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Travelling: Tips On Spending Your Travel Money Well

Travelling: Tips On Spending Your Travel Money Well

Have you ever been ripped off by unnecessary costs when you are on tour? You are in the right place. Most travellers are losing a lot of money annually due to substandard rates of exchange and high fees applied during transactions.

TotallyMoney recently did a study across various holidaymakers and got stunned by the results. Travellers, on a collective level, were paying close to $105 million more than they actually should. Check out: usessaywriters.com for online custom essay services.
It was done by the merrymakers failing to secure the best deals when paying for services overseas or exchanging currencies in new countries. 

There was a lot of evidence that pointed fingers towards the direction of people favouring convenience above costs. The latter got registered, especially during exchanging currency, which was a collective decision that resulted in the wasting of millions of pounds. 

A lot of people, while travelling, chose to get their currencies exchanged at the airport in cash. If they instead bought the money in advance, they could end up saving a hefty amount of close to $80 million collectively. That would translate to about $55.25 per person. That could save a lot of money that can get used in other ventures.

Getting to use the right card for transactions

The problem with stacking up on holiday costs is not only caused by exchanging money during travels. The research firm, TotallyMoney, confirmed that the constant use of debit cards when a person is cruising overseas has made people make a collective loss of $95 million in the past year only. 

That is a whole sum of money to get to drains. Leave alone that. The travelers who used the primary credit card instead of acquiring a travel card instead chucked out over $100 million extra just on transaction fees and rates of exchange.
Travel credit cards got formed to make costs cheaper, and they offer better exchange rates compared to debit and credit cards. Most of the time, they do not charge any fees on most transactions. The sad truth is that only 8% of travellers utilized them. 

The information got retrieved by the TotallyMoney study. That is quite surprising since people have chosen to go left of the easy way, making them lose millions every year on the rates.
They were meant to make transactions simpler and also avoid the travellers incurring extra costs on things they can easily avoid when they get the travel credit card.

The CEO of TotallyMoney, Alastair Douglas, gave his thoughts on this matter and uttered that the lack of planning was the main reason that let people down.
The airports offer substandard exchange rates, and for the people utilizing the wrong card when travelling abroad, they run a risk of spending more money than is required. 

He insisted that travellers should understand the fees that are involved and that can help them have a deeper understanding of how to spend their money sparingly.

Making your finances go further

- Credit cards for Journey.

Alastair recommended to people to check out for getting themselves at least one travel credit card. He further urged the holidaymakers to get specific, especially on the cards that do not cut transaction fees when travelling overseas.

- Visit a specialist bureau of travel.

The firm depicted that the airports mostly get away from imposing hefty charges on currency exchange rates. 

They take this advantage because they have done social experiments on people, and the authorities know they are holding on to their last chance of getting the money before flying to their destinations.

- Confirm the charges with your bank

Before you fly off abroad, make it habitual to always check on the charges your bank offers for transactions. If you find it high than most ventures, ditch it and find an alternative. 

Check the ATM withdrawal charges as they sometimes can get high overseas. If you want to make your payments in cash, consider buying the currency before your planned trip.

- Make payments in the local money

Pay using the local currency because, according to the firm’s study, many travellers prefer paying in pounds, and that translates to a substandard exchange rate charge.

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