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How to save money when on holiday

Here are some tips on managing your money better while you are away from the office on holiday.
By Ben Lobel on Aug 27th, 2016   freelotteriesuk

Research reveals that Britons resort to rudimentary tactics for managing their money abroad, with 65 per cent admitting to hiding money in shoes, clothing, or under mattresses when on holiday in order to keep cash safe.

Here, Rob Darby from Escape Travel Card offers advice to travellers on how to look after holiday spends abroad, as well as how to manage travel budgets effectively.

Carrying cash

To avoid repeatedly paying for ATM charges, travellers often opt to which could make them vulnerable to loss or theft. Using a prepaid currency card however, means that ATM charges can be avoided, removing the need for holidaymakers to carry lots of cash with them and giving them peace of mind.

Paying in local currency vs Sterling

When using a credit or debit card for shopping abroad, tourists are often given the option to pay for the transaction in their own currency rather than the local one – which is portrayed as being more convenient. Rather than the till simply showing the customer what the amount translates to in their domestic currency, it usually uses a less favourable exchange rate meaning the traveller pays extra. Tourists are better off paying in local currency on their prepaid travel card to avoid paying these steeper rates, as this kind of expense can add up during the course of a trip.

Manage your budget online

It’s easy to get carried away when you’re making the most of your time abroad, but it’s important that holiday-goers keep on top of budgets so they don’t leave themselves short at the end of the trip. By using a currency card that offers a secure online account to manage spends, travellers can stay clued up on their spends the same way they would at home. 

Be safety wise

Preparing for the worst-case scenario is always advised when taking money abroad, and having safety procedures in place will help ease the anxiety of being stranded without cash. The majority of prepaid currency cards see funds held on them directly, meaning that if the card is lost or stolen the funds are taken with the card. But Escape’s unique cloud account offers increased security by allowing funds to be transferred from the card back to the account at any time, keeping spends safe if something should happen to the card.

Be discreet

It is easy to see how holiday-goers can draw attention to themselves rifling through the unfamiliar bank notes of another currency when making a payment. It’s best not to make a scene when doing this and carrying a prepaid currency card means it can be avoided altogether. We would always advise all tourists to be aware of their surroundings when on holiday, and to make sure they take the necessary precautions to ensure that their trip goes off without a hitch.