For the most part, most DINKs I speak to will make the effort at least once a year to get away – generally somewhere hot abroad where no self-respecting parents could go with kids. But these glamorous affairs require a whole heap of planning including my number one bug bear, changing up currency. Exchanges try to charge commission, banks try to levy other charges and half the ATM’s give you a currency conversion rate that would seem pricey to a loan shark!
So just what can you do to stay ahead of the game and ensure that you don’t get shafted when it comes to your holiday finances:
1) Before you go anywhere – check the market. A simple search in Google, XE.com or even a glance at some of the trading and spread betting sites will show you the current market rate at any given time
2) Read up on your banks exchange rate policies. Some offer a better rate if you change up your’ currency in advance, while others recommend finding a local bank where the ATM is free to use and then withdrawing money overseas for the best rates. Remember that many All-inclusive resorts will have 3rd party ones onsite, so this may affect your end line
3) Check your credit card rates. When I went away recently, my American Express card gave me the best exchange rate and on top of that, I picked up a ton of points that can be converted for cash or travel vouchers down the line
4) Look into some of the local high street agents. While most of these shops have a reputation for leveraging huge charges on top, there are a few that offer phenomenal exchange prices when you change a large sum of money at any one time … typically $500+
5) Use cashback sites to double-check your’ best offers. Many of the above options will actually have partner programs that give you money back against your conversions meaning you get the highest amount possible for your hard-earned cash.
While there are undoubtedly a ton of other options to consider – and please let us know any that we have missed in our comments below, these will certainly help you make a more educated decision before you go parting with your money. For more holiday money tips and planning notes before you travel – check out our previous foreign currency marketing tips post as well.