Jon Ostler is the CEO at personal finance comparison website finder.com/uk. Jon is a digital marketing guru and passionate about helping people make better decisions with their money.
Thinking of heading overseas this summer? You’re not alone. Despite the weakened pound, finder.com/uk has forecast that Brits will be taking more than 15 million trips abroad this summer alone. The travel bug might not be diminished in travellers, but there are still concerns over what Brexit has done to the value of the pound. And these aren’t invalid concerns – on average, the pound has fallen by 11.95% across 44 of the 48 countries that Brits travel to, which means you’re likely to be paying a little extra when transferring your pounds over to a foreign currency.
For example, converting £500 into Thailand’s baht (฿) pre-Brexit would’ve gotten you ฿25,700 (on June 1, 2016). Now it’s trading 15 percent lower, which means the same amount of pounds will get you just ฿21,850. That’s a loss of £88, which could be the cost of a day trip to Phi Phi Island!
The bottom line: your pound isn’t spreading as far as it used to. But don’t be disheartened, we’re here to urge people to travel smarter, rather than not travelling at all. Where would the fun be in that? So, here are some of our top tips to think about when you’re heading overseas this summer holiday.
1. Look into flights
Flight prices vary from day to day, morning to evening. Make sure to start looking in advance for when the best time is to book and jump on any flash sales. You can also look into air miles programmes. Many airlines offer business class upgrades to their loyal flyers and it’s hard to beat the feeling of paying economy prices for a business seat!
2. Consider tailor-made packages
Booking a tailor-made holiday package through a third party is perfect if you’re new to the country, or even if you’re a seasoned traveller. They’ll give you a streamlined trip without any unnecessary hidden costs you might find yourself spending money on. They also know the best ways to do whatever you want to do, often with insider secrets you’d be hard-pressed to discover on your own.
3. Research travel money
Compare your travel money options. You don’t want to rock up to the departures hall ready for a stress-free adventure and realise you have to switch your money at an expensive exchange booth, or battle costly ATM fees when you withdraw when you land. Many places offer click-and-collect, where you can pay your travel money online and pick it up, or have it delivered. This could be your local Post Office or Travel FX.
Whether you’re thinking of heading to Sri Lanka’s tropical beaches or planning to feast on amazing Indian cuisine, consider the best ways to save that little bit extra, so the weakened pound won’t leave you in debt. Shop around and get the best understanding you can of your upcoming trip. And, most importantly of all, have a fantastic summer getaway!