There are lots of different services and deals available to help you manage your money when travelling. Below are some top tips from one of our students who has recently been abroad – but always do your research into the latest rates and charges as they do change frequently
Monzo and beyondo: How to get your spending money sorted out for your Summer School this Summer 2019
Working out how to get the best bang for your buck when it comes to holiday money can be difficult at best and so here’s a stress-free advice sheet to get you sorted for your summer adventure abroad.
My Financial Top-Tips:
- Get yourself a Monzo Card for taking out cash and spending abroad. Monzo are a normal online bank that allow you to travel anywhere and take money out without adding any fees to the exchange rate. And they have an app to keep track of your spending on.
- Use the Travelling With Monzo Forum This is an advice community online that tells you which banks to use in the country you are going to avoid cash withdrawal fees as well as other financial top tips for your destination.
- Check out Which for travel money advice as they exist to tell you the best advice on where to get your money from.
- Take a small amount of foreign currency cash with you As well as needing a Bank Card to take away, you will most likely also need to take some foreign currency. We’d recommend using Money Supermarket to compare the best place to buy your foreign currency in the UK.
- Get yourself a Money Belt a kangaroo pouch, a fanny pack, etc. You can keep your passport, keys and money in it. Trust me, you’ll thank us later when some pickpocket steals you less sensible mate’s cash.
Do NOT use your normal student bank account unless you want to be charged horrific fees. Santander 123 Account may be the best in the UK for its £1500 overdraft, but if you use that card abroad, be prepared for hefty fees to payments and withdrawals.
My Biggest DON’Ts:
- Don’t exchange money at the airport because it will cost you significantly more than using a competitive high street outlet elsewhere.
- Don’t pay for your foreign travel money (cash) using a credit card because you will likely incur extra charges as credit card providers will typically treat the purchase as a ‘cash advance’ and charge you a fee. Instead pay for your foreign currency using either cash or a debit card.
- Don’t take more out with you than would be covered under your travel insurance policy if it was lost or stolen, consider keeping it in a money belt and ensure whatever cash you’re leaving at your hotel room or apartment is stored in a safe.
With all that covered, happy travelling! You’re going to have a great time.
Dot Hakim, OnCampUS Market Researcher Global Opportunities & Exchanges