Silly travel question

[travelqs]

I’ve only ever been abroad once when I was a child and have managed to save enough to take
my family and I to the Canary Islands this year.

I am quite embarrassed to say that I have no idea how to travel with money

do I take euros in cash, or use a prepaid travel money card? Do shops and restaurants in Gran Canaria widely take these prepaid cards? Will I be charged loads?! Do I need a mix of cash and card? HELP!

Open a Revolut or Starling account & put your travel money there. You can pay in the local currency without a surcharge.

I’d take some cash as well, just in case.

There's a lot here https://www.moneysavingexpert.com/travel/cheap-travel-money/

But last time i went to France we took a pre-paid Post Office card and plenty of cash too. I also have my usual credit cards if needed, but check the exchange rate for purchases first as it's unlikely to be the cheapest.

Take some cash if you can, that's handy for an immediate expenses. Taxi or whatnot from airport, i normally have between 30 and 50 eur in cash (make sure not a single note though!). Most places will take cards these days. You can use your normal cards, but check the charges your bank applies. Some banks are better than others. But some banks are quite decent rates.
I dont know about the prepaid cards, I've never used them. I use a Wise card (Revolut do similar) where I can use the app to convert gbp to eur and then I just keep an eye on the balance

Open a Chase, Revolut or Monzo account. You get the best exchange rate using MasterCard with no fees.

Take a small amount of cash for tips or anywhere that doesn't take card.

I would advise against a travel money card, some places don't accept them, most airlines don't either when in the air.

Oh this is helpful! I thought a prepaid card would be accepted in the same way as a usually debit card. Ill
look into Revolut etc! Thank you

Follow that link to the MSE travel money.

Also paying by card or withdrawing money from an ATM, you get the better exchange rate of around £1/€1.17. You will be lucky to get anything better than €1.09 at a bureau de change. It works out for about £36 cheaper per £500 spent. So that’s two days of ice cream!

I use a Wise account too - easy to transfer money from your normal account into euros at a good exchange rate. You can use a physical card to get cash out of ATMs without paying extra charges. You can also have a digital card on your phone.

ETA: you get a normal debit card with wise and I often use it to pay for things in the uk as it is easy to cancel if you think it’s been hacked. There is no charge for transferring GB pounds to and from the card.

If you are offered a choice between paying in euros or pounds always pick euros. They give you a terrible pound rate.

Read the MSE guide above, explains it all really well.

Practically, you can get away with nearly always using your card in Spain, which is the best way as long as you have the right card, of which there are now many, and always pay in Euros not £, as they will give you a crap exchange rate.

However, it is always a good idea to have a small amount of cash (30 - 50 euro is fine) as some independent retailers may refuse to take a card for a small purchase.

But cash machines in Spain generally charge (unless you use a Santander card to withdraw from a Santander machine) so it's worth taking a bit of cash with you. If you don't have any you can probably get it from the post office, or ask friends and family if anyone has some spare they can sell you. Many people who travel to the eurozone regularly just keep any leftover cash for their next trip so you may know someone who has some.

I wouldn't bother with Revolut, it's not a standard bank, a proper bank card like Chase, Kroo, Starling, Monzo or one of the regular banks that doesn't charge is easier.

I'd open a Monzo account online. It's a regulated bank, no charges to use abroad and you'll get a good exchange rate.

If paying by card abroad and the card machine gives you the option of paying in pounds or local currency, always choose local currency. You'll get a much better rate (dictated by your bank).

I'd take £50 or so in euros for small cafes, buses, small souvenirs etc. Some countries such as Norway are mainly cash-free but for Gran Canaria you'll always find somewhere to spend a bit of a cash.

I also wouldn't use Revolut, used it a few times and the were hidden charges and fees. I use Starling now, no issues whatsoever and yes, always say euros when they ask you

Check the small print for the debit and credit cards you already have and see what the position is in relation to foreign currency.

I have found that a debit card which doesn't charge too hefty a transaction fee for using an ATM abroad often works out as cheap as buying foreign currency in the UK or even getting a preloaded currency card. A bank will usually give you the actual exchange rate, give or take, but make money by applying a transaction fee, whereas if you buy foreign currency or get a preloaded card the provider will take their cut by giving you a crap exchange rate.

I have had a Nationwide credit card for many years which gives me the closest thing I have found to a perfect exchange rate when using it abroad. But I have also in the past used other credit cards abroad and been pleasantly surprised because the exchange rate wasn't too bad and there were no transaction fees.

So, like I said, check the small print, but you may be better off using any existing credit cards you have wherever possible and trying to avoid the use of cash altogether. And if you do need cash, depending on what transaction fees your bank applies, it may work out no more expensive just to withdraw cash from an ATM using your regular debit card when you arrive.

That said, a preloaded currency card can give peace of mind.

I think Wise also do debit cards now, which is something you could look into if you're not traveling imminently.

Check whether your current bank requires you to let them know if you might use your card abroad. Then if you do decide/need to use it there won't be a problem. Not all banks ask you to do it.

My bank does a travel wallet for my debit card. Basically transfer/ exchange ££ into the required currency. I'd also take about €200 in cash for the little things!
Pro: no faff and I can top up any time. Works for cash mashie and card payment. No opening seperate accounts ect.
Con: crap exchange rate and obviously limited fraud protection as you are using your regular debit card.

This is all extremely helpful! Thanks very much

Check what your bank charges for transactions abroad on your debit and credit cards, they do vary and some credit cards offer no transaction fees so could be worth getting one just for holiday spends then paying it off when you’re home.
What we usually do is take some cash because it’s handy to have some, then use a card or take cash out of the ATM if we need more.
We usually go all inclusive though so don’t need much money while we’re there.

Who are you taking?

please say you have travel insurance?

Yes - travel insurance was purchased when I booked the trip

it’s a family of four - husband and two kids in tow!

@Hardtum

We have the Halifax clarity credit cArd solely for holidays, use it for everything and pay it off when we get back
We take a bit of cash too but last time we took $100 and struggled to use it as card is so much easier. Actually we use Apple pay so even easier than using a card!

Halifax Clarity card is what we use as a credit card abroad because it doesn’t charge for transactions in Europe. I would take a hundred euros in cash. The Canaries are fine for paying pretty much everything by card, just like the UK in this sense.

We just started travelling again after a few years break.

Got a Wise card and I'm amazed how great it was compared to the old options we had. I paid a fee to transfer money into my Wise account, but got a favourable exchange rate once I converted it. No transaction fees. No issue using it. It's ready to go again once book another holiday. Just load & convert.

I had to use my usual bank debit card once. One that has no international fees. Problem is, the place I used it did charge conversion fees from our currency. Almost passed out at the transaction fee! I won't use it again.

I went to Paris with my daughter and I took a debit card but also a fair amount of euros.

We take a couple of hundred in euros (or whatever, depending) in small denominations and our Halifax Clarity credit cards. If you bank with Halifax I’d recommend one. Also, in Majorca recently there did seem more ‘cash only’ places so the benefit is with the Clarity card you can make free withdrawals. The only thing is, interest accrues from when you withdraw, so do a transfer to pay it straight away on your app. Also excellent conversion rates and no fees. Use it and pay it off when you get back. I’m guessing most banks have their version of this so maybe have a look? Have a lovely time.

Don’t bother changing euros to pounds again. You lose money. If have €20 left, give it to a friend or relative and say have a drink on me