Gap Year Students Already Cashing in on Travel Money Savings from The Currency Club

The onset of summer and the end of the academic year seems like it’s a million miles away. However, online travel money site The Currency Club has already observed an increase in the number of students signing up to its service in order cash in on foreign exchange savings ahead of planned gap year travels later this year.

For those planning to take a gap year before heading off to uni in 2012, there are only a few short months left to finalize arrangements for what is sure to be a trip to remember. Whether you’re going around the world or just around Europe, booking flights, finding guidebooks, arranging accommodation, travel insurance, visas and transportation can all take their toll. Deciding where to go and what to see is obviously an important starting point but equally essential is detailed financial planning and travel money management. Gap years are for the most part an exercise of exploring new cultures or participating in humanitarian causes whilst keeping to a strict travel budget. Having spent months working and saving hard for the trip, the decisions you make regarding your travel money – where and when you order it, which currencies you opt for and whether you use foreign exchange or credit or debit cards – can have a massive impact on your trip. The right decisions can make it possible to visit another country while the wrong decisions will leave you wringing your hands in despair as your hard earned funds are swallowed up by poor exchange rates and large bank charges. In the developing world cash is king and ATMs are few and far between. It’s important to realise that cash points may be hard to come by and plan to have enough hard currency to get by. The Currency Club specialise in offering the best exchange rates available and operate a wholly internet based service for complete convenience. Their travel experts have compiled a handy at-a-glance guide to help with travel money management both before and during a gap year trip… 1. Split your Budget Decisions Into Achievable Parts There is no point working all winter with the aim of jetting off somewhere sunny come July or August if you have failed to factor in all of the expenses related with a trip. Start by working out how much you’re realistically going to pay for flights, then assign a second figure to your accommodation costs and decide on a third total for food and day to day expenses. Adding the three figures together gives you the amount of money you’ll need for your trip in total. With this method you’ll also find out at an early age if a flight to Australia will leave you without enough cash left in the bank for hostels, food and sightseeing, allowing you to compromise and arrange perhaps a longer trip to Europe. 2. Be sure you’re getting the best deal on your travel money Having booked your flight and committed to an imminent departure, you’ll probably be left feeling like your spending money has taken a big hit. Making the most of the amount you’ve saved is crucial – the best way to do that is to be sure you’re getting the best rate of exchange when changing money from pounds sterling to the local currency. The Currency Club charges zero commission on every transaction and is committed to offering the most competitive rates of any online or high street provider. There’s also free next day delivery on all orders so you can wait until a few days before you depart to order, giving you the maximum window in which to top up your gap year funds. 3. Assign a Travel Money Budget Per Country Most gap year travellers like to fit in more than one country during their journey so you’ll probably need to order more than one type of currency. Deciding how many of each currency to order can be a mathematical juggling act as you try and arrive at a figure that will give you enough money for essentials but not too much that you’ll arrive home with excess currency that could have been better spent elsewhere. One rule of thumb is to assign an average weekly budget rather than a daily budget and then factor in the cost of living in the destination country. Depending on how much you’ll be travelling around, some regions will be much cheaper than others so your budget can be halved. This spare cash can then be moved over to a stay in a more expensive destination. When you sign into your own unique Currency Club account you’ll have access to the rate optimiser tool. This is a bar which shows how the rate of exchange differs with varying amounts – when the bar is green your rate is fully optimised and you’re getting the best possible value for money. 4. Consider Travellers Cheques Alongside Hard Currency It is worth thinking about ordering at least a few travellers cheques when planning your currency exchange to be kept safely away from your travel money. Travellers cheques are one of the safest ways to carry cash and can be a godsend when you’re packing and unpacking in a different place every night. Unlike cash, if the worst happens when you’re travelling and your money is stolen, travellers cheques can be replaced almost instantly – they are a sensible option for part of your funds if you’ll be staying in shared dorms during the trip. Simply write down the serial numbers of the cheques and keep the record in a safe place so they can be quickly replaced if lost or stolen. 5. Be Wary of Debit and Credit Card Charges Although it can be tempting to empty your overdraft while you’re overseas, try and commit to only using a debit or credit card in an emergency. Card transactions overseas are subject to additional usage fees and are given at a poor rate of exchange that can leave you counting the cost of your gap year for months after your return home. It makes more financial sense to plan as thoroughly as possible before you depart and change enough money ahead of your trip than constantly be subject to overseas transactions fees and poor exchange rates during your travels. To find out more and order online, visit http://www.thecurrencyclub.co.uk

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