Don't Get Caught Out This Summer
Excess cash brought home, ATM fees, cash vs card: Travel money provider WeSwap gives you a definitive guide as to how to make your money go further this summer
The 5 most common travel money pitfalls revealed
As this week is the peak booking period for summer 2019 holidays, peer-to-peer travel money provider, WeSwap, reveals the 5 most common travel money worries and how travellers and holidaymakers can avoid them, allowing money to be spent on the things that are important – such as sangria, bike rides and emergency sun cream.
What do I do with the leftover currency I bring home?
According to WeSwap research, £819 million worth of foreign currency sits in kitchen drawers and piggy banks across the nation and only 9% of Brits change back their leftover currency. This results in Brits being £2.5 billion out of pocket for their upcoming summer holiday. Rob Stross, CMO of WeSwap provides advice on how best to use the remainder of our foreign currency:
“Our research has shown that only 10% of us use our leftover holiday money to buy gifts or souvenirs and a mere 9% of people change their money back. Although purchasing products at duty free is one option, WeSwap customers are able to send back spare foreign currency notes they have remaining following their holidays. The travel money provider then converts the currency back into GBP, and puts it straight back onto the customer’s WeSwap account within a speedy three working days.”
Should I use cash or card when abroad?
As Britain continues to move further towards a cashless society, it is easy to forget that many countries we visit continue to use cash more frequently than card. The increasing problem for holidaymakers now is knowing exactly how to spend their holiday money when abroad.
Research conducted by WeSwap’s database of 450,000 users reveals that Sweden, Norway and Finland top the list for card use – all three countries are well known for their preference for debit and credit cards. Sweden is well on its way to being a cashless society, with “no cash accepted” signs becoming a common occurrence in Swedish stores. Holidaymakers should be aware of this when travelling and not get caught out with plenty of krona but no card to spend it on. However, there are less than 35% of holidaymakers' transactions being made using a WeSwap card in popular tourist spots Greece and Croatia. This summer, holidaymakers should be conscious of how they are paying while abroad.
Also, it is important to ensure you are getting the best rates for your money as well as using a travel card that doesn’t come with hidden charges such as ATM fees and transaction fees. With UK debit cards deducting up to around 3% in non-sterling transaction fees, in addition to 2% overseas ATM fee based on the amount you take out, once totalled up, we’re charged at a conservative estimate a colossal £125,000,000 in ATM fees abroad. By researching travel cards, holidaymakers can travel safe in the knowledge that purchasing travel insurance will not take them over their budgets.
How do I avoid losing money on scam holiday deals?
According to research by Association of British Travel Agents (ABTA), 5,000 British tourists lost more than £7m to travel-related scams after purchasing counterfeit airline tickets, accommodation or organised tours. A further quarter of crimes involved accommodation, such as payments to stay in upmarket villas which are either fictitious or being offered without the owner's knowledge. Rob Stross, CMO of WeSwap, has offered the following advice to travellers this summer:
“At WeSwap, we offer a number of tips for travellers about how to keep themselves and their money safe when travelling abroad. First of all, if you are ever unsure, don’t act. A genuine company will never rush you to take action, so be aware of fraudsters trying to hurry you into making a purchase. Secondly, if you are using a card, always make sure your mobile telephone number and email address registered with the card provider is up to date. At WeSwap, we will use these to contact you if we notice unusual activity on your e-money account.”
Which holiday provider will provide me with the best deals?
When planning a holiday, finding the best holiday provider which will inform you of the best deals can be a difficult and overwhelming process. In nationally representative research across a sample of more than 2004 UK adults, the top flight aggregators and domestic carriers were put to the test:
A massive 9 million of us believe EasyJet is the most cost efficient flight provider. However, when comparing a flight from London Gatwick to Alicante, Spain from the 5th August to the 11th August, we discovered that Skyscanner actually provided the best value flights.
It is recommended that holidaymakers should take time to compare the comparison websites - This was recommended by the CMA and holds very true. There are plenty of comparison sites out there and it is always worth checking which deals you can get on a variety of these.
Should I get travel insurance and how can I ensure I get the best deal?
Travel insurance can often be the last thing on a very long checklist for holidays, with many of us taking the risk and not purchasing any form of insurance at all. However, as there is now more emphasis on experiential travel, travel insurance is becoming the one thing that should be top of the list.
It is recommended that when looking at different insurance providers we read the key benefits and features information before you buy so you know what you’re actually getting. For those who enjoy package holidays - make sure you're not already paying for travel insurance extras as part of your package. Also, shopping for travel money can be a great way to make your money go further and savings can be made along the way that should make travel insurance an affordable option for all.
With a userbase of more than 450,000 people, trading over £250m worth of swaps since its launch, WeSwap is the People’s Currency Exchange, transforming the way we spend, save and plan for our holidays.
Sstriving to remove all the stress, hassle, smoke and mirrors normally associated with currency exchange, for as low a cost to our community as possible. WeSwap matches travellers up and swaps their currencies directly, avoiding the costly fees imposed by other services. is bringing together a community of people that love to travel without any hassle.
Scooping the win for the British Bank Awards’ Best Travel Money Provider for two years running, as well as Best Prepaid Currency Card 2019 in the Moneynet.co.uk awards, WeSwap’s people-powered platform helps travellers get the best rates of exchange – by way of a transparent 1-2% fee on the mid-market rate – along with a suite of tools to help travellers budget better and be more financially savvy when traveling.
With recent launches like Smart Swap, Global Currencies and Buy Back, WeSwap are carving a space for themselves in the travel money market, seeking to expand in the future beyond travel money through partnerships and acquisitions., WeSwap will make every leg of your travels simple and affordable.
t: 0044 203 053 6610 w: weswap.com/en/
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