Half-term is fast approaching and with the colder months setting in, many Brits may be contemplating an autumn escape. Getting the best deal on foreign currency for your trip can make all the difference. Looking at a typical spending scenario, a traveller making 10 cash withdrawal of €100 each could save up to £40 by using a CaxtonFX prepaid card instead of less competitive products. Anyone thinking of heading for the States could save up to £25 on 10 withdrawals of $100, again using the CaxtonFX prepaid card.
For those not looking to take out an additional prepaid card it's worth considering the Nationwide debit card which offers consistently good rates when used outside of the UK, it is also the only current account that has no charges for usage in the European Visa Region.
Peter Harrison, travel money expert at moneysupermarket.com, said: "With the pound struggling for strength it has never been more important for Brits to make sure they get the best value for their holiday spending money.
"By weighing up the options available people can save themselves a bundle - having a prepaid card from FairFX or CaxtonFX, or a Nationwide debit card, is usually your best bet for cash withdrawals abroad. For anyone thinking of making purchases while they are overseas the prepaid cards are again a good option along with credit cards offered by either Nationwide or the Post Office."
Peter Harrison's top tip: "If it is costly to use your current account abroad, there's no harm in opening a Nationwide current account specifically for your trips away. It's all about selecting the best type of financial product for your needs. Unfortunately there is no one product that ticks every box, especially when it comes to getting the best deal on for your money whether you are at home or abroad. Brits need to be savvy and look at all the options available."
- Ends -
|
Based on cost of €1,000 in Sterling |
|
Provider |
Product Type |
Cost of €1,000
23rd September 2009 |
|
CaxtonFX |
Pre-paid card
(Based on purchases) |
£899.36 |
|
CaxtonFX |
Pre-paid card
(Based on withdrawals) |
£899.36 |
|
Nationwide BS
FlexAccount |
Debit Card
(Based on purchases) |
£909.09 |
|
Nationwide BS
FlexAccount |
Debit Card
(Based on withdrawals) |
£909.09 |
|
Post Office
Credit Card |
Credit Card
(Based on purchases) |
£909.09 |
|
Nationwide BS
Gold Card |
Credit Card
(Based on purchases) |
£909.09 |
|
Travelex Online |
Travellers Cheques |
£930.41 |
|
Travelex Online |
Foreign Currency |
£930.41 |
|
Nationwide BS
Gold Card |
Credit Card
(Based on withdrawals) |
£939.09 |
|
Based on cost of $1,000 in Sterling |
|
Provider |
Product Type |
Cost of $1,000
23rd September 2009 |
|
CaxtonFX |
Pre-paid card
(Based on purchases) |
£609.46 |
|
CaxtonFX |
Pre-paid card
(Based on withdrawals) |
£609.46 |
|
Nationwide BS
FlexAccount |
Debit Card
(Based on purchases) |
£618.65 |
|
Nationwide
Gold Card |
Credit Card
(Based on purchases) |
£618.65 |
|
Post Office
Credit Card |
Credit Card
(Based on purchases) |
£618.65 |
|
Nationwide BS
FlexAccount |
Debit Card
(Based on withdrawals) |
£618.65 |
|
Travelex Online |
Travellers Cheques |
£629.68 |
|
Travelex Online |
Foreign Currency |
£629.68 |
|
Nationwide
Gold Card |
Credit Card
(Based on withdrawals) |
£633.99 |
Sourced by: http://www.moneysupermarket.com/ 23.09.2009 between 3pm and 4pm
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