Still on a holiday theme I came across this article on thisismoney about the cheapest destinations for UK travellers taking into account the current exchange rates. Apparently you can currently get the most for your pounds by heading to countries such as South Africa, Namibia and Botswana. This is because the pound has strengthened greatly against those local currencies within the past year. For example a pound will now get you 12.8 rand, 10% more than this time last year. It’s a different story though if you are thinking of heading off to Eastern Europe you are 13.6% worse off than last year.
The same article has an interesting section about using credit and debit cards abroad. Last time I went abroad I was aware that there would be a charge for overseas transactions but didn’t really pay much attention to what the charges were. It was a bit of a surprise to see how the charges had mounted up just in one week. The article contains a handy table comparing what providers charge for overseas transactions. Interestingly enough if you have a credit card from the Nationwide or the Post Office they do not charge you at all. Most other credit card providers have a 2.75% charge when used overseas. Likewise with debit cards most companies charge not only for making card purchases but also to withdraw cash. This is where I got out with my Bank who charges 1.5% on every foreign withdrawal. Once again Nationwide does not charge its customers for overseas transactions. It might be time to open another account to use when going on vacation. I’m sure in the long run it will help save a lot in unnecessary fees.