How to save money on your winter 2020 holiday.
Tour operators are now running as many flights as possible to Lanzarote, Tenerife, Fuerteventura, and Gran Canaria.
Many holidaymakers are looking for a good deal after a financially difficult year. Once you have the cheap flights and accommodation, it’s time to think about how to save money on your holiday spending.
hold multiple currencies in one account
Make life simple by holding both Euros and British Pounds at the same time, in the same account with sync. Start by exchanging your money in advance when the exchange rate is strong to get the best rate. Then, when you spend abroad, your sync. card will automatically detect the local currency and cash will come out of the right pot.
ATM fees
Every time you make a withdrawal from an ATM abroad, your bank will usually charge a fee of €1.75 or more. Use your sync. card to get two free international ATM withdrawals per month.
downsides of your regular card
If you decide to use your regular debit or credit card to pay for restaurants, hotels, entertainment and transportation abroad, you will have to pay commission to your bank. This can quickly add up. Make sure you use your sync. card to avoid these fees.
You are also exposed to changes in the exchange rate. So if the value of the Pound drops while you’re on holiday, you will need to pay more.
Scroll down to read more tips below…
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How to make the most out of Christmas 2020.
Top 10 money lessons to teach your children.
What should you do if you think your card details have been compromised?
Exchange rate comissions
The question “do you want to pay in £ or €?” may pop up on the card reader in a shop or restaurant. It can be difficult to know which one to choose. Here is the easy answer: always pay in the currency that you are buying the goods in. If you’re in the Canary Islands, this will almost always be Euros.
The average commission included in the exchange rate in Europe is 1.87%, so you will end up paying more than the actual cost if you choose to pay in Pounds.
Credit card? Don't forget about the interest
If you need to pay by credit card you will need to pay the credit card interest rate as well as the other fees we have mentioned. Check websites like Money Saving Expert to find a credit card with low repayment fees. A 0% card could be useful for a big purchase like a holiday, but only choose this option if you are completely confident you can afford the monthly repayments.
Save money on your next holiday
Always use your sync. card to get the best deal abroad. As well as the features mentioned here, you can enjoy free bank transfers, budgeting features, connected accounts to see all your balances, and much more. Download the app for iPhone, Android or Huawei now to get ready for your next winter sun holiday.
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