Holidaymakers are receiving daily news of changing restrictions that may impact their travel plans.
In the last few weeks, popular holiday destinations like Spain, France, and Croatia have been added to the UK quarantine list. Travellers are left having to make quick decisions around whether to change or cancel their plans.
Unfortunately, much of this can’t be helped, but we’d like to give you our top tips on travel money and how your Currensea card can help.
If you bought currency to take with you, you may be considering changing it back to pounds. Our overall advice is to keep your currency for a future holiday if you can afford to, as it’s likely you will lose out due to fees or the exchange rate.
If you decide to change it back, beware of hidden costs of exchanging. If the rate is better than when you bought it, you could sell and not lose very much. However, you are unlikely to make a profit because of fees levied by exchange bureaus. Be cautious about those who promise ‘no fee’ exchanges, as their fees are often hidden by an inflated exchange rate.
Currency markets are constantly moving, especially in this volatile time, so keep an eye on exchange rates and pick the most favourable time for your currency.
An entirely different option would be to donate your currency. There are many charities and causes that will happily take your unused currency – even small amounts.
You’ve made a great decision to get a Currensea card, saving you time, money, and hassle for future holidays. You can also put it to good use right now, even if you’re not able to go on holiday.
It is a good idea to use Currensea when purchasing in foreign currencies, as you will know exactly what you pay at that moment. You don’t have to wait to see your statement to find out at what rate the sale was settled. Rates can vary a lot, and you will avoid paying more than you wanted to.
You could make some significant savings by using your Currensea card for online purchases. Good examples are for payments and subscriptions with international companies, for example, Amazon, Alibaba, Google, Salesforce, Mailchimp, and many others. You could also save money on international news and magazine subscriptions this way. The reason is that you will pay with the local currency at the time of purchase, and not have to wait for the settlement, which could see you paying more than you bargained for.
In both of these cases, just be sure to check the import taxes on any items purchased overseas, otherwise you may be hit with an unexpected bill.
You can be assured that purchases with Currensea are covered by all the usual Mastercard purchase protections.
Currensea Limited is registered in England and Wales (No. 11413946), authorised by the Financial Conduct Authority (Reference No. 843507) and is a Principal Member of Mastercard. We are registered with the Information Commissioner's Office (Registration No. ZA524676).
© Currensea Limited 2021