A MAJOR change to hundreds of corner shops is coming this year and holidaymakers will be thrilled.
Shoppers planning a trip abroad can now pick up their travel money in their local convenience shop.
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It comes following a partnership between foreign currency specialists Eurochange and PayPoint.
The change is being rolled out across 500 shops over the next year.
Customers will be able to click and collect over 50 types of foreign currency for next-day collection.
It means jetsetters can simply head to their nearest corner shop to pick up their holiday cash, rather than having to go to a supermarket or Post Office branch.
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This will essentially save them time and money having to order the cash online and then potentially having to travel further afield to pick it up.
David Warwick, commercial director at Eurochange, said: “We are delighted to be teaming up with PayPoint.
“Consumers heading off on their travels can now order and collect their foreign currency while picking up groceries or morning newspaper.”
It’s good news for retailers too because they’ll receive the money pre-packed and ready to go.
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David added: “It will also be a very convenient service for stores. Retailers will receive pre-packed foreign currency rather than having to count it at the counter.”
Each store will also offer competitive rates, potentially saving shoppers cash.
“Rates will be competitive, and the service will be supported by a dedicated Eurochange customer prize draw, where people ordering travel money in-store can ‘win back their travel money’ up to the value of £300,” David explained.
Although of course, it’s important to always shop around.
Compare travel money companies as these will show you how to get the best rates and any possible fees you might have to pay.
You can use comparison websites such as MoneySavingExpert’s TravelMoneyMax, where you can compare pick-up and pre-order rates.
Anthony Sappor, retail propositions and partnerships director, at PayPoint, said: “Joining forces with Eurochange fits perfectly with our longstanding commitment to diversifying our service offering and creating new opportunities to earn for our retailer partners.
“There is an expanding range of vital community services being offered now via our platform and we look forward to expanding this further over the next 12 months.”
You can find your nearest PayPoint store offering Eurochange on the PayPoint website.
Shoppers can collect at PayPoint seven days a week, from early until late, although opening hours do vary.
How else can I save money on holiday?
Buy ahead
Buying foreign currency ahead of travelling means you’re given time to search for the best rates.
One major 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’re not left making a last-minute dash to the currency counter in your airport.
Avoid using your credit card
If you use your credit card to buy travel money, it’s likely you’ll be charged a cash withdrawal fee which adds to the cost.
You may also be charged a higher interest rate if you don’t pay off the bill each month.
And try to not use your credit card abroad if possible, as you’re unlikely to get the best exchange rate unless you have one offering good rates for foreign travel.
If you do plan on using your credit card abroad, for example for a large purchase to get extra buyer protection with section 75, then check the fees in the T&Cs first to avoid any surprises later on.
Lock in current rates
If you want to use a card instead of cash abroad as you’re worried about safety, you can lock in the current rate by topping up a prepaid card.
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If you’re happy to take whatever rates are available at the time you travel then 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 include large fees.
Options for holiday spending if you don’t want to exchange currency
THERE are several specialist cards that can give you a great exchange rate.
These cards include travel credit cards and pre-paid cards which can let you pay abroad without fees or at a set exchange rate.
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 Halifax’s Clarity Card as it won’t charge you for using it abroad, nor are there any fees for withdrawing cash.
But you will be charged interest if you don’t repay your balance in full at a rate of 19.9 per cent.
And you will be charged interest on cash withdrawals until your balance is paid off too, at a rate of between 19.9 and 27.95 per cent depending on your credit score.
In other words, just because you are using plastic abroad doesn’t mean you don’t have to pay these credit cards off like you normally would.
Always pay off your balance before the end of the month with these cards to make sure that any money you saved isn’t wiped away by paying interest.
For more on travel credit cards you can read our guide here.
Pre-paid cards: An alternative to carrying cash around is to get a pre-paid card.
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 at the moment, you can put money on your card and it will stay that rate when you are on holiday.
Just keep in mind that these cards can sometimes have hidden costs and charges so be sure to read the small print.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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