There’s no denying it - a hen do is an expensive affair! With a recent study by clothing retailer Banana Moon finding the average hen do now costs a staggering £507 per person*, it’s more vital than ever before to get a good deal on your ‘do and to budget accordingly.
Going abroad to celebrate your last few weeks as a single girl is becoming ever more popular, so whether you’re planning your own or just attending a friend’s, it’s important to convert that all important prosecco fund before you leave. But, with fluctuating foreign currency rates and the pound dropping against the Euro and the Dollar in recent months, how do you ensure you get the most out of your money?
To help you save your well earned pennies for more shots of tequila, CEO of International Currency Exchange (ICE), Koko Sarkari, shares his top tips on how and where to purchase your hen do holiday money, so you can get more from your travel cash.
1. Plan ahead and purchase early
Until we have a more in-depth understanding of the effects of Brexit the Pound could remain vulnerable to any signs that the economy is slowing or that negotiations may not go smoothly, which is why it’s always best to plan ahead. Start purchasing at least half of your currency early and the other half nearer the travel date to ensure whichever way the rate goes, you will have benefited from the higher exchange rate on at least half of your money.
If you don’t want to purchase your currency early, be sure to keep your eye on rates so that when they do improve, you can make sure you get a good deal.
2. Keep an eye on the exchange rates
In order to get the best deal, keep an eye out on exchange rates in the weeks before your trip so you can see how volatile rates are. That way you’ll know if you need to snap up a good deal straight away, or can take a more laid back approach. It’s also best to be aware of the potential for overnight rate changes. If you want a specific rate guaranteed, make sure you order the same day as you’ve spotted the deal.
3. Shop around
With hundreds of currency providers available, you will never be short of choice, so ensuring you shop around to get the best deal is essential. Be sure you weigh up your options–do you want a convenient store location or do you want to take advantage of the best deals available online? Most foreign exchange (FX) providers offer a Click & Collect service, meaning you can take advantage of online rates with the convenience of collecting in-store or at the airport, where exchange rates can often be a lot higher.
4. Get a buyback guarantee when you purchase your currency
Whether you choose to exchange early or nearer the time, purchasing a ‘buyback guarantee’ will cover you should the rates change while you’re away. This ensures you will be able to return any excess currency at the same rate you bought it for, but be aware that a few foreign currency exchange providers will charge you for this service.
5. Buy online for better rates
With some currency providers you can sidestep commission fees by shopping online, putting more money back in your pocket for another day. Many will have a Click & Collect facility you can take advantage of which will allow you to buy your currency online at a better rate and pick up in your local branch or at the airport.
To make the most of your travel money with International Currency Exchange’s latest foreign currency offers, go to: https://www.iceplc.com/deals-and-offers/foreign-exchange-offers
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