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We are committed to delivering the highest level of professional competence and expertise at a cost effective price. Whether you are a company, partnership, sole trader or a sub-contractor, we are here to help you with your accounts, self assessment, etc.

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352 Herringthorpe Valley Rd

Stag, Rotherham

S60 4LA

e: info@branagans.co.uk

t: 01709 327 215

Please feel free to visit or contact us during the following times:

Monday-Friday*  :

*Please contact us if you require an out of hours appointment

9AM to 5PM

© 2024 Branagans Accountancy Services Ltd | Company Number: 5965462 | VAT Number: 917 8490 87

BRANAGANS

Accountancy Services Ltd

01709 327 215 | info@branagans.co.uk

August 2024 | Spending Tips for Your Summer Holiday Abroad

With schools out and summer holidays in full swing, many of us are planning trips abroad. When it comes to spending money overseas, it's important to consider several things to maximise enjoyment while minimising expenses.

Even though it is the easiest way to pay for items overseas, not every credit or debit card is good to use. The charges associated with spending in a different currency can get quite steep, depending on the bank you are with or who your credit card provider is, especially if you are using a card that isn't designed for that type of use. So, it is better to do a little research before you go to make sure you aren't burning a hole in your pocket while sunning yourself on a beach.

You can, of course, use cash if you want to take it with you. But if you choose this option, you must be very security conscious as it is easier to lose or have stolen. Also, you should never buy currency at the airport. Buying it before can give you a much better exchange rate, and more to spend on your time away.

HOW DO I CHOOSE THE RIGHT CARD?

There are various types of cards you can use for spending abroad. You might be lucky and have a bank that already offers fee-free spending abroad on its debit card - these include Chase, Starling Bank and First Direct.

If you need to choose a credit card so you have time to pay for your holiday spending, then consider not just which card will give you the best exchange rate without additional fees for spending abroad, but also how long you would get to pay the money off without paying any interest, and what the interest rate would be once it is applied.

There are extra benefits to using a credit card though, including purchase protection under Section 75 of the Consumer Credit Act. This covers purchases of items worth more than £100 up to a maximum of £30,000. If you buy something within these amounts and it is either not as advertised, not delivered at all, or breaks soon after purchase and you cannot get a refund or replacement from the merchant you bought it from, you can ask your credit card company for a refund instead.

WHAT OTHER OPTIONS ARE THERE?

There is one other card option if you are spending money abroad, and that is a prepaid card. These are cards that you pre-load with currency of your choice, and you can use them like any other debit card while you are abroad. You should check with the provider how to add more money to the card if you need to while you're overseas. These cards help with budgeting especially if you need to keep a rein on your spending.

The one thing to remember if you do use a prepaid card is not to use it as security for your hotel booking or for your car hire, as this will block an amount on the card without it being take, but it will prevent you from spending that money. This can significantly reduce your budget while you're away.

WE CAN HELP YOU MEET YOUR OBLIGATIONS

If you want to find out more about how to deal with overseas spending on your holiday, please get in touch with us on 01709 327 215 or via email at info@branagans.co.uk.

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