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John Davies

With a number of years journalism experience, John is a personal finance journalist and editor providing regular daily news updates to the MoneyMaxim website. His area of particular interest includes house prices, mortgages and insurance. He works as News Editor at MoneyMaxim.

Travel insurance and travel money; some benefits of last minute booking

A new study has found that Brits planning a half term holiday next week or even booking an unexpected Valentine's getaway could save as much as £100

A new study has found that Brits planning a half term holiday next week or even booking an unexpected Valentine's getaway could save as much as ****£100 by purchasing their travel money immediately prior to jetting off.

Conventional wisdom would suggest that planning as far in advance as possible is always the best course of action when sorting out your travel money plans. However, new research suggests this may not always be the case.

Jet setters pre-ordering money online for same day collection in London could save £70. For instance, a $1,000 online purchase with a central London collection through ICE would cost £645.16, compared to a direct purchase at the airport ICE bureau de change, costing £714.44, according to the report.

"For those strapped for time, both Thomas Cook and Travelex offer a service where you can reserve your currency online for same day airport collection and benefit from the internet rate and no airport commissions,” explained Bob Atkinson, Travel Expert at MoneySupermarket.com.

Good time to buy Euros

"You can save even more by thinking ahead and buying in the right place and at the right price in order to save as much money as possible. Even for those already planning their summer holidays, now is a good time to arrange travel money while exchange rates for the Euro are stronger than recent months,” added Atkinson.

With exchange rates for the Euro benefitting the Pound, British holidaymakers can take advantage of exchange rates nearly 9% stronger than in July 2011.

Experts say this can boost Brits' holiday spending power by offering great value deals on accommodation, eating out and entertainment in the Euro-zone.

Holiday essentials

When planning your holidays, travel insurance and travel money are the two top products every holidaymaker should consider purchasing. In order to pay less for more, the best idea is to compare travel services and products.

Get cash cheaper when you are abroad and find the best cards and accounts to use by comparing what the different travel money providers offer. To find cheap travel insurance, you should decide before comparing quotations what level of excess suits your budget, whether you would like baggage cover or cancellation cover included.