Travelling abroad for work or holiday is already stressful without having to worry about money. While money may not be at the forefront of your mind while abroad, travelling can quickly become pricey. To avoid a nasty bill once you return home, here are some simple tricks to save money while travelling abroad:
1. Make sure to use a credit card for purchases. Under Section 75 of the Consumer Credit Act, consumers have extra rights for purchases between £100 and £30,000. If you use a debit card or cash, you are missing out on this protection.
2. Cash can become a burden when dealing with hidden charges and extra rates from overseas cash machines. Remember that your bank may charge you for non-affiliated cash machine withdrawals. Instead, use a prepaid travel card—your money is already converted before you leave, and you won’t be surprised with any hidden fees.
3. Always remember to calculate exchange rates before completing a purchase. Never feel rushed to hand over your hard-earned money. Instead, use a device, such as your mobile, to calculate the exchange rate, then determine whether the local currency or sterling is the cheaper option. This simple step can stretch your wallet even further when travelling abroad.