best way to take spending money? ?

[Tonish]

The differrence I find is that I don't have to worry about checking bank statements on return for holiday spends as I know it has all been taken care of whilst I am away. With a pre loaded card and cash I know I can't overspend or be charged extra so I just feel it gives me a bit more peace of mind

I can understand this motivation. Have the holiday paid for and money set aside specifically for it. I guess that's what most people try to do and it makes a lot of sense. I have just re-entered the world of the self employed myself, so I am acutely aware that absence = no income. Curiously, I have found that we spend less money away on holiday than we normally do at home, and I am usually pleasantly surprised by how little has come out of my account whilst we have been away (including the credit card spend). Normally we go away at Christmas, but this year we stayed home. My bill for presents; travel to Ireland to meet family; decorations; food; drink; heating, all added together far outweighs what we would have spent had we gone to Orlando for two weeks as normal. (Well, that's what I'm using to justify our Easter and summer breaks, and later this month, we'll be booking next Christmas dates as well).

Anyway, to my point. Just a minor note of caution with providers such as Fairfx. They simply provide a service. They are not a bank, are not covered by the FSCS and if they go bust your money is at risk. This is by no means any kind of warning against using them, nor have I any knowledge of any kind of problem or issue with these companies. If you lodge your funds with them, you do not have the same protection you would have by lodging your funds in a bank. It's just worth being aware of. Presumably, their client funds are held in ring-fenced accounts.

[steph_goodrum]

We do try not to preload an excessive amount too far in advance ( we pick up some cash when the exchange rate is favourable). With owning a home there is never a danger that we won't spend all of what we exchange at some time or another, just in case, as you say there is any problem and know how much we can afford to top up if we need to whilst there. Life would be so much more simple if we didnt have to worry aboutu money wouldnt it? Either where it's coming from or whomever you trust to look after your money etc.

[Macka]

What's wrong with a good old fashioned travellers cheque? They are protected against loss or theft, attract a good rate, are accepted everywhere (okay large ones are sometimes an issue so don't get anything larger than a $50) and the right vendors offer commision free returns. (Not that this is an issue with us...we don't have much left usually.

[steph_goodrum]

What's wrong with a good old fashioned travellers cheque? They are protected against loss or theft, attract a good rate, are accepted everywhere (okay large ones are sometimes an issue so don't get anything larger than a $50) and the right vendors offer commision free returns. (Not that this is an issue with us...we don't have much left usually.

Just like personal checques many retailers are starting not to accept them presumably as they prefer the instant knowledge they have the money with cash or debit/credit card.

[Macka]

Just like personal checques many retailers are starting not to accept them presumably as they prefer the instant knowledge they have the money with cash or debit/credit card.

I've never been refused one Steph, is this a recent development?

[steph_goodrum]

I've never been refused one Steph, is this a recent development?

I havent used them for aboutu 3 years now but saw signs on a few stores (I can't remeber which ones though) when were there over Christmas listing payments accepted and travellers cheques weren't on them. It annoys me because I would much rather have them and see exactly what I've got all the time as it's easy to forget transactions (same as with UK cheques/debit cards) and ifnd you have spent more than intended.

[Philomena]

I saw signs in some stores as well Steph when we were over in November but did not really take notice which ones as I have not used travellers cheques for a number of years now. I think it is to do with the whole cheques thing - they are really outdated now especially in the UK.

I only load my FX card just before we travel, withdraw most of it when we get there and top up online along the way if we need to. I also use my credit card when we are running low on cash or if we are buying something substantial so it is covered with the CC guarantee. Pleased I did this when my new pool heater failed. the company that had supplied it was sold on and the manufacturer had gone bust!!!!

[CassarJ]

I know some people don't like credit cards - but you get a much better rate than cash - especially if you get one that's fee free for foreign cash/transactions.

Of course the above is only cheaper if you pay back in full on return!

[SDJ]

I know some people don't like credit cards - but you get a much better rate than cash - especially if you get one that's fee free for foreign cash/transactions.

Of course the above is only cheaper if you pay back in full on return!

Plus your transactions are all protected.

[CassarJ]

well the section 75 projects against stuff worth more than £100 even if you only partially pay on plastic!