When you go on holiday abroad and spend money the wrong way, you could end up wasting dollars every time you shop. Some specialist cards can help you get the best rate every time you are spending overseas while on holiday.
However, it’s not just enough to have the right card. There are other tricks, tips and tools that can help you get the most out of your bucks. Here are our top three holiday money saving tips you can try.
1. Compare the best currency rates
If you will need to pay for items using cash, compare the top currency rates before traveling. You can use a website like LowCostHolidays to compare the rates are different bureaus as well as find cheap holidays. Find out how much currency you will actually get after the charges and fees have been deducted.
Generally, you should stick to using cash or a debit card to pay for currency exchange. While you can use a credit card, keep in mind that the exchange will be considered a cash withdrawal, and hence there will be interest and fees to pay.
Getting cash is good if:
- You have a secure place to keep it
- You want to stick to a budget
- You want to lock in a rate
On the other hand, getting cash has some risks. For example, it can get stolen. Generally, you shouldn’t get cash if:
- You need to pay by credit card
- You want the best rates
2. Spending the wrong way can cost you hundreds of dollars more
If you are spending money the wrong way abroad, you can end up making hundreds of dollars in payments that could have been avoided. When you are on holiday, you only want to pay for what you need. However, if you buy the wrong way, you may end up paying fees for paying.
To avoid paying the unnecessary dollars, make sure you apply for a specialist overseas credit card before going for your travel. Paying for items in cash of using your home debit card is usually expensive.
3. Protect yourself against currency swings
Bureaus may not offer the best rates in the market. However, the terms and conditions of a few of them can be manipulated to protect yourself against currency swings. You can do this by ordering at today’s collection rate before the date of your holiday.
When your holiday reaches and the rates get worse, you will have locked in today’s better rate. On the other hand, if the rates get better, you can cancel the rate you had bought and buy the better rate. To apply this tip successfully, you need a bureau that can allow you to buy up to 60 days ahead and cancel at no cost.
This method is not a must for you to save on your travel. However, if you are worried about currency moves, it is worth looking into.
The above are three unconventional ways in which you can save money for your travel. Have you used any of them before?