Do these 5 things before you go on holiday and save thousands

Before you head off on holiday there are a few simple steps you can take to help boost your money and not fall foul of common financial pitfalls.

These are the most important.

1. Get your currency – and not at the airport

As we regularly highlight at Telegraph Money, getting foreign currency at the airport will give you the worst value for money. Airport currency desks bank on desperate last-minute travellers, and charge them more for the service.

Don’t be caught by this trap. Instead, search online on reputable travel money websites to see who is offering the best deal. 

For cash, small local outlets tend to offer the best rates in areas where competition is fierce, such as central London and other major cities. The consumer website MoneySavingExpert has an online tool called TravelMoneyMax that sifts through the rates offered by online bureaus, taking your location into account.

For many exchanges you get a better rate by ordering online first, and then picking up the cash in branch. You also get your order posted to you, but this will come at an extra charge.

In a test conducted by Telegraph Money last year, the difference between the in-store and pre-order rate at one bureau, International Currency Exchange (ICE), on a £2,000 exchange into euros was €58.40.

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