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Currency Options For Your Holidays

Sep 5, 2008
If you are heading off on your holidays over the coming months then you will have a number of decisions to make, such as who to fly with, where to go, where to stay, how long to go for, and more. Another decision that you will need to make when it comes to your holidays is with regards to your currency options. If you are travelling abroad you will need to think about how you want to take your foreign currency with you, as there are a number of options available depending on your needs, circumstances, and preferences.

Of course, you may decide to take cash on holiday with you for your spending, and this can be a convenient and easy option but is not particularly secure. You could easily have your cash stolen or lose it, and you may then find yourself stranded without any form of cash available at all. It is a good idea to take a little bit of cash with you, as you never know when you might need it, especially on the first day when you first arrive at your destination.

Another option is to take travellers cheques abroad with you, and once again there are pros and cons to these. With travellers cheques you have far more security than you would have with cash, as you sign the cheques before you go, and you would then have to sign them again in front of the retailer when you make a purchase, making it harder for someone to use the cheques if they are lost or stolen. On the other hand it can be cumbersome and time consuming to have to deal with these cheques, and you may find that if you want to exchange them for cash you are charged a commission each time, although this is not necessarily the case it depends on where you exchange them.

Another option is to take your credit card abroad with you and use this for your spending needs, and this offers both security and convenience. However, it can prove expensive as your card provider will most likely charge a range of expensive fees, such as cash withdrawal fees, foreign conversion fees, and fees for each transaction that you make. A prepaid credit card is another option, but this also incurs fees, although it can help you to keep your budget under control if you are nervous that you may overspend whilst you are away.

When you convert your currency in to the relevant foreign currency, whether in travellers cheques or cash, you should make sure that you shop around in order to get the best deal possible on your foreign currency. Look out for commission free deals, and see which providers are offering the best exchange rates so that you get more for your pounds. You can do this online, and you will often receive your travellers cheques or cash the next day in the post unless you prefer to collect.
About the Author
Peter Kenny has been writing financial articles for 10 years and is a writer for The Thrifty Scot, please visit us at Unsecured Loan and Saving Accounts
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