The cost of living crisis is driving up the price of holidays for Britons. How can Brits save money on holiday?
Express.co.uk spoke to Nilan Peiris, VP of fintech money transfer brand, Wise, to find out the team’s tips for saving money during the holidays.
Nilan said: ‘A little-known money-saving hack is to buy from international sites when stocking up on holiday items, not just in the UK, as products are often cheaper in different markets .
“By searching for example on Amazon FR instead of Amazon UK, and using a multi-currency card, you can often get a cheaper deal on your holiday shopping and save money on exchange rates!”
A multi-currency card will allow Britons to avoid unfavorable transfer rates and save on holiday essentials.
READ MORE: Jet2: Which passengers can carry cabin baggage?
Nilan added: “UK buyers can now get VAT refunded on overseas purchases in the EU, saving up to 19% on the price of the item.
“You will need to request a tax refund form from the store, which will then be validated at EU customs with your proof of residence.
“Each retailer will handle this slightly differently, but there could be huge savings for those willing to do the work.”
The process can take a while, but VAT refunds could save UK tourists a lot when visiting the EU.
DO NOT MISS
Since Brexit, British citizens are considered non-EU citizens and therefore eligible for VAT refunds in the EU.
Travelers will need to allow plenty of time to claim refunds at the airport, but could end up saving a decent amount of money.
Nilan said: “Avoid expensive currency exchanges at the airport, which usually have much lower exchange rates than other options, with providers taking advantage of travelers who need to exchange money quickly.
“It’s usually much cheaper to withdraw cash from an ATM at your destination using a multi-currency debit card. Just check how much you can withdraw before you pay the fees!
Airports generally charge more for money transfers, so it’s best to avoid changing money there if possible.
British tourists could opt for a multi-currency debit card to avoid transfer fees. They will also be able to use it to buy products abroad.
Nilan added: “An old one, but a plus: when paying with your card or withdrawing money from an ATM, you sometimes have the option of paying in GBP or the local currency.
“Most often the local currency option will cost you less. This is due to direct currency conversion.
“This means you may receive an unknown conversion rate at the point of payment, as well as foreign transaction fees, depending on your card provider.”
When given the choice, UK tourists should choose to pay in the local currency as this is normally the cheapest option.
Nilan added that Britons should deal with travel scams and “keep an eye out for deals that are too good to be true”.
Holiday scams are on the rise as UK tourists regain confidence in travel.
For more money saving tips and information, visit Wise.