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When heading off on a holiday your main priorities will be to book the flights, find a wonderful hotel, pack your suitcase and away you go. What happens though when you go to pay for your slap-up meal and your card is refused? Unexpected money troubles abroad can be especially alarming. Escape a potential mid-holiday nightmare and read up to avoid potential card and money troubles whilst on holiday.

Inform your bank or card issuer of your travel plans

Contact your bank or card issuer and fill them in on your travel plans. Whether travelling internationally or even just to the other end of the country. Your card issuer may flag up any transactions made in a city other than your home town and could block your card as a result of suspicious activity. Whilst you should be able to call your bank or card issuer and get this rectified, it may not be an immediate solution. This could leave you without any access to your money for a few days. Plus you may still have to foot the cost of calling an international number to release your card.

Even if you pre-warn your bank or card issuer, it may not completely eliminate this problem from occurring. As a safeguard, split your funds between two accounts and take a different card as a backup.

Take contact details for your bank with you

With the above in mind, write down the contact information for your bank or card issuer and store it somewhere safe in your luggage. In the event that you have to contact them, you will already have the information to hand without having to waste time looking it up.

Exchange Rates and International Transaction Fees

Avoid a surprise when you arrive home and see your card bill. Do some research and discover what exchange rate you will receive when you use your card for foreign purchases. Card companies tend to offer better exchange rates than you would receive at currency exchange booths. It’s best to check the deal you are getting to establish that it is fair.

In addition, weigh up the international transaction fees that will be applied. Work out roughly how much you will spend on your card during your getaway. Many card companies apply a charge of around 3% which may or may not make much of a difference, depending on how much you put on your card.

If you plan to spend a lot, it might be worth researching which other card companies which offer 0% transaction fees and apply for one well in advance of your trip.

Some credit card companies which are currently offering the best deals for overseas spending include the Halifax Clarity card which offers fee-free foreign exchange all over the world. They also offer free cash withdrawals, although interest would be charged even if you pay it back in full.

Other credit cards worth considering are the Post Office Platinum and Saga, although the Saga card is available to over 50’s only.

Prepaid Cards could be the answer

Prepaid cards are becoming increasingly popular for holidaymakers. You can load cash on to the card in advance and use them just like you would a credit or debit card. There are pros and cons; some of the better cards like Fair Fx do not charge loading fees. If you lose it most cards can be replaced, with your balance intact for a fee of around £10.00. On the other hand, cards like Caxton FX which offer the same pros do have a downside in that the exchange rates are not always top notch. A Travelex Cash Passport is also worth considering.

Whichever provider you choose, a prepaid card is definitely a worthy option to consider when it comes to spending abroad.

Consider taking travellers cheques

Many of us prefer to avoid the plastic altogether and rely on good ole fashioned cash. Whilst this is perfectly acceptable, it can be a cause for concern. If your pockets or handbag are stuffed with cash, you are essentially a moving target. If you do decide to take currency with you, purchase this in advance for better rates. Find the best at travelmoneymax.com.

With that in mind, Traveller’s Cheques are an alternative option definitely worth considering. As long as you keep the receipt, lost or stolen cheques can be replaced which is an added benefit. This is also a worthy option if you plan on travelling off the beaten tourist track, as cards are not always be accepted.

By following these simple tips, you can be sure to have a great holiday with no unforeseen money troubles! Have you got any tips to add? Share your thoughts.

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