Spend Thrift - Foreign Exchange,
Commission and Card Savings Wise
Spend thrift ways to spend your
money abroad while saving on card, traveller’s check and currency charges.
You need to maximize your
potential to take cheap holidays abroad
by being informed about the costs and savings
associated with the medium you intend spending and funding your lifestyle travelling.
A little bit of financial
knowledge can go a long way in your quest for holiday saving tips in
pursuit of cheap family vacations.
Confirm first that overseas banks
They are expensive and labor
intensive to process so only a few banks still accept them.
Most issuers only offer
traveller’s check in a few limited currencies.
You will need to have them issued
in the currency of the country that you intend visiting.
You will pay about 2% in
commission initially when the traveller’s checks are issued to you.
Don’t convert them into the
foreign currency overseas as you’ll pay an additional exchange commission
Your unused traveller’s checks
can be bought back for free or kept for future lifestyle travelling as they
You will require some cash for
your cheap holidays abroad but keep it to a small amount and request smaller
- Excess cash is a safety risk and
you will pay commission again when convert unused cash back upon your return.
- Aim to purchase your currency in
advance in order to pay lower commissions
- You can also potentially save 505
in commissions by collecting your foreign currency from a forex branch instead
of the last minute rush at an airport or a vacation resort.
- Don’t purchase them using a
credit card. You will forfeit the interest-free period as the transaction is
seen as a cash withdrawal and you are charged a higher interest rate.
- Time constraints can be
alleviated (at a cost) by reserving your currency online for the same-day
airport collection- generally only in euros and dollars though.
- Excellent for emergencies because
of he spend now and pay later options
- However interest charged is
- Be diligent and committed to
clearing your monthly balance to keep your holiday costs as low as possible.
- You will be charged interest
immediately if you use your credit card at an ATM to withdraw cash.
- Invest in lost card protection to
insure you against any purchases that are made on your card if it is lost or
- Remember to report your lost /
stolen car immediately and be aware that pin based purchases are not included
in this cover.
- Always remember to be vigilant
about fraud by keeping your card in your sight at all times and your PIN number
a secret at all times.
- Keep the card’s lost or stolen
reporting contact details at hand at all times.
Pre-Paid Currency Cards
- They are only offered in some
currencies but they afford you more safety than cash and the rates of exchange
- Pre-load you card when exchange
rates are optimal with the currency that you require for your lifestyle
- Use your pre-paid card
extensively, except for cash withdrawals, to make the most of the “no purchase
- Make sure it is PIN protected and
keep your card separately so that you still have access to funds if say your
credit card or cash is stolen.
- They are expedient but expensive.
- No forward planning is required
but charges for loading foreign currency are high.
- You should also be aware that you
will pay a commission on all transactions made abroad.
- Debit cards should be retained
for emergencies only and never pay in your local currency – convert your
destination’s currency instead.
Another spend thrift free trip planner tip is to not to pay for your
accommodation with cash – you will want the payment to be traceable.
Always retain the proof of
payment so that any disputes can be easily settled.
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