamic currency conversion' - if you are given the choice of purchasing items in sterling (if you are from the UK) or the local currency always choose the latter as you could be hit with a much higher commission rate in the retail outlet.

As a rule I would recommend using a Credit Card or Travel currency card as the main source of money whilst abroad and Using Travellers cheques and pre-paid cards for emergencies.


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