Make the most of your money on holiday with simple tips
Simon Calder offers travel baggage advice
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When it comes to holidays, going international can be pretty expensive. According to research by HSBC UK, Britons often find themselves incurring added costs on their holidays that they have not planned for.
Holidays may be the time to sit back and relax, but due to the cost of living crisis, many Britons are finding themselves tightening their purse strings even on their travels.
A poll by HSBC UK, which surveyed 2,014 adults, found that 66 percent have changed their way of holidaying due to the cost of living crisis.
27 percent have a stricter travel budget these days, and are less likely to splurge.
And many are swapping summer travel for winter sun, with 20 percent of people surveyed opting to travel out of season.
October was found to be the most popular month for jetting abroad for out of season, money-saving travel.
But despite these decisions, well over half – 65 percent – are still reportedly being caught out by financial blindspots.
One in 10 have made purchases abroad in GBP, which is more expensive than local currencies.
Six in 10 said they incurred fees for cash withdrawals and debit card transactions the last time they travelled overseas.
For those who set a strict spending budget, travellers are often caught out by additional costs they may have forgotten about.
A whopping nine in 10 travellers who have set a holiday budget get caught out by luggage fees, hotel excursions and room taxes.
Additionally, one in four Brits say they’ve gone over-budget by between £100-£300 on this year’s holiday.
These stats come as HSBC launches a fee-free global money account, a multi-currency debit card with no HSBC fees.
Tom Wolfenden, Head of Retail at HSBC UK, stated: “This year many people will be travelling internationally again, but with the rising cost of living they’ll also be keeping a close eye on their finances.
“The most popular way to spend abroad is with a debit card but traditionally, this incurs fees, and exactly what people are paying isn’t always clear,” reported the Daily Record.
HSBC previously provided some tips on getting the most for your money abroad.
The bank suggested that travellers start planning their travel money in the weeks leading up to the holiday.
It’s also important to make a note of the number to call your bank from outside the UK so you can get in contact if something happens on your travels.
The bank must also be called immediately should your cards be lost or stolen abroad.
At your destination, HSBC recommended that travellers pay in the local currency, and refrain from keeping all their money in one place.
Setting a reasonable budget is also important so travellers don’t come home with any financial woes and worries.
If you budgeted well and return home with some leftover money, hold onto the currency if you plan on travelling there again soon.
For those staying put for now, you can exchange your foreign currency back into pounds.
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