Five ways to stretch your travel money a little further after currency slide

1

DO NOT rely on your usual credit or debit card – opt for plastic designed for use abroad. Among the best is Halifax’s Clarity card. It does not levy the typical 2.75 or 2.99 per cent fee on spending, and in addition does not charge for cash withdrawals abroad (though the local cash machine may levy a separate charge).

Other credit cards that do not charge for overseas spending include Everyday from new provider Creation and MBNA’s Everyday Plus American Express.

Norwich & Peterborough Building Society and Metro Bank offer debit cards that do not charge foreign currency fees, but you must be a customer and Metro’s deal is only valid in Europe. If you do not want a separate card, look at the SuperCard, offered by foreign exchange firm Travelex, which can be linked to an existing account.

2

CONSIDER packing a pre-paid currency card – these offer some of the best exchange rates. They allow you to load up on foreign currency before you go – or while abroad – and can be used just like a credit or debit card for payment. You can change any unused balance back to sterling afterwards or save it for another trip.

Prepaid cards are offered by CaxtonFX and FairFX, among others. One of the best deals is WeSwap’s card, which works by effectively swapping your currency with that of other travellers.

3

DO NOT change money at the airport, as bureaux de change there make the most of their captive audience by charging up to 10 per cent more than competitive providers. You should also be wary of cash machines at the airport that offer to pay your money in euros or other currencies, as they rarely offer good value.

The best rates are often online. Websites MyTravelMoney and TravelMoneyMax, for example, can help find top deals. Rather than visiting a bureau de change, you may pay by bank transfer and have the bank notes posted to you – often by special delivery. Among the most competitive providers are Travel FX, Best Foreign Exchange and No 1 Currency.

4

DO NOT fall for the ‘no commission’ adverts at a bureau de change. Many make their money by offering you lousy exchange rates instead. You are likely to get a better exchange rate by booking ahead. Look at currency comparison websites before making an exchange.

5

CONSIDER where you go on holiday to get more for your money. South America is still a good bet, with the Argentine peso weak. Russia is another destination offering great value due to the troubled rouble. The currencies of South Africa and Zambia are also attractive.

Alternatively many families are opting for a staycation this summer.