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Plan Ahead to Make Savings on Your Travel Money This Half Term


News provided by

MoneySupermarket.com

31 Jan, 2012, 11:32 GMT

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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

MoneySupermarket.com's customer commitment

  • No other site compares more prices or products
  • We are independent so only find the best deals for you   
  • The price you see is the price you pay - you don't need to go direct and you won't get a better deal doing so   
  • Your details are safe with us and we won't sell them to anybody

MoneySupermarket.com compares (at 22nd December 2011)

  • 86 car insurance providers and 78 home insurance providers
  • 11 broadband providers and 18 energy providers   
  • 30 unsecured loan and 5 secured loan providers
  • 62 mortgage lenders and 25 credit card providers
  • 70 savings providers and 36 current account providers.
  • Over 1,000,000 mobile phone deals

We promise to be clear and impartial

  • All the products in our full search results tables are displayed in a completely unbiased manner.
  • We don't add fees or commissions on to the prices we compare.
  • There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You'll be able to see this and know we are working hard to fix it.

We promise to be trustworthy

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  • We promise to be supportive.
  • You can use our community forum to get information and help from other customers.

If you need further help or support, you can contact our sales advisors, customer services agents.

For further information please contact:

Paul Lawler
PR Manager Financial Services
+44(0)1244-370371
+44(0)787-237-9545
paul.lawler@moneysupermarket.com

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