Plan Ahead to Make Savings on Your Travel Money This Half Term
31 Jan, 2012, 11:32 GMT
CHESTER, England, January 31, 2012 /PRNewswire/ --
- Save almost £100* preparing your finances before your trip
- Brits can benefit from 9 per cent stronger rates than in July 2011
Those planning a half term holiday next week or a last minute romantic getaway for Valentine's could save up to £100* by planning their travel money before jetting off.
According to analysis from MoneySupermarket.com, exchanging last minute at the airport bureau de change could cost as much as 10 per cent more than someone using a debit card designed for overseas usage. For example, travellers changing GBP to US dollars via ICE bureau de change at the airport would pay £714.44 for $1,000, while someone spending $1,000 on the Norwich & Peterborough Building Society Gold Classic debit card would only pay £640.25.
And with the growing strength of the Pound versus the Euro, Brits can still benefit from shopping around for their Euros, leaving extra cash in the wallet for family activities. For example, travellers could save £93.73*** when using a Sainsburys Finance Gold Credit Card to take out €1,000 at an ATM, at a cost of £837.46. While those taking out €1,000 last minute via ICE at the airport would end up paying £931.19 for €1,000.
MoneySupermarket also found that for jet setters, spending a few minutes to pre-order money online for same day collection in London could save £70**. Purchasing $1,000 online with central London collection with ICE would cost £645.16, compared to a direct purchase at the airport ICE bureau de change, costing £714.44.
Bob Atkinson, travel expert atMoneySupermarket.com, said: "Travellers who change their travel money at the airport could be paying well over the odds for doing so and missing out on significant savings by not planning ahead and shopping around. For those strapped for time, both Thomas Cook and Travelex offer a service where you can reserve your currency online for same day airport collection and benefit from the internet rate and no airport commissions.
"But, you can save even more by thinking ahead and buying in the right place and at the right price in order to save as much money as possible. Even for those already planning their summer holidays, now is a good time to arrange travel money while exchange rates for the Euro are stronger than recent months. Currently, Brits can benefit from exchange rates nearly 9 per cent stronger than in July 2011, giving you a boost to your holiday spends. And with many resorts offering great value deals on eating out and entertainment your holiday money really does go further.
"And we should not be complacent about using our usual credit and debit cards overseas. By applying and using a card designed for spending overseas, you can benefit from some of the best deals around, coupled with the safety of using a pin protected card."
Various products are on offer for those jetting off abroad. A pre-paid card such as FairFX would cost £654.66 for $1,000, based on five purchases in the US, and does not charge a fee for application of spending. Those needing to withdraw cash abroad could use a market leading pre-paid card such as the CaxtonFX Prepaid Card costing £657.89 for $1,000, which has no charges for ATM use abroad, while the Norwich & Peterborough Building Society's Gold Classic debit card currently offers free card usage abroad and would cost just £640.25 for $1,000.
Bob Atkinson continued: "Those planning to use a debit or credit card should always check the small print to ensure they understand any charges before setting off abroad - or they could be greeted by a hefty bill on their return. Always give at least a week to ten days when applying for a market leading card, leaving plenty of time for it to arrive. And of course remember that if you use a credit card to withdraw cash overseas even the market leading ones designed for overseas usage will charge interest immediately, with the exception of Sainsbury's Gold Card[1].
"Check for local charges for using ATMs or making purchases abroad as some banks and retailers may charge. Others may also offer to convert your transaction into sterling at point of sale, known as dynamic currency conversion. This generally works against the customer so it is usually worth rejecting as you will be offered a more favourable rate of exchange by your provider.
"A pre-paid card allows consumers the most spending power and protection against loss or theft when abroad, and pre-paid best buys such as FairFX or CaxtonFX have no purchase or withdrawal fees, can be topped up by phone or online for free and replaced quickly if needed."
Notes to Editors:
GBP to Euro
*Halifax Clarity Credit Card (based on €1,000 purchases) at £832.46, ICE currency to collect at airport (€1,000) at £931.19= £98.73 saved
Same day collection
**ICE pre-ordered currency online £645.16 for $1,000 with central London collection, compared with ICE currency direct collection at airport ($1,000) at £714.44= £69.28 saved
GBP to Euros
***Sainsbury Finance Gold credit card £837.46 for €1,000, compared with ICE currency to collect at airport (€1,000) at £931.19 = £93.73 saved
[1]When paying off your Sainsbury's Gold Card statement in full each month to avoid interest charges, even on cash withdrawals overseas.
