Major change in 500 local shops as a boost for holidaymakers traveling abroad
This year there will be a BIG change to hundreds of local shops and holidaymakers will be excited.
Shoppers planning a trip abroad can now collect their travel money at their local convenience store.
It is the result of a collaboration between currency specialists Eurochange and PayPoint.
The change will be rolled out in 500 stores in the coming year.
Customers can click and collect more than 50 types of foreign currencies for next day collection.
It means jetsetters can simply head to the nearest corner shop to collect their holiday money, rather than having to go to a supermarket or post office.
This essentially saves them time and money from having to order the cash online and then potentially travel further to pick it up.
David Warwick, commercial director at Eurochange, said: “We are delighted to be working with PayPoint.
“Consumers traveling can now order and collect their foreign currency while picking up groceries or the morning newspaper.”
It’s also good news for retailers as they receive the cash pre-packaged and ready to use.
David added: “It will also be a very convenient service for shops. Retailers will receive pre-packed foreign currency instead of having to count it at the counter.”
Each store also offers competitive rates, potentially saving customers money.
“Fares will be competitive and the service will be supported by a special Eurochange customer competition, where people who order travel money from the store can ‘win their travel money back’ up to the value of £300,” David explained.
Although it is of course important to always shop around.
Compare travel money companies as they will show you how to get the best rates and any fees you may have to pay.
You can use comparison websites such as MoneySavingExpert Travel moneyMaxwhere you can compare pick-up and pre-order rates.
Anthony Sappor, director of retail propositions and partnerships at PayPoint, said: “Joining forces with Eurochange fits perfectly with our long-standing commitment to diversify our service offering and create new earning opportunities for our retail partners.
“There are now a growing number of essential community services offered through our platform and we look forward to expanding this further over the next twelve months.”
On the PayPoint website you can find the nearest PayPoint store that offers Eurochange.
Shoppers can collect from PayPoint seven days a week, early to late, although opening hours vary.
How else can I save money on vacation?
Buy ahead
Buying foreign currency before your trip gives you time to search for the best rates.
An important thing to avoid is buying cash at the airport on the day as exchange rates can be around 20% higher than normal.
So make sure you don’t have to run to the currency counter at your airport at the last minute.
Avoid using your credit card
If you use your credit card to purchase travel money, you will likely be charged cash withdrawal fees that increase costs even further.
If you don’t pay the bill monthly, you may also be charged higher interest.
And if possible, try not to use your credit card abroad, as you’re unlikely to get the best exchange rate unless you have one that offers good rates on foreign travel.
If you plan to use your credit card abroad, for example for a large purchase to get extra buyer protection under section 75, check the charges in the terms and conditions first to avoid any surprises later.
Maintain current rates
If you want to use a card instead of cash abroad because you are concerned about security, you can lock in the current rate by topping up a prepaid card.
If you would like to take advantage of the rates available when you travel, choose a debit card that offers good rates and no fees.
But make sure you read the T’s and C’s carefully as some come with high costs.
Options for holiday spending if you do not want to exchange money
THERE are several specialized cards that can offer you a great exchange rate.
These cards include travel credit cards and prepaid cards that allow you to pay abroad without fees or at a fixed exchange rate.
Travel credit cards: Travel credit cards allow you to spend money abroad without incurring fees or hidden charges.
But they may still charge you for withdrawing cash.
We recommend the Halifax’s Clarity Map as there are no charges for using it abroad, nor are there any charges for withdrawing cash.
But if you don’t pay off your balance in full, you will be charged interest at a rate of 19.9 percent.
And you’ll be charged interest on withdrawals until your balance is paid off too, at a rate between 19.9 and 27.95 percent, depending on your credit score.
In other words, just because you use plastic abroad doesn’t mean you don’t have to pay off these credit cards as you normally would.
Always pay off your balance before the end of the month with these cards to ensure that the money you’ve saved isn’t wiped out by paying interest.
To learn more about travel credit cards, read our guide here.
Prepaid cards: An alternative to carrying cash is to purchase a prepaid card.
These cards allow you to put a fixed amount of cash on the card at a fixed exchange rate.
So if the rate is good at the moment, you can put money on your card and it will remain even when you are on holiday.
Keep in mind that these cards can sometimes have hidden fees and charges, so be sure to read the fine print.
Do you have a money problem that needs to be solved? Get in touch by emailing money@the-sun.co.uk.
Moreover, you can join us Sun Money chats and tips Facebook group to share your tips and stories.