So, you want to get the best deal on your travel money and ensure your money is safe and working hard for you whilst abroad?  Holidays are expensive enough as it is so it makes sense to take some precautions and do a little planning when it comes to exchanging, carrying and spending your cash abroad.

1. Take A Combination Of Cash And Cards

When travelling to foreign climes, it’s a good idea to take a mixture of foreign currency and debit and credit cards so that you are prepared for all possibilities. For example, some vendors abroad may not accept cards or you might not have enough cash to cover that big shopping purchase.

Take care with your cards and inform your bank that you are travelling in case they put a stop on your card whilst abroad. Take photocopies of your cards and keep your provider’s emergency number safe in case you lose your card or have your personal belongings stolen.

2.  Remember The Exchange Rate!

Many people don’t take a second glance at the exchange rate when changing their money and certainly many don’t think of comparing exchange rates before they travel.  But in doing so, you could save yourself a significant amount of money especially if you plan to change up large sums.  Most foreign exchange companies today offer 0% commission deals so ignore this – it’s really not that important.  What is important is the actual exchange rate you are being offered.

If you are thinking of exchanging money at your bank you might want to think again. Their exchange rate might be up to 5% different to that of a foreign exchange broker who has access to live market rates.

3.  Put Your Kids On A Leash! 

When you’re travelling with kids, holiday expenses can really spiral out of control! Those snacks, souvenirs, inflatables for the pool and fairground rides can eat into your budget really quickly.  To keep a tight rein on your holiday budget, why not consider giving your children a set allowance each day? This will not only help you to keep your money in check but will also teach your children that money doesn’t grow on trees and that they need to budget too.

4.  Pick A Card, But Not Just Any Card

On holiday it’s easy to forget about a budget and to be tempted by sheer overseas indulgence. And if you take a big arsenal of credit cards with you, you could end up spending more than you bargained for.  There is no problem with spreading your spend when abroad as long as you can pay off the balance when you get back home.  It’s also essential to check out the fees payable for international cash withdrawals or payments on your credit card.  If you really want to take a credit card with you for those little luxuries, shop around for a 0% credit card and limit yourself to a budget that you can afford to pay back quickly when you get back. It won’t be a good feeling paying off a credit card bill for a holiday you had years ago!

5.  Be A Savvy Duty Free Shopper

If you can’t ignore the lure of the duty free perfume, booze or tobacco, just be mindful that duty free stores are using a new trick to make more profits – giving you the option to pay for goods with your local currency.  This might seem convenient for you but there’s a hefty conversion fee to consider – this could be as high as 3%.  You’d be far better to pay for goods in any leftover currency you have or to use your debit card.

About the author: Born and raised in San Francisco, Aviva Tabachnik is the Head of Partnerships at MyTravelMoney, an OPP award winning travel comparison website. Aviva is a keen travel adventurist & semi professional dancer.

We all enjoy the chance to get away for a while with friends or family, whether it be a short city break or a fortnight on the beach. When all we need is a little rest and relaxation, the last thing we need during our precious time away is to worry about money, but for many of us this is the case.

Here, we consider several simple things you can do to make sure that your holiday isn’t ruined by financial worries.

Consider the exchange rate

Exchange rates fluctuate on a regular basis, changing the amount that it costs you to holiday in respective destinations. Keeping a close eye on the exchange rates at the time of planning your trip can therefore save you a considerable amount of money when the time comes to travel.

Rather than cutting down on the things you buy and the activities you take part in, securing a good exchange rate can ensure that you’re getting the most from your money, allowing you to spend it as you wish while you’re travelling.

Buy currency before you leave

The way in which you acquire your cash for your trip will have a bearing on the amount that you spend. If you run into poor exchange rates or high levels of commission when exchanging your currency, you can easily end up spending more than you need to while you’re away.

The important thing to know is that exchanges at the airport will usually offer some of the worst rates, or they will charge you a hefty commission for your currency. The best option is to allow plenty of time before you leave to compare the rates of exchange and commission at your local outlets.

Acquiring your currency in advance will give you plenty of options and will help to ensure that you find the best possible rate.

Know your options

When you arrive at your holiday destination, you’ll probably need to top up your cash, or to use a card for your spending. Taking an American Express Credit Card, for example, can make life easier, allowing you to manage your finances online or even on your mobile.

This will ensure that you are able to keep an eye on your finances throughout your trip, helping you stay within your spending budget from beginning to end.

A List of Currencies of the World

One of the many things I love about different travel destinations is that other than crossing borders, experiencing different cultures, the currencies of each country really lets you know that you are in foreign territory. The familiarising yourself with the local currency can sometimes be testing. Some are not that unlike what you have at home and may even be called by the same name (Dollars are very common) and others are so completing different in every possible shape or form, that it really can be difficult to get your head around the conversion rates.

Some currencies are quite beautiful in design and colour. Being an Australian I feel very proud of our notes and believe they are some of the most attractive you’ll find. In particular the $100 is quite stunning and frankly, I would like to see many more of them…in my purse!

Argentina – Peso
Australia – Dollar
Brazil – Real
Canada – Dollar
Chile – Peso
China – Yuan
Denmark – Krone
Eygpt – Pound
Fiji – Dollar
Great Britain – Pound
Hong Kong – Dollar
India – Rupee
Indonesia – Rupiah
Israel – Shekel
Japan – Yen
Jordan – Dinar
Laos – Kip
Malaysia – Ringgit
Mexico – Peso
Netherlands – Guilder
New Zealand – Dollar
Peru – Nuevo Sol
Phillipines – Pesos
Russia – Rouble
Saudi Arabia – Riyal
South Africa – Rand
Singapore – Dollar
Thailand – Baht
Turkey – Lira
Vietnam – Dong
United States – Dollar

A world currency converter I rely on:
Universal Currency Converter

I’ve not been to Europe for some time and certainly have not travelled there since the introduction of the Euro. I feel a bit sad that many of the currencies of these countries have been phased out but I am sure it would make travelling Europe so much easier. What’s your thoughts’ about the introduction of the Euro? Please leave your comments below.