TRAVEL MONEY is an important aspect of any holiday, especially for Britons. Now, one currency expert has warned that there are often secret costs involved when purchasing currency. Here’s everything you need to know.
The coronavirus pandemic has caused widespread chaos across the travel sector. Currently, travel corridors are largely dictating where Britons can holiday abroad without facing quarantine restrictions on their return to the UK. As well as quarantine measures, Britons are still having to remember key items when they travel abroad such as foreign currency.
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For those planning their next trip abroad, the prospect of packing, remembering masks and organising travel money can seem a bit daunting.
And now, one currency expert has warned travellers what they need to look out for when buying travel money.
Founder of James Lynn spoke exclusively to Express.co.uk about travel money options for travellers.
He said: “When evaluating travel money options, whether you’re out at a Bureau de Change while you’re stuck abroad or even before you go, look really carefully at the small print.
READ MORE: Travel money: Why holidaymakers should pay using local currency abroad
Travel money: Currency expert warns of ‘secret costs’ – always check this before purchase (Image: GETTY)
Travel money: Lynn also advised travellers to avoid using cash when they go abroad (Image: GETTY)
“Because so many say no fees but the cost is hidden in the exchange rate.
“The whole no fee thing, a lot of people are drawn in by that idea.
“It’s fine if there’s no fee but if you’re being charged five percent on the exchange rate then you’re still being charged lots of money.”
Lynn also advised travellers to avoid using cash when they go abroad.
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He continued: “The first thing is to try and avoid using cash and ATMs where possible.
“It is much cheaper to spend on a travel debit card.
“For instance, Currensea can save customers over 85 percent in fees compared to a normal high street bank.
“Try and use some sort of travel debit card and avoid that cash.
“The second reason to avoid using cash is, aside from the perceived health risks…. you’ll pay more for the cash in the first place and you’ll be left with foreign currency at the end of the holiday.
“When you do come back from holiday, you will then have to change it back again, taking yet another charge on the FX.”
Currensea is a travel card that links directly to your bank account, eliminating the hassle of juggling currencies with prepaid cards or different accounts.
The card automatically saves travellers 85 percent on bank charges anywhere in the world.
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Currencies (Image: EXPRESS)
For anyone planning to book a holiday online, Lynn also offered advice on what to look out for to avoid fraudsters and scams.
“The main advice I would give is don’t pay by bank transfer,” he said.
“Paying by bank transfer leaves you wide open to fraud. You won’t be protected and it’s extremely hard to get money back after that.”
He added: “If something sounds too good to be true, it often is too good to be true.”
