Avoid Awful exchange rates this summer – top five tips

Here’s our short guide for you, we’ve borrowed the best bits from the Money Advice Service guide

  • You’ll probably need some actual cash for taxis etc, even if you’re going all inclusive. There are some great rates online – they deliver it to you.  Check out the money saving expert site for rates.
  • To pay for a meal or to buy stuff when you’re away, your debit card is likely to give a better rate than (say) using your normal card in ATM then paying cash.
  • Using a credit card gives you the same protection against faulty goods, stolen cards as you get in the UK and sometimes the rate is good – but there might be a fee for the purchase overseas. Ask before you go and make sure you clear the balance before the interest kicks in.
  • Pre-paid cards also tend to give pretty good exchange rates – you get the rate from the UK when you load up the card. When you’re away, you use the card to buy stuff – similar to your normal debit card.  Pre-paid cards have been getting more popular than traveller’s cheques recently.  Traveller’s cheques don’t even get a place on our top 5 list!
  • Avoid using your UK credit card to withdraw cash, that’s generally the worst option. Avoid the airport or cash machines for that too – the exchange rate isn’t usually very good.

If you’re reading this in the departure lounge, just relax and make a plan for next time you go. Oh, and share this to help out your friends!

From all of us, have an excellent summer.  Like and Follow our facebook page for more like this when you need it.

Source:

https://www.moneyadviceservice.org.uk/en/articles/cheap-cards-to-use-abroad#prepaid-travel-cards

Here's a little more information about our team:

Q: Qualifications Include

A: My degree in modern languages included a module on economics and personal finance, and that's how I got into financial planning.

Since then, I've become dual qualified as both a Certified Financial Planner and a Chartered Financial Planner, including the specialist qualifications in Tax & Trusts (G10) and Pensions (AF3/G60).

The full list is:

AF3 - Pensions (CII) (I did that to totally update my pension knowledge, as I had done G60 in 1994.)
K10 - Retirement Options (CII)
K20 - Pensions Investment Options (CII)
G20 - Personal Investment Planning (CII)
Chartered Financial Planner (CII)
ER1 - Equity Release (CII)
HR1 - Home Reversion Plans (CII)
G10 - Taxation and Trusts (CII)
CFP - Certified Financial Planner Licence (IFP)
H15 - Supervision and Sales (CII) 

In November 2016 I added the STEP (Society of Trust and Estate Practicioners) Certificate for Financial Services.

Q: Do your clients have anything in common with each other?

A: They are all lovely and there are a few similarities in their aims that I've noticed. 

Many of my clients want to do more than just meet their own needs. They also see themselves as custodians of their money for the next generation or for other beneficiaries. 

In other cases, their aim is to manage their wealth efficiently during their lifetime, with the aim of spending it all… but minimising tax on the way there.

Q: What type of work do you enjoy most?

A: I do get a real sense of satisfaction from the work with those clients who engage me to manage the needs of two generations of the same time. That can be 'just' a long-term and balanced investment strategy or it can be trust planning and estate planning to avoid paying too much Inheritance Tax.

Q: Where would you be right now if you weren't at work?

A: In the Lakes

Q: In the film of your life, who would play you?

A: In my head, it's Uma Thurman, but I expect they would approach 'Nursey' from Blackadder II.

Q: Curry or Hot Pot?

A: Agh, too difficult. Curry.

Q: Sherbert or Chocolate?

A: Chocolate

Q: Lawn or Flowers?

A: Lawn

Q: What are you most likely to do whilst being 'on hold'?

A: Infuriate my colleagues by opening conversations then cutting off their reply when my call is answered.