Planning your holiday is exciting, but sorting out your travel money can feel like a chore. However, making the wrong decisions can quickly eat into your holiday budget. To help you make the most of your money, here are five of the biggest travel money mistakes—and how to avoid them.
Before we dive in, let me share a quick story…
A few years ago, I was flying to Barcelona for a weekend getaway. It was all last-minute, and in the rush, I completely forgot to sort my travel money. I ended up exchanging £200 at the airport bureau de change, only to realise later that I’d received €210 when I could have got €230 if I’d planned ahead. That €20 difference? It was the price of a beautiful paella lunch I missed out on! Lesson learned: don’t let poor travel money planning eat into your holiday fun.
We’ve all been there: rushing to the airport and realising you’ve forgotten to sort your travel money. Airport bureau de change services may be convenient, but they typically offer the worst exchange rates.
Plan ahead! Use a site like CompareTravelCash.co.uk to compare rates from trusted providers. Ordering your currency in advance ensures you get the best rates and avoid unnecessary stress.
When you’re abroad and the card machine or ATM asks if you’d like to pay in pounds instead of the local currency, it might feel familiar and reassuring to choose pounds. But this mistake, known as dynamic currency conversion, usually comes with steep conversion fees and terrible rates.
Always choose to pay in the local currency. This ensures your bank or card provider handles the conversion, which is almost always cheaper.
Many standard UK debit and credit cards charge foreign transaction fees of up to 3% on purchases, as well as hefty ATM withdrawal fees. Over the course of your holiday, these charges can add up quickly.
Consider getting a specialist travel card, such as a prepaid travel money card or a credit card with no foreign transaction fees. These options can save you money and make spending abroad hassle-free.
Not all exchange rates are created equal. High street providers, airports, and even some online services can have hidden fees or poor rates, which means you get less bang for your buck.
Always shop around. Use a comparison website like CompareTravelCash.co.uk to find the best rates and avoid hidden fees. Look for FCA-regulated providers for added peace of mind.
While having cash on hand is essential for small purchases, carrying too much can be risky. If it’s lost or stolen, it’s unlikely to be recoverable, leaving you out of pocket.
Strike a balance. Take a reasonable amount of cash for immediate expenses and use a secure travel card or bank card for larger purchases. Keep cash in different places (e.g., your wallet and a secure pocket) to minimise risk.
Travel money mistakes can cost you more than you realise, but with a little preparation, they’re easy to avoid. From comparing exchange rates to choosing the right payment method abroad, every step you take can help you save money and enjoy your holiday without financial stress.
For the best exchange rates and reliable providers, visit CompareTravelCash.co.uk before your next trip. With just a little planning, you can avoid these common mistakes and make the most of your travel budget.
Pro Tip: Set reminders to sort your travel money at least a week before departure. It’s one less thing to worry about before you fly!
CompareTravelCash.co.uk is a price comparison service that’s designed to help you save money – While we do our best to ensure the site is 100% up-to-date, we cannot guarantee this.
We advise you to carry out your own due diligence before buying or selling travel money.
