Make your money travel further this summer

 

Brits preparing to jet off abroad in the coming weeks will no doubt welcome the news that sterling is now at a three and a half year high against the euro.

But holidaymakers can make their money stretch even further and save up to £9 in every £100 of currency simply by planning ahead and shopping around rather than leaving it until the last minute, analysis from MoneySupermarket.com shows.

Bob Atkinson, the comparison site’s travel expert, offers some useful tips when buying and selling currency this summer.

First, go online to get the best exchange rates available as well as free delivery and no commission, rather than last minute buying at the airport.

If you're unable to order online, then the Post Office or a high street travel agent should be your next best option to shop around, rather than your normal bank.

If you have no option but to pick up currency at the airport, then make sure you order it in advance. Booking currency online secures the online rate and avoids any commission charges.

Pre-paid cards can be a great alternative to cash and many of the leading products have no charges for use abroad both on purchases and ATM use. They are free to take out and have no running costs. Unlike cash, should your card be stolen the funds will be protected.

Some credit and debit cards should only be used abroad in an emergency unless they are specifically for using abroad, as fees and charges can be incurred for use outside of the UK.

Finally, if you plan to use your debit card abroad, know what the charges are before you go. Many banks impose a minimum charge so try not to make lots of small transactions as the charges will soon mount up.

Mr Atkinson said: “Investing a little time to research the best options ahead of travelling will ensure you cash in and make the most of your travel money.”