Saving money while overseas shouldn’t always equate to scrimping (though finding great deals and discounts is always a surefire way to stay in the green). Sometimes, it also has to do with using the right currency.
Using your credit or debit card while overseas can result in some
exorbitant charges like transaction fees. Most banks make consumers pay a percentage of their total purchase, while others have a set minimum amount to be paid as a transaction fee. Even the use of ATMs entails a charge for every transaction made. Instead of incurring all of these unnecessary charges, it’s more advisable to use cash for any and all transactions made overseas.
You may think that getting cash from an ATM is the obvious choice – after all, ATMs can
take your money and convert it to the local currency, right? Well, unbeknownst to many, ATMs can be quite unreliable when it comes to currency conversion as well. The same goes for credit and debit cards which ask you whether you’d like to be charged in the local currency or your home currency – a decision that seems harmless enough, until you realize how arbitrary their exchange rates are. Instead, a great choice is preordering your currency, and collecting it at your destination.
The process of preordering currency is quite simple: you contact one of the many companies that offer such a service and buy the local currency from them using your home currency, and you collect it from a set point once you arrive at your destination. Most major airports now offer currency services as well, so you can secure your finances the minute you land. Gatwick Airport, which is described by Parking4less as the tenth busiest airport in Europe with 30 million passengers serviced per year, has secured the services of Moneycorp to provide preorder currency to their passengers. Passengers can avail of free exchange rate protection and even pay on collection, so they can rest assured that they’re getting the best deals on local currency.
Just make sure to make your arrangements for buying currency ahead of time. Moneycorp requires 24 hours’ notice, and most airports will also charge more for walk-in customers who haven’t made previous arrangements to buy local currency.