Five top travel money saving tips

The more you save, the more you can travel.

Five top travel money saving tips

While getting a good deal on flights and accommodation is a sure way to make your next holiday more affordable, this is only the beginning when it comes to saving money whilst travelling. The following five tips will help you to ensure that you don’t spend any more than you need. Let’s face it, the more you save, the more you can travel.

One: Choose the right card
When it comes to what card you should use overseas it’s important to do your research well before you leave. Taking your everyday EFTPOS or credit card is unadvisable, as you will most likely be charged a hefty fee each time you use it. While individually these fees may seem insignificant, they can potentially ad up to hundreds of dollars.

A better choice is a specific travel money card. With many options on the market you will need to shop around for the best deal for you. Some things worth bearing in mind are investing in a card that has multiple currencies, low fees and minimal delays in terms of transferring funds. The last thing you want when you’re in a foreign country is having your money in limbo because it takes three days to appear on your travel money card. For frequent flyers, both Qantas and Virgin now have travel money cards now that include reward points.

Two: Be careful where you change currency
We’ve all been there. You make it to the airport, only to realise you haven’t organised any foreign currency. After you’ve handed over your wad of cash and received seemingly less than you’d hoped too, you kick yourself for being disorganised. Don’t get stung by the foreign exchange booths at airports. They are one of the worst places you could possibly exchange currency, to the point that you’re probably better off using a local ATM.

So, do yourself a favour and plan ahead. Work out what currencies you need for your next trip and ask your local bank to order them in for you. Another good trick is to watch the exchange rates before you go and change some cash when the conversion rates are high. This way if they drop you’ll be thanking yourself for being such a wise person and if they drop, well at least you have some money on you and you only changed a portion of your spending money!

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    COMMENTS

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    granet
    17th Mar 2014
    11:50am
    make sure you have Australian dollars set up on your money card so when you come home with excess overseas currency you can transfer it into your Au$ and with no transaction fees, only conversion fees. If you withdraw, for example your Canadian Dollars from an atm when you get home, you will pay for both, the banks don't tell you this. Also the banks take another 4c off the currency rate you paid originally, so the banks are making 4c in the dollar in total when you bring money back. Unfortunately (or fortunately) I came home with $3000 Ca$ so it might be a good excuse for another wonderful visit to Canada before the card expires.
    Helen-gran
    17th Mar 2014
    1:20pm
    Another trip to beautiful Canada is a good decision - save your money for now!
    granet
    17th Mar 2014
    11:54am
    ** banks make 8c total when you change money back when you come home ** 4c when you go & 4c when you change it back.


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