Latest news with #Currensea
Daily Mail
11-07-2025
- Business
- Daily Mail
How to avoid a payment fees sting while on holiday
The summer holidays are fast approaching and millions of Britons will be jetting off into the sun. But many will unwittingly lose hundreds of pounds to overseas charges by making costly payment mistakes even if they think they are prepared. Some providers and retailers can add up to £5 extra per transaction abroad. British travellers lost around £2.5million in foreign exchange fees last year in this way, research shows. Whether you opt to use your debit card for holidays this summer or want to take out cash, we reveal what you need to know to not get stung on fees when making payments abroad this summer debit card might NOT offer the best rate More banks now offer fee-free spending abroad as a perk. Standard debit and credit cards often levy 'non-sterling transaction fees' on transactions in foreign currencies, normally in the region of 2.5 per cent to 3 per cent of the purchase amount. First Direct, Monzo, Starling, Chase and even high street giants Lloyds and Nationwide count themselves among the banks which allow customers to spend abroad as they would at home with their debit cards But even customers using a fee-free debit card could find they pay less by using a specialist travel debit card like Currensea, Wise or Revolut. These cards remove bank fees and can be more than 0.5 per cent cheaper than fee-free cards and over 3 per cent cheaper than high street banks' debit cards. Jamie Melzack, 47 from North London used a Currensea travel debit card to pay for hotels, shopping and food and drink while on trips in America, Abu Dhabi and Spain. He found he saved £400 by using a Currensea travel debit card rather than his NatWest high street debit card. He said: 'I could see my total savings in the app and saw I saved £400 on trips using the Currensea card instead of my bank card.' Typical fee-free accounts, for example from Monzo, Starling, and Chase, rely on fixed card scheme rates that are set once a day. However, the real FX market changes throughout that day. The card scheme rates therefore need to be set with substantial margin to protect against adverse market movement - meaning consumers may not always get the best rate. 2. Avoid prepaid cards Prepaid travel cards are chip and pin cards, much like a debit card, you load up with foreign currency before you go on holiday, thereby locking in a set exchange rate. They are offered by firms including the Post Office, Sainsbury's, Travelex and Mastercard. They have their benefits, allowing you to budget on holiday more effectively, as well as locking in one foreign exchange rate when you load the card, instead of a different rate every time you spend. But here's the snag, if you don't spend all the money on the card you will be faced with costly fees to withdraw the remaining cash. And many will simply forget about the leftover funds on their card after they return home. For this reason, the average traveller using a prepaid card returns from trips with £89 left while close to half of those with school-age kids return with more than £100, with the average at £109 left on prepaid cards. 3. Always pay in the local currency Never pay in pounds sterling if the option is offered when overseas. Whether paying the bill at a restaurant or buying something in the shops, you should always pay in the local currency. Andrew Hagger, of personal finance website MoneyComms, explains: 'If you pay in GBP this allows the overseas retailer or ATM to use an inferior local exchange rate which can prove way more expensive than the normal Visa or MasterCard exchange rates – this is known as Dynamic Currency Conversion.' 4. Don't withdraw small amounts of cash If your provider does charge fees when using your card abroad, making multiple, smaller purchases or withdrawals over the trip can really add up. Therefore you might be better off withdrawing a larger amount of money once at the start of the trip, and setting a daily budget. More than half of travellers say they don't know how much they're charged when withdrawing cash abroad, with some providers adding up to £5 per transaction. If you withdraw the cash in one go, you won't be hit with as many fees if your card provider does charge fees. The airport has some of the most expensive rates for exchanging money 5. Dodge the airport for exchanging money Exchanging money at the airport is one of the most expensive ways to get foreign currency. Probably the biggest mistakes you can make when buying foreign currency is to do so at the airport bureau de change, where currency rates are normally extremely poor. Yet 27 per cent of travellers still exchange the bulk of their cash at the airport despite getting the worst rates and facing high fees. Andrew Hagger says: 'Never buy or sell your currency at the airport. You'll lose around an extra £10 for every £100 you spend – just don't do it unless it's an absolute emergency.' Laith Khalaf, of AJ Bell says: 'Effectively buying money at the airport is a hefty tax on your holiday for not planning ahead. 'The same principle applies to getting travel money from the post office, which is another popular choice. 'Individual post offices will usually have their own currency rates but if you order online beforehand, you'll almost certainly get a better deal.'
