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ecoPayz Marketing Executive, Nicola Cooper looks at alternatives to getting physical travel money out for a holiday abroad and how she saved a pretty penny last summer.
I’ve just booked my late summer holiday and I’m already breaking in all of the shoes that I want to take away with me. I’m already all over Tripadvisor plotting off-the-beaten track places I want to go.
The thing that I find is the biggest pain is sorting out my spending money when I go abroad. It’s an essential but can be a total headache when you’re taking your holiday to relax.
It’s not ideal to carry around a wallet of cash. Let’s face it, not very many of us would feel safe hauling the best part of €250-400 walking around a busy market place or on the beach. You may have a safety deposit box in your hotel room, but then you limit your spend if you go out for the day.
Then there is the problem of paying with your bank card and the overseas transaction fees. This was the killer. On my last holiday (see a picture from beautiful Sorrento, Italy below), I would have wasted at loads of money fees alone. Thankfully, I discovered that I could get a prepaid card in the currency of where I was going which would save a fair bit.
A few of my tips for making the most of your travel money while you are on holiday
1) Prepaid cards combine the convenience of a debit card, but allow you to set your spending limit according to your budget. You won’t be able to go over the amount you put in to your online account or prepaid card so there is no risk of overspending.
2) They’re safer than carrying cash and are a handy alternative to traveller’s cheques.
3) Unlike most debit and credit cards, prepaid cards don't charge foreign-exchange fees for purchases made abroad, provided the local currency matches that on the card. Be careful though as there will usually be a cross-border fee, for instance when using a sterling card in the Eurozone you face an exchange fee of typically 2.75%, but it can be higher. Make sure you get a card in the same currency as your holiday destination.
4) If you are given an option for which currency you want to be charged in, always choose the local currency (the same currency as your card). This will avoid unnecessary foreign exchange charges both at the merchant and on your card.
5) Prepaid travel cards are available in Sterling, Euro and US Dollar currencies.
6) If you want to make reservations but you don't want to reveal your credit card details or your bank account on the internet, you can use a prepaid card instead.
It’s worth looking at and you can get a prepaid card tied to your ecoAccount with us. It’s free to apply for an ecoCard in Sterling, Euro or US Dollars. Login in to / create your account now.