Don't get caught short on your travel money

Published:

07/01/2009

Topic:

Press Release,Money,Travel Money

With sterling in the doldrums, thousands of keen skiers are forgoing the slopes of Europe this winter despite of some of the best skiing conditions for years.

• Last-minute rush can lose you over eight per cent

With the plummeting pound being a major factor in this decision, analysis by moneysupermarket.com shows a bit of planning can make your holiday money go significantly further.

Getting a prepaid card instead of relying on a last-minute rush for euros at the airport can make you up to eight per cent better off. This week, at a time when handing over £1,000 at Travelex at Heathrow Airport would have got you 1,000 euros, loading the same amount of euros on a FairFX card would have only cost £922. 1

This was even slightly better than the return on the best debit card for overseas cash withdrawals. Nationwide, which doesn't levy charges or fees, relies on Visa for its exchange rate, which would have meant £934 coming from your current account for a 1,000-euro withdrawal at that time.

Peter Harrison, travel money expert at moneysupermarket.com, said: "Great last-minute deals only apply to holidays, not currency. With the right card potentially getting you an extra eight per cent spending money, you might find you can afford that skiing holiday after all.

"People need to plan ahead when it comes to their spending money. Having a prepaid card from FairFX or Caxton or a Nationwide debit card is usually your best bet for cash. Those prepaid cards or a credit card from Nationwide or the Post Office are an excellent idea for overseas purchases." 2

Peter Harrison's top tip: "If you have a high-interest current account, such as from Abbey or Alliance & Leicester, there's no harm in opening a Nationwide current account specifically for your trips away. It's the same with credit cards where, for example, you might have a zero per cent card from Halifax for your UK purchases and a Post Office card for overseas."

 

Sourced by moneysupermarket.com, 6/1/09

 

- Ends -

 

Notes to editors:

1 - The afternoon of 6 January 2009.

2 - The Thomas Cook credit card doesn't have free purchase protection, while the Saga credit card is fee-free in Europe but charges a 1% fee elsewhere.

 

 

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