The Sun
26-06-2025
- Business
- The Sun
Why NOW is prime time to buy travel cash as pound hits highest level in nearly FOUR years – how to get the best deal
THE value of the pound to US dollar has leapt to its highest level in almost four years. Sterling rose to a 43-month high against the dollar today, trading at about $1.3746, which is great news for holidaymakers. This is because a strong pound means that sterling has more purchasing power relative to other currencies. This also means that travellers can get more for their money when exchanging cash for the summer holidays. For example, if the pound-to-dollar rate is $1.37/£1, exchanging £100 would give you $137, compared to $134 just a week ago. The pound has gained strength because the US dollar is weakening, with growing expectations that the Federal Reserve (US Central Bank) will cut interest rates. Sarah Coles, head of personal finance at Hargreaves Lansdown, said: "The fact the pound is riding high against the dollar is good news for anyone heading to the US this summer. "But it also benefits anyone travelling to tourist areas in countries where dollars are widely accepted – like Mexico, Jamaica, the Bahamas, Cambodia, and Vietnam. "If you exchange your holiday money now, it'll boost your holiday spending fund, so this could be a prime time to buy." However, it's always important to recognise that there's never an optimal time to convert your cash. James Lynn, Co-Founder of travel debit card Currensea, said: "People can try to take advantage of the strong performance of the pound against the dollar by exchanging their holiday money now. "But the pound could continue to rise, so this doesn't guarantee you'll get the best rate." If you do have a holiday booked and want to take advantage of the current rates, we've some tips on how to ensure you're not short-changed at the exchange. BUY AHEAD Buying your foreign currency ahead of when you travel means you can search around for the best rates. Don't buy cash at the airport on the day - these are usually among the worst rates around. According to FairFX, exchange rates at airports can be over 20% more expensive, meaning you could lose over £200 of cash for every £1,000 you change. You'll more often than not be able to get better rates at other places if you plan ahead. Airport exchange desk rates are generally higher as they have a captive market among those changing cash last minute and don't need to be competitive. USE COMPARISON WEBSITES Compare travel money companies online, including the rates and any fees, to find the best deal. Factor in delivery costs and choose the option that gives you the most cash to spend on holiday. If you have left it too late, you might still be able to order online and collect it at the airport. You can use comparison websites such as 's TravelMoneyMax, where you can compare pick-up and pre-order rates. Never pay for travel money with a credit card. Transactions like this are usually treated as a cash withdrawal. This means you're likely to pay a cash fee and have interest added even if you fully repay. It's best to always use a debit card or cash to buy currency. Using your card abroad THERE are a number of specialist cards that can give you a great exchange rate and fee-free spending and cash withdrawals when abroad. These cards include debit and credit cards and pre-paid cards, which allow you to pay abroad without fees or at a set exchange rate. Check your debit card You should always check the terms and conditions of your debit card to see if, on the off chance, you can use it abroad without any extra fees. This can often take the pain out of having to buy currency ahead of time and rely on cash. Your bank will automatically convert your transactions to the correct currency with the live exchange rate so ensure that you always pay in the local currency. Chase, First Direct and Starling all offer fee-free spending when yous use their debit cards abroad. Those without this capability could choose to link their bank account with Currensea's Mastercard debit card via open banking. Then when you spend or withdraw on the Currensea card, it charges your linked current account in pounds (via direct debit), avoiding the non-sterling transaction fees and ATM fees that most banks charge. Travel credit cards Travel credit cards allow you to spend money abroad without being hit by any fees or hidden charges. But, they may still charge you for taking cash out. We recommend the Barclaycard Rewards Visa because it doesn't charge for using it abroad, and there are no fees for withdrawing cash if you pay off your bill in full each month. You must always pay off your balance before the end of the month with these cards to ensure that any money you save isn't wiped away by paying interest. Prepaid card An alternative to carrying cash or your debit card around is to get a pre-paid card. Brands like Revolut, Wise and EasyFX all provide prepaid travel cards. The card can hold up to 10 currencies and be used in more than 200 countries. These cards allow you to put a set amount of cash on the card at a fixed exchange rate. So if the rate is good now you can put money on your card, and it will stay that rate when you are on holiday. But, these cards can sometimes have hidden costs and charges so be sure to read the small print.
The Independent
25-06-2025
- The Independent
One in four parents happy to pay a fine to take children on term-time holidays
Almost a quarter of parents say they would be happy to take their children out of school for a term-time holiday - despite being fined to do so. Research by Opinium shows 23 per cent of parents would take the hit of a financial penalty, with almost two in five (18 per cent) saying the difference in prices of holidays in and out of term time makes paying the fine worthwhile. Earlier this year, research from showed parents had collectively paid a massive £41m in fines for taking pupils out of school during term time over the past three years. Local councils can fine each parent £80 per child, which rises to £160 if not paid within 21 days. Subsequent absences can result in larger fines and parents being taken to court. The new data shows 16 per cent of parents say they anticipate taking their children out of school during the current summer term to save on costs, meaning around two million parents could be fined. 'Parents are under huge financial pressure, so it's no wonder that millions are prepared to risk fines in order to treat their families to a much-needed break,' said James Lynn, co-founder of Currensea, which commissioned the study. 'The costs of overseas holidays soar outside of term time making it incredibly hard for many families to travel – those who do prioritise the family holiday experience can feel faced with no choice but to take kids out of school during term time, with the potential savings of off-peak travel outweighing the impact of any fines.' The survey also revealed that more than one in ten (11 per cent) have been fined previously, but would still consider doing so again to make savings. Close to a fifth (17 per cent) of parents responding to the 2,000-person survey said they can no longer afford to take their child away during school holidays. Additional concerns from parents showed that costs from spending overseas were high on the agenda. More than seven in ten (72 per cent) cited bank charges for spending money abroad being too high and two-thirds (67 per cent) using their bank's debit card abroad made it feel as though 'hidden costs' were involved.
