Foreign currency exchange tricks for the best rates revealed

KNOW YOUR DEBIT CARD CHARGES It’s easy for travellers to fall into the trap of using their debit cards without realising the hidden costs attached.  Many UK debit cards not only charge a

load and ATM fee, but also charge up to £1.50 every time you spend on them.  This means, after loading and spending fees, a £5 transaction could cost you £6.65.  Whilst an extra £1 here or

there doesn’t seem too troublesome, this would soon add up over the course of a holiday.  OPT FOR A PRE-PAID CARD If you’re going on holiday and don’t want to carry huge amounts of cash on

you, then a pre-paid card is a good alternative.  They’re simple and easy to use: just load money onto the card before you go and then use the card to withdraw cash from ATMs or make

purchases in shops and restaurants.  The best pre-paid charges include Mastercard’s Revolut, which has good interbank rates and no spending fees, and Monzo which is completely fee-free when

abroad.    Do research about what kind of card if best for you, before you apply.  Some providers don’t charge exchange fees, but may charge an initial set-up fee or charge you for ATM

withdrawals.  Others charge ‘inactivity fees’, such as Ryanair’s Cash Passport which charges up to £2.50 a month if users don’t use their card for six months.