How to get the best deal on holiday money and currency deals
Holidaymakers who leave getting their cash until the last minute at the airport are paying over the odds
HOLIDAYMAKERS who leave sorting out travel money until the last minute are often ripped off.
Getting your cash at the airport means you could be offered as little as €0.88 for £1.
This is because airport bureaus often offer lower rates than if you order online or arrange to pick it up.
The pound has also suffered in the last year against most of the world's major currencies.
After the referendum to leave the EU, sterling fell by around 15 per cent against the dollar and 12 per cent against the euro.
It means that holidaymakers will get significantly less for their money than previous years.
But with a bit of forward plannning it is possible to make your cash go further.
From getting the best deal on your cash, to making sure you're prepared with the right credit or debit card, we explain how to get more bang for your buck:
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How to get the best rate on currency
When buying currency, the best rates won’t necessarily come from your bank or even the or .
Use comparison tools like to compare pick-up and pre-order rates.
It’s also worth checking out local independent bureaus on the high street near you.
Some bureaus offer preferential rates if you pre-order or print out a voucher to secure the online rate, rather than walking through the door.
If you need to get money at the last minute, order online or by phone and pick it up at the airport.
Pick the right card
If you’ve got time then applying for a credit card that has no or low fees for spending abroad could save you a bundle.
You might want to consider the or , for example.
To make this work you must ALWAYS pass off the balance in full, otherwise you’ll pay interest on your spending.
To find out which cards you’re most likely to get accepted for, use a soft search on your credit file, like , so that it doesn’t leave a mark.
Why is pays to pay in the local currency
HOLIDAYMAKERS are often given the choice between paying in pounds or euros when using a debit or credit card in Europe, either for withdrawing cash or in shops and restaurants.
That’s because when you choose to pay in euros your bank or credit card company work out the currency conversion for you.
If you opt to pay in the pound then this calculation, known as the dynamic currency exchange, is left up to the foreign bank, shop or restaurants bank.
Earlier this year, we reported on how Martin Lewis, founder of MoneySavingExpert.com, was reminding readers to always pay in the local currency if they are given the option.
If you’re heading off on holiday soon then double-check the fees on your current debit or credit card to avoid getting stung.
Andrew Hagger, of Moneycomms.co.uk, said: "Check how much your card charges you for foreign currency purchases and ATM fees - it's best to understand before you jet off rather than get a massive shock when you see the charges on your statement when you get back."
Get a pre-paid card
Currency cards allow you to load them up with cash before you go away and then use them like a debit card to spend or withdraw money from.
If you’ve got a good one then they are a low-cost way to manage your money while on holiday.
But the bad ones charge lots of fees, including charges for loading them with cash, spending, withdrawing money - and some even charge an annual usage fee.
That means you need to look out for a card that avoid these fees. For example, the is free to spend and withdraw cash.
You’ll need to top up with at least £100 when you get it and there’s a bit of a waiting list for those wanting to take out out.
Another card to consider is the pre-paid Mastercard from . Like Monzo, it works through an app, and there are no spending fees.
But you’re limited to a £200 withdrawal per month or you’ll get charged a 2% fee on anything above this.
There’s also a £5 fee for delivery of the card.
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