9 travel money hacks for your next trip

Key points 

• Choosing local currency instead of British pounds at card terminals means the conversion is handled using your card network’s exchange rate

• Checking your card terms before you set off can prevent foreign transaction fees from eating into your daily holiday budget

• Carrying cash and a couple of different cards means a lost wallet or surprise account freeze won't leave you stranded

• Spending a few minutes researching tipping etiquette ahead of time helps you budget properly and avoids unnecessary overspending

There’s a lot to consider when planning a holiday, from deciding whether the 3am alarm will be worth the cheaper flight to packing the right adapters. However, one of the things that is sometimes left to the last minute is organising your travel money. 

It doesn’t need to be at the top of your to-do list, but it can impact your holiday budget if you don’t plan ahead. 

So, here are some travel money hacks that could help your holiday budget stretch further on your next getaway. 

1. Consider ordering travel money in advance 

The first step to managing your travel money is planning ahead. Exchange rates fluctuate regularly, so it pays to compare providers. Airport exchange counters typically offer less competitive rates and higher fees than pre-ordered travel money, while ATMs may charge extra withdrawal fees.

2. Explore fee-free debit and credit cards 

Speaking of fees, if you plan on using a debit or credit card during your travels then it’s worth exploring if there are fees involved. Some cards add a foreign transaction fee to every single purchase you make outside of the UK. This can soon add up, so consider checking if your chosen card offers zero foreign transaction fees. 

3. Notify your bank before you travel 

Once you’ve decided what card to bring with you, check whether you need to notify your bank about your travel plans. A surprise change in location can trigger an automated fraud block on your account.To avoid this confusion, call your bank or check your online banking app before you fly to see if you need to register your whereabouts. 

4. Check if you have airport lounge access with your bank 

There are some packaged bank accounts and credit card providers that include travel benefits like complimentary airport lounge access. It’s worth checking what’s on offer and then you can start your holiday from the moment you arrive at the airport. 

5. Carry multiple currency options 

Travelling only with cash or a single payment card could make you vulnerable to unexpected account freezes or lost wallets. Instead, you could have both options available, and even pack two different cards. Carry one on you and then have a backup in your hotel room safe. 

6. Watch out for fees on ATMs 

As previously mentioned, ATMs can carry extra fees, so this is an easy way to end up paying more for your travel money. Try not to pick the first one you see, as there could be a fee-free ATM nearby. Then, think ahead to how much money you might need for the trip. If you only need to use the ATM once this will help to minimise overall fees. 

7. Pay in the local currency

When you’re paying for something overseas, the card terminal might ask whether you want to pay in British pounds or the local currency. If you select the local currency, the conversion is handled using your card network’s exchange rate rather than the merchant's rate, which can often be higher. 

8. Understand local tipping etiquette 

Tipping is one of the uses of your travel money, but try to research your destination’s tipping etiquette in advance. Tipping varies around the world, and you don’t want to end up needlessly overspending - or causing offence by tipping too little!

9. Keep your cash safe 

Wherever you’re travelling, it’s important to look after your money. From using a money pouch to making the most of the hotel safe, it’s worth taking extra care so you can enjoy every single moment of your trip.

Great rates with John Lewis Travel Money 

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This article is for promotional or information purposes only. You must not rely on it as advice.