How to get the most out of your travel money

Looking to go on holiday in 2019? Well, you’ll want to get as much value out of it as you can. That’s why we’ve asked Phillip Garlick from travel money specialists H&T, to explain how to get the most bang for your buck in the coming year.

While the devaluation of the pound has been good for British manufacturing, those looking to go on holiday abroad haven’t been so lucky. With the continued uncertainty around a Brexit deal, and the UK set to leave the European Union on 29^th March 2019, you’d need a crystal ball to know what will happen to the pound this year.

Fortunately, all hope is not lost if you’re planning a getaway in 2019, and there are some steps you can take to make sure you get a good deal — whatever happens to the pound. In this article, I’ll walk you through a few easy-to-follow ways you can make the most out of your travel money in 2019, and share my top three destinations where you can make your money go as far as possible.

Do a bit of exchange rate research before you get your travel money

Trying to find the best exchange rate might seem like an enormous task — where do you even start? Thankfully, there are plenty of comparison sites out there that will put in the leg work for you. They will search both brick-and-mortar retailers and online merchants to find you the best deal for the currency you are looking for. It’s best to start this process weeks or even months before you go on holiday to give yourself more time to find the best rate.

While the high street can sometimes have better rates than online, and vice versa, one golden rule you can always be sure of is to never get currency exchanged at an airport. Everyone likes to have at least a bit of cash with them when they land at their destination, but leaving it to the last minute and exchanging in an airport is just about the biggest mistake you can make. They know people will inevitably forget to exchange currency beforehand and will feel pressured to before flying out to a foreign land.

Buy now, save later?

No one can predict what will happen to a currency a week into the future, let alone a year. That said, there are sometimes situations, such as big political events, when you can reasonably expect a currency to fluctuate. If you have a feeling the pound may go up or down at some point before your holiday, but don’t want to take the risk, you can use the tried and tested method of buying in small chunks over a period of time.

Doing this is a way to hedge your bets and protect against future currency fluctuations. For example: if you buy a chunk now and the rate goes up, you’ll still be able to buy some currency at the higher rate, and vice versa. If you’re feeling really confident about what will happen to the value of the pound, and you have the cash to spare, you might want to buy all your currency in advance — but beware you could lose out.

Using your card abroad

Most holidaymakers like to spend in cash when they’re abroad, especially if they are going to a location that lacks infrastructure. But, if you’re going to be in generally well-travelled areas, chances are you will have access to ATMs and card machines. This can be an alluring temptation if you’ve not brought enough travel cash with you, but there are some pitfalls to watch out for.

If you plan on withdrawing cash abroad, or simply using it to make purchases in shops and restaurants, you need to be aware of all the charges. Most debit and credit cards add an additional charge, known as a transaction free, onto purchases and withdrawals when you’re abroad, usually of around 3%. On top of that, some banks will also slap on an extra cash withdrawal fee. If you must use your card, it’s always better to pay with it directly using the local currency and avoid ATMs.

Destinations where your travel money will go further

Sri Lanka: The beautiful country of Sri Lanka is a top pick for 2019, with a diverse range of activities for every type of holiday. Relax on quiet beaches, explore magnificent national parks, and climb sacred mountains while getting the most out of your money in this South Asian country.

Zimbabwe: You can no longer become a trillionaire for less than ten pounds, because Zimbabwe now uses the US dollar as its currency, but you can have an incredible experience. One of the safest African destinations to visit, there’s plenty of breath-taking wildlife and scenery to enjoy.

Iceland: For something a little closer to home, Iceland could be a great option. The pound has done well against the króna over the last few months but, of course, that could change in the future. Soak up the Northern Lights or bathe in the Blue Lagoon in this magnificent Viking country.

Wherever you decide to go on holiday in 2019, follow this guide and you’ll be able to get the most out of your travel money.