The Mirror reports the pound is currently as high as it’s been since we voted to leave the EU, but if you’re planning on grabbing some travel money you might want to take a look at these first
With the Easter holidays just around the corner, families are starting to plan for their overseas holidays.
Better news, the pound is at €1.15 against the euro and $1.42 against the dollar – as high as it’s been since the EU referendum.
Experts are arguing that people should use this opportunity to grab their holiday money now, in case rates fall later – but great rates don’t always mean a good deal.
Findings from Travel Money club show Brits overpay more than £1billion on foreign exchange rates each year in the form of hidden fees, commissions, transaction charges and mark-ups.
The good news is, there has been a flurry of activity in the holiday money arena in recent months, and we are seeing lots of exciting new developments from providers offering better rates and fewer charges.
The better news is that many of them let you transfer cash now, when rates are good, then hold it until you need it later.
Glint – Scores 4.1 out of 5 in the app store.
This free app also does things differently. The firm uses gold as a global currency that can be used as electronic payment.
The firm says it has “transparent and fair pricing” which uses the real interbank exchange rate. You can upload money to the app, then hold it in pounds or gold (other currencies are coming soon).
When you pay, some of your gold is sold directly into the local currency – so you’re not paying exchange rates when you use it. But you do pay a small (0.5%) fee to sell the gold.
Maundrell says: “You can store, exchange, send and spend local foreign currencies as well as gold. You get told the exchange rate within the app and all the fees will be shown to you before confirming your transaction.”
Hagger adds: “Glint is an interesting proposition as you can store gold via the card – as well as currencies – with a linked card for spending abroad.”
This is an edited version of an article published by The Mirror