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Here’s a familiar situation: the long-awaited vacation is just around the corner and after spending generously on booking flights, accommodation, and rental cars, expectations from the upcoming trip are sky high. During the vacation itself, the generosity continues for a while. With each restaurant visit and souvenir shop, the spirit of giving is replaced by a more practical, economical nature. However, a few clever financial decisions early on can help serve the ultimate goal – to have an enjoyable and carefree holiday. 

Tip 1: Book smart 

Even before the first cappuccino at the vacation destination, you can save quite a bit of money. Always compare prices for flights, hotels, rental cars, etc. It usually pays to observe offers over a few days. It’s best to search at unconventional times when not everyone is searching – during the week before work ends, for example. Price differences are quite noticeable beyond the “rush hours”. However, this only pays off if you use the private browser setting for your search. Information stored by websites from your previous visits is often used to show you higher prices. Simply because they know you’re interested.  

Tip 2: Change money wisely 

Different countries, different currencies. If you need to use foreign currency on vacation, you will probably have to change your money. The exchange rates vary depending on where you do this. The exchange rates at home are usually more expensive because local banks and exchange offices must import and store foreign currencies first. These costs are passed on to the customer. Abroad, on the other hand, the “foreign currency” is already on site, and you bring the money you want to change yourself. 

Credit cards often provide a more favorable exchange rate. When paying and withdrawing money with your credit card, you pay only a fraction of the fees of the exchange office. 

One of the best ways to convert currencies is to use a so-called multi-currency account with a linked debit/credit card. You can exchange, transfer, receive, deposit, withdraw and pay money in different currencies and at competitive exchange rates. To learn more, check out our handy guide on foreign exchange.  

Tip 3: Eat like the locals 

Just as you shouldn’t go to the first exchange office at the airport because they usually charge inflated exchange rates, it’s also worth walking a bit further if you get hungry. The restaurants right next to your hotel or at the tourist hotspots usually are quite expensive because of their location. In hidden side streets or less prominent neighborhoods, restaurant prices are fairer. It’s best to eat where the locals eat. That way you can avoid tourist traps and sample authentic local food, which tastes much better anyway! 

Tip 4: The right timing 

From tip 1 we already know that it’s worth looking for flights at unconventional times. But you should also choose your arrival and return times so that you get as much out of the day as possible. If you arrive in the evening and leave early in the morning, you throw two hotel nights out the window. The other way around, you gain two full days to explore the city, village or countryside.  

Tip 5: Hand over travel stress 

If your flight is significantly delayed or even canceled, it is important to remain calm. Rebooking and then running after the additional costs incurred is annoying and certainly not a good start to your vacation. That’s where companies like Flightright come in. In the event of a delay, cancellation, overbooking, and even missed connecting flights, their travel law experts work to make sure you get your compensation. If the refund is successful, the company keeps a small commission. Best of all, you can continue your vacation without paperwork. 

We hope you find these 5 tips useful and wish you a smooth, stress-free vacation. 

The content of any publication on this website is for informational purposes only.

About the author

Driven by a need for clarity and simplicity on all things wealth related, the i-vest team works closely with senior financial experts and advisors to dive deeper into the world of finance, investment and wealth to make it more relevant for you.

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