Daily Mail
25-06-2025
- Daily Mail
Millions of parents reveal plans to take kids on holidays during term time to save money
Around two million parents are planning to take their kids out of school for a term time holiday this year, according to new research. Just under a quarter (23 per cent) of parents are happy to pay a fine for taking their children out of school. Local councils are able to fine parents if their child is considered to be 'missing school without a good reason'. Each parent can be fined £80 for an unauthorised absence which can rise to £160 if it's not paid in 21 days. But the fine isn't enough to put off millions of parents who say they can save £100 on a holiday by taking their child out of school during term time. Nearly a fifth (17 per cent) of parents say they can't afford to take their children away during the school holidays anymore due to rising costs. James Lynn, co-founder of Currensea which commissioned the research, says: 'Parents are under huge financial pressure so it's no wonder that millions are prepared to risk fines in order to treat their families to a much-needed break. 'The costs of overseas holidays soar outside of term-time making it incredibly hard for many families to travel - those who do prioritise the family holiday experience can feel faced with no choice but to take kids out of school during term-time, with the potential savings of off-peak travel outweighing the impact of any fines.' Recent research from revealed that UK parents have been fined £41 million for taking children out of school during term time since 2022. Nearly 900,000 penalty notices were issued to parents and guardians between 2022 and 2024, according to the researc Parents were most likely to be fined in Essex with Essex County Council issuing a whopping 35,605 fines. Bradford and Lancashire are also hotspots with more than 34,000 fines issued by each area's council.
Times
24-06-2025
- Times
Two million parents turn to term-time trips as holiday costs rise
Two million parents are set to take their children out of the classroom for holidays this term as they struggle to meet the rising cost of trips during school breaks, new research suggests. Nearly a fifth of parents report they can no longer afford to take trips during the school holidays, while almost a quarter (23 per cent) are willing to incur fines for cheaper term-time breaks, according to a survey of 2,000 British adults. Parents have paid a total of £41 million in fines for unauthorised term-time holidays since 2022. Research from Currensea, a foreign currency debit card provider, has revealed that 18 per cent of parents believe the savings made by travelling outside school holidays outweigh this financial penalty. • Should parents be fined for taking family holidays in term-time? Emma Harris, 51, from Clevedon, north Somerset, is a mother of two boys, the elder of whom is autistic. In 2021, she chose to take her sons out of secondary school during term-time for a family holiday to Walt Disney World in Florida after the school refused to authorise the absence. Faced with a fine of £60 per parent per child, totalling £240, Harris believed it was in her children's best interests to travel during a quieter, off-peak period. 'It was their first time abroad, so taking them out when we did meant it wasn't too chaotic,' she said. 'We knew it would be busy if we went during the school holidays and the park would be crammed. As it was, when we got there we got passes, so we were able to avoid queuing for the most part. For children who have additional needs like my son, we have to navigate his sensory difficulties.' Harris explained: 'Every day, you're approaching something different with an autistic child in a new environment, and you have to deal with meltdowns and anxieties. However, if you have to go through it with ten times as many people, the holiday won't be enjoyable for anybody. 'When you look at the grand scheme of things, we decided it was going to be so much better to pay the fine. We would have ended up paying more anyway if we decided to go during the school holidays than we did with the fine.' • The best way to get your kids to revise? A family holiday The threat of further penalties did not deter Harris and her family from booking their next trip outside of term-time. 'We went to Lanzarote two years ago with family who don't have children and they didn't want to go during the chaos of school holidays. Again, we wanted a quieter environment for my son and his younger brother, so we said sod it, we'll pay for a better holiday with the fine.' The government website says that all schools are required to consider a fine when a child has missed five or more days for 'unauthorised reasons'. From August last year, the fee was raised from £60 to £80 if paid within three weeks, or £160 if paid within 28 days. It also states that the 'vast majority of fines for unauthorised absence (89 per cent) are issued for term-time holidays'. If parents are prosecuted and brought to court because of unauthorised absences, they can face fines of up to £2,500. Another parent, who wished to remain anonymous, said they decided to take their child out of school to visit family in Poland over Christmas — and, by doing so, saved £600. Commenting on the backlash they received from other parents, they said: 'Taking my daughter out of school was a controversial issue, with potential implications for her education and fines from her school. As a parent, I think it's ridiculous for schools to be getting involved with this. • School holiday prices over the top? Give us a break, minister 'It's insane that we need to pay vast amounts of money to take your child to your home country to see their grandparents, or just in general to spend time with family.' James Lynn, the co-founder of Currensea, said: 'Parents are under huge financial pressure, so it's no wonder that millions are prepared to risk fines to treat their families to a much-needed break.' The research also found that parents seek to minimise expenses while travelling abroad. Almost three quarters, 72 per cent, said bank charges for spending money abroad were too high, while 67 per cent complained of hidden costs when using their debit card overseas. Two thirds (66 per cent) were worried about getting caught out by high foreign exchange fees when using their bank card abroad, and 80 per cent of parents said banks needed to explain their fees more clearly.
