Budgeting for your trip is one of the hardest things to do before you go. It’s difficult for any family but even more so for those of us living outside the US. For us Brits abroad, we’re dealing with a whole new currency, one that’s pretty much Alien to us.
It’s likely you’ll spend your entire holiday thinking ‘what’s that in Pounds‘, and getting yourself mightily confused in the process.
You do have the benefit of not having to pay for park tickets and transportation (assuming you are staying at a Disney hotel) after you arrive, but there’s a lot more to consider. You’ll need food; drink… and you absolutely must get yourself a pair of ears.
The only real way to be sure is by trial and error. Whether it’s your first trip or your fifth, you’re not going to be sure exactly how much money you should take. And if you’re working to a budget, it’s important to wring every dollar out of your Pounds that you possibly can.
- Do not wait until you get to the airport before changing your Pounds into Dollars.
The money shops at the airports offer a much, much lower exchange rate. Shop around the high street, check the post office and check online. Your local bank may even offer the service. It’s important to get the best possible deal on your money, because even stretching it a tiny bit further can make a big difference in the States.
It’s probably better to take more dollars than you think you will need. Remember, if you come back with unwanted dollars you can always trade it back at most currency shops. They normally have a separate rate for this, and you may lose a few quid. But it’s much safer than running out of cash abroad. Some agencies even offer ‘exchange insurance’, meaning you get back exactly what it cost in the first place.
- Paper, not plastic.
Remember if you’re using your Debit card abroad, your bank will normally charge you something for the currency conversion. Some banks will charge around £1 per transaction, others much more. It’s important that you check on your banks terms and conditions before using your card abroad. And if you absolutely have to use it, try and make larger purchases. Those charges will really pile up if you’re using it here, there and everywhere.
Credit cards are normally safer – but remember to inform your credit card company before you travel. If you’re out of cash, the last thing you need is them cancelling your card. They’re only trying to protect you, and if you don’t let them know you’ve only yourself to blame.
NEVER buy your dollars with a credit card. Most Credit Card Companies view this as ‘borrowing money’ – and you’ll face the same hefty charges as you would using your credit card at an ATM.
Many currency conversion shops also sell plastic money cards, to be used like credit cards abroad. BEWARE! These normally have an expiry date – if you’re using them, make sure to use up all your dollars! They won’t be there next time you head to the USA.
- You have to pay TAX.
One of the things you will most likely forget during your trip is that the price on the sticker is not the price you will pay. The tax is not included on the label, so you have to remember that when budgeting. It’s like shopping at a Cash & Carry… except it’s everywhere.
Those are just a few of the things you have to remember about taking your money abroad. There’s a lot more to talk about, but that’s a tip for another day.
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