2. If you do not bank with the Nationwide, enquire with your bank ahead of time to find out their currency conversion charges for overseas purchases and cash withdrawals. This should put the damper on impulse purchases and multiple trips to the ATM.
3. Ring your bank and credit card providers before your trip to advise them you are going overseas. This will prevent them from cutting off your cards if they suspect they are being used fraudulently.
What do you mean, 'CARD DECLINED'??!4(a). Purchase your currency in advance on the high street. Shop around to find the best rates (comparing the 'sell' rates) and be sure to take commission into account. Marks & Spencer usually have very good rates and do not charge commission. Take photo ID if you plan to buy your currency on plastic, but WATCH OUT as your card may treat this purchase as a currency conversion and charge a fee, so ask your bank first.
4(b). Or, if you are tech-savvy, try the Travel Money Maximiser which trawls through online foreign exchange bureaux to find the best rates. When exchanging currency online, always opt to pick up your funny money at a local branch or at the airport. Never buy your currency over the counter at the airport.
5. If you must withdraw cash from an ATM while abroad, use your bank debit card and never a credit card. Credit cards levy a higher ATM transaction fee and charge an extortionate cash advance interest rate.
6. Find out how much your travel insurance covers you for replacing cash that is lost or stolen, then make sure you always carry less than this amount. Put the rest in the hotel safe.
7. Not comfortable carrying so much cash? Travellers' cheques feel a bit antiquated these days and often have charges associated when both buying and spending them. Whatever combination of currency - cash, cards, or cheques - carry your cash in a travel wallet that hangs around your neck and can be hidden away under your clothes.
8. Avoid the dynamic conversion exchange trick, particularly in Spain. Say you're in Spain and hand the waiter your UK debit card to pay the bill. Or perhaps you're taking out cash from a Spanish ATM. 'Would you like the amount billed in sterling?' you are asked. It sounds easy, painless, safe...but it is practically a con. The exchange rate will almost always be terrible and is designed mainly so someone can skim off some cash for themselves through the transaction.
9. Eat where the locals eat. Venture outside the main tourist area and watch the prices dip, while the quality of food should improve. Challenge yourself to eat somewhere that doesn't have a menu in five different languages (take a phrasebook instead). Look for places that offer a fixed-price menu (3 courses for 10 euros, for example).
10. Try the local brands of bottled water, fruit juice, beer, wine and spirits when having a drink. Buy these in bulk from the local supermarket instead of from the kiosk on the beach.
"Cheers!"11. Limit the use of your mobile. Enquire beforehand if your provider offers special tariffs for overseas travel. Because you'll be paying a lot more to receive calls, tell your friends to cut down on the chit-chat.
12. Any cash left over on your return? Instead of converting it back into sterling, set it aside for your next holiday - unless your trip was so bad you have vowed never to return!
1 comment:
In May the Nationwide says it will begin passing on the costs from the Visa network, which means it will be charge you up to 1% in a foreign exchange transaction outside Europe.
Compare this though to a typical 2.75% fee other cards will charge you.
Plus, European transactions remain free of foreign exchange rate fees, so the card remains an excellent choice for travellers.
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