Holidays can be an expensive time for Britons – yet one cost saving currency measure could help max out spending money. Some travellers choose to draw out currency before venturing overseas, while others opt for travellers’ checks. Yet a huge number now reply on their credit and debit cards to pay for items abroad. In a huge foreign currency milestone, both Visa and MasterCard providers have vowed to cut fees for non-EU debit and credit card transactions in Europe.
While at first glance that may not appear to benefit Britons travelling to European destinations, currency experts have insisted it will.
This is courtesy of savings passed down from everyone from shop owners to restaurants and hotels in their holiday destination.
CompareHolidayMoney.com’s holiday currency guru, Peter Rudin-Burgess, said of the decision: “This is great news – not just for non-EU tourists, but for Europeans too.
“At the moment the non-EU transaction fees are applied to retailers, which will be taken into consideration when they decide their pricing.
“These reduced fees will mean that costs are lower for European retailers to do business, which should result in lower prices being passed onto consumers – benefiting all consumers, including UK citizens holidaying abroad.”
With vacations, especially for families, proving expensive, this could offer some relief.
Peter also shared with Express.co.uk some handy currency tips for travellers to make the most out of their currency regardless.
It comes as the pound to euro exchange rate received a boost today, courtesy of somewhat positive Brexit negotiations.
Tuesday’s figures saw sterling soar to its highest ever levels in April, meaning those who are looking to switch their currency ahead of the Bank Holiday weekend were in luck.
Talking of further currency savings, Peter added: “Online rates are usually better but many providers, like the Post Office for example, operate a ‘click & collect’ service, which means you can make your order online and walk into a branch to collect in person while getting the better online rates.
He added: “Here’s an insider secret: supermarkets have some of the best exchange rates!
“So if time is running out and you’re rushing to get everything done in time for your holiday, order your currency online, get an amazing rate and collect it in-store while you’re stocking up on last minute sun screen and travel snacks.
“Don’t commit the cardinal sin of leaving your currency purchase to the very last minute and doing it at the airport, as you will rarely get a good deal and will have less money to spend on fun holiday things.”
Meanwhile, to prevent holiday debt, he said: “Set a budget for your holiday, covering everything from accommodation and travel to food and shopping, and stick to it.
“As part of this have a holiday treat fund because treats are an important part of the holiday.”
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