Summer holidays are a great time to travel and distance oneself from any discussion of Brexit, however, avoiding its impact on the Pound-to-Euro rate will prove to be a more challenging task. Towards the end of July 2015, being the summer before the Brexit vote, £1 bought €1.43. Last week, £1 bought €1.12. Thankfully, there are ways to ensure you get the most out of your money when traveling:
– Debit cards
The usage of cashless transactions has been on the rise; forcing around 300 cash machines to close per month. Debit cards have gained popularity, however, they may result in extra spending when abroad due to many having a non-sterling transaction free, as well as a purchase fee. Avoid using payment methods with hidden fees, and stick to trusted platforms like Vault, where consumers can always be fully aware of the exact conversion rate.
– Airport rates
If you’re buying currency before traveling, avoid doing so at the airport. Exchange rates at airport currency kiosks are notoriously poor and can easily be avoided with Vault.
– Pick your currency
When withdrawing money from a cash machine, you will often be faced with the question: “do you want to pay in euros or sterling?” Martin Lewis from MoneySavingExpert advises that you always choose to pay in the local currency (for example, euros.) Yes, this practice ensures that you will make use of the most favourable exchange rate when taking money out of a cash machine, as foreign banks would typically charge 4% more than your local bank. However, the best way of evading bank charges is by means of the ever-growing fintech industry, and utilising a money app like Vault. Vault’s Prepaid Mastercard allows you to automatically shift currencies in a manner similar to having a bank account in the country you are traveling in.
– Advanced options
Turn to the quicker, more reliable methods of making payments that have recently been introduced. With Vault, one has the option to exchange, spend and store money in up to 27 currencies, and make purchases anywhere in the world in up to 120 local currencies with the deVere Vault prepaid mastercard. Having an app to easily carry around with you, access instantly and use freely is the most convenient and efficient way of managing and making good use of money when traveling.