Lets Talk Money, Travel & Monzo
Managing finances while travelling is not the easiest thing to do and can be quite stressful sometimes. I’m here to make travelling easier for you all. I am no money expert AT ALL, so all I can do is offer advice and share what I have learnt. Keep reading for two quick tips!
My 1st tip is… don’t keep all your spending money in one place, it is important to have local currency cash and a card with you if you can. Some parts of the World operate heavy on cash but it’s always good to keep your cash separately if you’re carrying a large amount. When you’re getting your local currency cash, make sure you…
Shop around for the best rates: Don’t just look for 0% commission and get drawn in, make sure you check how the exchange rate varies
Buy in advance and make sure you find out if it’s cheaper to exchange in your home country or your destination.
AVOID Bureaux de change at the airport!
My 2nd top tip is to get yourself a Monzo card
Monzo is a digital mobile-only bank, offering a MasterCard debit card that you can manage solely through their app. There are soo many useful budgeting features built into the app and it’s really easy to get set up. When I first joined Monzo the waiting time to get a card was quite long but things have changed and it is a lot easier to pass through the waiting list. Monzo offers golden tickets to current users to share with their friends and family that help you skip the queue so ask me (or around) if you are impatient and don’t want to wait.
Let’s not pretend that traditional retail banking isn’t a chore. Banking with the Monzo app feels like a part of your everyday life. The whole experience from opening an account, to budgeting, to being able to automate your finances with IFTTT makes Monzo one of the most convenient, transparent and forward-thinking apps out there.
Ok, let me get back to the purpose of this blog post! The original attraction I had to join Monzo was because It would make spending aboard easier for me. You can spend with your card anywhere in the world for free. There are no fees attached and you do not have to inform them when you travel. Monzo even allows you to withdraw up to £200 every 30 days for free, after this there is a 3% charge on withdrawals to cover their costs. One of the things I love/hate about the app is that you get a notification every time you spend. So when you are away on holiday the notification will tell you exactly how much you’ve spent in pounds and the local currency and place it into a category, for example, Eating out, Transport, Shopping or Entertainment. Monzo will also give you a breakdown of how much exactly you’ve spent aboard and in each country you visited. Make your travel life easier and get the app!
First started using the card in New York!
Additional Helpful Monzo Uses:
To link your Monzo account to IFTTT go to https://ifttt.com/monzo. Here you’ll be able to automate your finances better.
You can add saving pots for holidays on the app
Hope my tips helped in some way and let me know what you think if you aren’t already using Monzo.