Most of us can afford to go on holiday only once a year, and even then, we have to be very careful with money to stretch it as far as we want it to go. When you have saved an entire year for a much-awaited holiday, you wouldn’t want to lose a huge chunk of it to money transfers and hidden bank fees, would you? In this post, you are about to get first hand secret from a travel agent how you can save money so that you can have more to pamper yourself and actually enjoy your holiday.

How do most people lose money on holiday?

Before you can figure out how best to save money, it is vital you understand where it often goes. In the past, financial planning for a holiday was a daunting and time-consuming process that never ended happily, largely because of the hurdles of money exchange and hefty hidden bank charges one had to pay just to access or spend it. If you are planning a holiday, there are much simpler and straightforward ways you can plan to get the best deal for your holiday money. The most expensive financial services when you are in a foreign country include on-the-spot currency conversions (especially if you have cash), Travelers’ Check fees, credit card charges, interest on prepaid or debit cards, and dynamic currency conversion rates.

So, what are your best options?

Transferwise

Transferwise is wire transfer service from the creator of Skype. It allows you to transfer money abroad at interbank rates, which are the best exchange rates (wholesale rates) you can get when buying currency, plus a small reasonable fee. Transferwise is ideal when booking establishments that do not take credit cards and require a bank transfer, but also you can use to pay anyone who has a bank account around the world so you can avoid hidden credit card fees, or bank wire costs.

If you are looking for the safest, most convenient, and affordable way to book holidays abroad—whether you are looking to stay in a hotel or some other establishment— then Transferwise is a service designed just for you. With Transferwise, you will never have to:

– Deal with the insecurity of walking around with cash travel money;

– Pay huge commissions of Travelers’ checks;

– Carry prepaid or credit cards you are never sure will be accepted; or

– Worry about the complexities and delays of wire transfers.

Any travel agent who knows his stuff will tell you that Transferwise is the convenient, cost-effective, and quick way to transfer money and make payments while on holiday and get to enjoy the best interbank exchange rates.

Revolut

Revolut’s tagline, ‘Simply Revolutionary’ is exactly what this app-based global payment system is—revolution of payment simplicity. This new way to send and spend money instantly globally is a clever combination of the advancement of MasterCard and the convenience of a smartphone app. What you will need to do as you plan your holiday is simply charge your account with Euros or Dollars travel money before you leave. When you get to your destination, simply draw the money in the local currency and enjoy the best exchange rates in the market with no fees for as much as 650 euros. You can also conveniently make payments for your purchases in restaurants and shops, save your travel money over time, and send money straight from the app

There are several important considerations when comparing the various money transfers methods available to you. The most important considerations today are low transfer rates, money exchange rates, convenience (especially online access), and safety. Take the word of an experienced travel agent, the best ways for you to get the most of your money and enjoy your holiday is by using one of these two great travel money management systems.