Cost of EUR1,000 Cost of $1,000
Cost of Cost of
Provider Product Type EUR1,000 Provider Product Type $1,000
Norwich &
Halifax Credit Card Peterborough Debit Card
Clarity (Based on BS (Based on
Card* withdrawals) GBP832.46 Gold Classic purchases) GBP640.25
Norwich &
Halifax Credit Card Peterborough Debit Card
Clarity (Based on BS (Based on
Card* purchases) GBP832.46 Gold Classic withdrawals) GBP640.25
Norwich &
Peterborough Debit Card Halifax Credit Card
BS (Based on Clarity (Based on
Gold Classic purchases) GBP833.90 Card* withdrawals) GBP642.05
Norwich &
Peterborough Debit Card Halifax Credit Card
BS (Based on Clarity (Based on
Gold Classic withdrawals) GBP833.90 Card* purchases) GBP642.05
Sainsbury's
Finance Credit Card
Gold Credit (Based on Currency
Card withdrawals) GBP837.46 ICE Online GBP645.16
Sainsbury's Sainsbury's
Finance Credit Card Finance Credit Card
Gold Credit (Based on Gold Credit (Based on
Card purchases) GBP837.46 Card withdrawals) GBP647.05
Sainsbury's
Finance Credit Card
Currency Gold Credit (Based on
ICE Online GBP840.34 Card purchases) GBP647.05
Nationwide Debit Card
BS (Based on Currency
FlexAccount purchases) GBP850.55 ICICI Bank Online GBP650.42
Pre-paid
card Nationwide Debit Card
(Based on BS (Based on
FairFX purchases) GBP852.15 FlexAccount purchases) GBP653.09
Pre-paid
Credit Card card
Thomas Cook (Based on (Based on
Credit Card purchases) GBP854.71 FairFX purchases) GBP654.66
Credit Card
Currency Thomas Cook (Based on
ICICI Bank Online GBP855.19 Credit Card purchases) GBP656.30
Nationwide Debit Card
BS (Based on Currency
FlexAccount withdrawals) GBP855.55 Travelex Online GBP656.56
Pre-paid
card
Currency (Based on
Travelex Online GBP855.65 CaxtonFX purchases) GBP657.89
Pre-paid
card
Currency (Based on
Thomas Cook Online GBP856.90 CaxtonFX withdrawals) GBP657.89
Pre-paid
Travelex card Credit Card
Cash (Based on Barclaycard (Based on
Passport purchases) GBP857.34 Platinum purchases) GBP657.91
Pre-paid
Travelex card Nationwide Debit Card
Cash (Based on BS (Based on
Passport withdrawals) GBP857.34 FlexAccount withdrawals) GBP658.09
Pre-paid
Credit Card Travelex card
Barclaycard (Based on Cash (Based on
Platinum purchases) GBP857.63 Passport withdrawals) GBP658.54
Pre-paid Pre-paid
card Travelex card
(Based on Cash (Based on
CaxtonFX purchases) GBP857.63 Passport purchases) GBP658.54
Pre-paid
card
(Based on Currency
CaxtonFX withdrawals) GBP857.63 Thomas Cook Online GBP658.76
Pre-paid Pre-paid
card card
(Based on (Based on
FairFX withdrawals) GBP858.54 FairFX withdrawals) GBP661.16
NatWest Debit Card NatWest Debit Card
Select (Based on Select (Based on
Account purchases) GBP863.04 Account purchases) GBP664.16
NatWest Debit Card NatWest Debit Card
Select (Based on Select (Based on
Account withdrawals) GBP873.44 Account withdrawals) GBP670.75
Credit Card Credit Card
Barclaycard (Based on Barclaycard (Based on
Platinum withdrawals) GBP877.60 Platinum withdrawals) GBP673.96
Thomas Cook Credit Card Thomas Cook Credit Card
Credit (Based on Credit (Based on
Card** withdrawals) GBP879.60 Card** withdrawals) GBP675.50
Travelex Currency to Travelex Currency to
Gatwick Collect GBP920.30 Gatwick Collect GBP707.56
Thomas Cook Currency to Thomas Cook Currency to
Heathrow*** Collect GBP925.93 Heathrow*** Collect GBP709.22
ICE - Luton Currency to ICE - Luton Currency to
Airport Collect GBP931.19 Airport Collect GBP714.44
*Cash advance rate of 12.92% APR will apply from day of withdrawal
**Cash advance rate of 29.9% APR will apply from day of withdrawal
***0% commission for transactions over £300
Sourced by: http://www.MoneySupermarket.com 25.01.2012 between 10am and 11am
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