8 WAYS TO MAKE THE MOST OF YOUR HOLIDAY MONEY

Wherever you’re bound this summer, here’s what you need to know to boost your travel money…

1 SET A BUDGET

Make a list of the things you will need to spend money on while you’re away, such as food, drinks, buses, taxis, excursions, extra sun cream and souvenirs, then set a top limit and track your spending using your smartphone. Money management apps, including Money Dashboard and Yolt (both free at App Store and Google Play), allow you to check all your accounts in one place.

2 CHOOSE YOUR PLASTIC

Rather than relying on your usual credit or debit card, the best way to take money abroad is with a multicurrency prepaid card. It will help you keep track of your budget and allow you to make transactions abroad without paying additional fees or charges. Check out Weswap, Fairfx, Caxton and Revolut.

GHI TIP If you have a Monzo or Starling current account, you get fee-free spending abroad.

3 GET A GOOD DEAL

To find the best currency exchange rates, buy online from specialist currency providers, such as Travelex or ICE. To compare rates, go to money.co.uk or moneysupermarket.com. You’ll find that well-known high street brands, including M&S Bank and Post Office Money, also offer more competitive rates online than they do in-store. If you are pushed for time, currency providers can deliver money to your home or you can click and collect from a store. If you use Travelex or Moneycorp, you can even pick up your cash at the airport just one day after ordering it. Whatever you do, don’t buy foreign currency there, though, as exchange rates are usually poor, so you’ll have less spending money! If you exchange £400 at the airport via Moneycorp, you will get approximately €336*, whereas if you order from Post Office Money online, £400 would get you around €460**.

4 STAY SAFE

Using your hotel’s wi-fi to check your bank account? Make sure you download a VPN app first. These programmes create protective tunnels around the information you are sending so it can’t be intercepted by hackers. We like NORDVPN (£9.15 for one month).

5 THINK BIG

Using a cash machine abroad? Check if your card charges fees when withdrawing money overseas – if it does, you could be charged as much as £6 for drawing out £100.

6 KEEP IT LOCAL

To avoid extortionate exchange rates and sneaky extra charges, always opt to pay in the local currency when using your card, as the mark-up is around 8% extra if you pay in sterling. There have been reports of holidaymakers being bullied into paying in sterling this summer, so state that you want to pay in local currency and always check the card terminals to make sure.

7 CHECK PHONE CHARGES ABROAD

If you’re travelling in the EU and you have a monthly phone contract, you won’t be subject to roaming charges on your allowances. If you’re travelling outside the EU, ask your network about travel add-ons that reduce charges, or consider buying a local SIM card when you’re away.

8 BE PREPARED

It is definitely worth having a travel-friendly credit card for holiday emergencies and for any purchases over £100, because you receive more consumer protection if there is a problem.