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As international borders continue to reopen across the globe (for the time being at least), people throughout the UK are considering booking potential trips overseas as they look to make the most of the post-lockdown period.
However, there’s a significant challenge for most households here, particularly with so many households now earning considerably less than they did at the beginning of the pandemic. When the furlough scheme ends at the end of October, hundreds and thousands of jobs could be lost, with many companies in the travel industry facing some challenging decisions.
In this post, we’ll ask how you can make the most of your travel money when heading overseas, regardless of where you’re heading!
Get the Best Exchange Rates
Let’s start with the basics as getting the best bang for your buck as a traveler relies on your ability to access the best possible exchange rate.
The value of and the relationship between different currency pairings fluctuate wildly from one hour to the next, while currencies can also be impacted by a range of macroeconomic factors.
This has been borne out during the coronavirus pandemic, as various nations have looked to implement quantitative easing measures that have capped domestic currency values and reduced capital inflows into the economy.
So, you’ll need to monitor these price movements and the trends that continue to influence them, by using reputable tools such as online trading platforms and their various analytical tools.
We’d also recommend that you time your currency exchange wisely and avoid carrying out transactions at airports, as this will afford you access to the worst possible rates.
Use Travel Cards
If you’re anything like us, you’ll probably end up spending considerably more than you should when traveling overseas.
If this is the case, it’s wise to consider proactive steps that will enable you to minimize the risk, and one of the best options is to get hold of a travel credit card.
The main benefit of this is that this type of card typically doesn’t charge any transaction fees when making purchases or withdrawing cash, and in this respect, it may be the cheapest way of accessing currency as a traveler.
In some instances, you may even be able to secure a prepaid travel card, which allows you to minimize the amount that you spend from the outset of your trip (although you will need a back-up option in this case!).
Research the Cost of Living
Let’s face facts – the cost of living varies from one location to another, while it’s also well-known that popular tourist destinations are even more expensive to frequent.
This is especially true when you consider the cost of food, drink, and accommodation, so it’s important that you research this before making informed and ultimately sensible plans.
This can also inform your final choice of where you stay while traveling, as you look to book a hotel within your budget and gain an insight into the average cost of living within the surrounding area.
Remember, you can save cash by booking in less popular tourist resorts, while this may also deliver a more culturally enriching experience.