Travel money: Currency expert’s key advice when saving for your future holiday

The coronavirus pandemic has battered the travel sector, with many countries imposing bans and restrictions on their citizens flying abroad. For many, the idea of going abroad to a foreign country seems either too unsafe or unreliable. But for those who can’t wait for their next trip abroad, the prospect of trying to juggle possible quarantine rules, packing, wearing masks and organising travel money, might seem a little off-putting.

Currensea is a travel card that links directly to your bank account, eliminating the hassle of juggling currencies with prepaid cards or different accounts.

The card automatically saves travellers 85 percent on bank charges anywhere in the world.

Founder of Currensea James Lynn spoke exclusively to about what keen holidaymakers should do when they’re saving for a future holiday.

“Try not to judge and gamble on the FX market going one way or the other,” he said.

He added: “It’s a very hard market to judge.

“Rather than locking in something on a pre-paid card or getting currency in advance because the rate seems to be going one way or the other, it tends to be a far safer option just to use whatever rate there is at the time.

“Unless people have got a particular expertise in currency transactions, we would advise keeping those savings firmly in sterling until the time.

“Just in case that trip does get pushed back or cancelled.

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“No one wants to be sitting with a thousand Turkish lira on their card without being able to use it.”

With many of Britons now choosing to remain in the UK for a holiday rather than jetting off overseas, online fraudsters have been

In June, UK Finance, a banking industry body said criminals were exploring the uncertainty around travel restrictions and cancellations.

Fraud prevention service Cifas recorded a spike in the number of holidaymakers being contacted by fraudsters saying they ere from travel companies and insurers.

UK Finance also warned that fraudsters were now also targeting staycationers by advertising fake listings for caravans and motorhomes on websites.

Lynn offered some advice on what to look out for when booking a holiday online.

“The main advice I would give is don’t pay by bank transfer,” he said.

“Paying by bank transfer leaves you wide open to fraud.

“You won’t be protected and its extremely hard to get money back after that.”

The travel money expert’s other advice was to be careful when receiving phone calls, replying to emails and when viewing social media posts.

“If something sounds too good to be true, it often is too good to be true.”

“Solid research on any options that come up.

“It’s a frustrating business that fraudsters prey on opportunities, and this is an opportunity where everyone is going to various places in the UK.”

Lynn concluded that travellers need to avoid paying by bank transfer, do their research and check online reviews.

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