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We've been watching the holiday adverts since boxing day, but for many people that annual trip overseas is probably now only a matter of two or three months away. I'm sure you've got your eyes on that new summer wardrobe, but have you given any thought to your holiday spending money? By taking the right credit card or debit card with you on your travels, you could save some serious money.
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Ensure You Pack The Best Plastic For Your Summer Holidays
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Now that summer is well and truly here, many of us will be preparing for that well-earned holiday in foreign climes.
Whilst planning the annual summer escape, we spend hours scouring the brochures and the web for the best deals on flights, hotels and car hire, but it's surprising how few of us take the same amount of time and effort when it comes to researching our holiday spending money.
With more than 70 million visits overseas by UK residents in the past 12 months, holiday money is, unsurprisingly, a competitive market with a number of options available to leisure and business travellers alike.
Deciding what form of travel money to take
It used to be quite a simple matter of ordering travellers cheques and foreign currency from your local bank branch, with the credit card being tucked in the back of your purse or wallet just in case of emergencies. However with the advent of prepaid cards, debit cards and a growing number of outlets now offering travel facilities, there is now a far wider choice of options available to you.
It's certainly worth shopping around for your Euros and Dollars. Marks and Spencer , HSBC and Nationwide BS have recently proved to be very competitive when it comes to buying your foreign currency on the high street, however if you are happy to purchase online and pick your money up at the airport, then Travelex guarantee to be the cheapest.
Beware of the 0% commission currency adverts though, as it is quite rare for commission to be charged on such purchases these days, thus making it even more important to compare costs based on the exchange rate.
Best travel companion - Credit Cards
If you're going to take a credit card with you on your travels, it is worth considering cards from Nationwide Building Society, The Post Office or Abbey (with its new Zero card), because, unlike most credit cards, they will not charge foreign loading fees on your transactions overseas.
A word of warning though: if you're considering buying foreign currency with your credit card, it will be subject to a cash advance fee (usually 2% or more) and interest charged at the more expensive cash rate from the date of purchase, even if you pay your credit card statement in full.
If your existing card provider is going to charge you for using your card overseas, it's worth taking out a card from one of the non charging providers above. This is a bit of a 'no brainer' If you're a frequent visitor to the continent, as you could end up saving yourself a small fortune over time, simply by being smarter with your holiday plastic.
Best travel companion - Debit Cards
Charges for credit cards overseas have been well documented, but when it comes to debit cards, some people are still unaware that the free service for transactions that we take for granted in the UK does not extend to the rest of Europe and beyond.
Continued....
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