Travelling for business is a common task of a variety of jobs. While some companies may have a large travel budget, small businesses may have more restrictions on funds when it comes to travel.

If travelling for business is becoming an important part of your job, consider these top tips for keeping your business travel costs down.

Businessman

Transportation

• Pay attention to fare tariffs when booking: if you’re taking the train, pay close attention to your booking procedure. At off-peak times your fare can be substantially lower than during peak times. Studies show that thousands of travellers are over paying their fares due to confusion at booking time.
• Don’t fly First Class  (you can probably manage on a short flight with a little less leg room). If you book an Economy ticket, ask at the check-in desk on the day of your flight for an upgrade – you might get lucky and move into First Class for half the regular price.
• Try not to over-pack. Extra weight or checked baggage can sometimes incur added costs.

Image: Frerieke

An EU proposal to cap roaming costs, which was announced today, sees the cost of overseas roaming falling to as little as 21p per minute over the next three years.  This, coupled with the ability to switch providers for overseas calls and texts opening up the market for greater competition, could potentially lead to even lower prices.  Good news for frequently travellers and their bank balances.

However, it has been suggested  that this price cap may lead to price increases in other areas.  The drop in price of roaming charges will make a significant dent in profits for mobile operators and I’m sure they will not just sit by and watch their “hard earned” profits dwindle, could this mean an increase in our everyday bills instead?

While I can see the advantages of decreased roaming costs, not being a frequent traveller myself, I can only hope that they will not come at the expense of our UK phone deals, I for one do not want to be paying the price of someone else’s holidays!

Every year as summer comes upon us, and cold blooded dinosaurs seek the warmth of sunnier climes, the age old question of what is the best way to pay for things abroad arises.

If you bank in the UK, and shop in the UK, then you don’t expect any additional charges to be added when you go shopping or take money out of most cash machines, however the same cannot be said when you leave the safety of the UK. Even though international banking means getting cash and making card payments around the world is generally relatively easy these day, it can still cost you as your card company, overseas cash machine owner, currency exchange and even individual shops, often want to make some extra money from the tourist abroad.

Probably the most obvious fee that will be charged is that of the currency exchange rate. Before going away it is always a good idea to check with your bank to see what their current rate is. This can give a good comparison figure to help decide how to pay for things abroad, however you also need to check whether there are any possible flat-rate or percentage rate transaction costs for each time you use your credit or debit card for purchases. These additional costs can quickly mount up, especially on small purchases, making it possibly better to simply change a chunk of money to pay for smaller items and take a single transaction charge hit rather than always relying on using your card.

Regularly check and compare exchange rates, and any commission charges. It is can be surprising the difference between rates abroad vs the UK, and as this rate constantly changes, there is unfortunately no hard and fast rule as to when or where it is best to convert your holiday money.

Beware when withdrawing cash out from machines abroad – in addition to the exchange rate, there will also often be an additional charge made by your card company, as well as possibly another fee charged by the owner of the cash machine.

Another possible costly situation you may be confronted with is when spending on plastic you then get offered the option of paying in pounds instead of the local currency. While this means you have a good idea of how much you are spending, is it worth it? As Martin Lewis succinctly answers on the ever helpful MoneySavingsExpert

“No. This is called dynamic currency exchange, and should be avoided. Often the rate you get will be appalling and someone’s making big money out of it. If you’ve got one of the specialist overseas cards you’ll get a much better rate paying in the foreign currency not pounds. And even if you’re using a normal card as you’ve no idea of the relative exchange rates they could be playing you for a fool; so it’s always best to stick with paying in the foreign currency.”

He goes on to say something which many may find a bit of a shock.

“If you’re travelling to Spain, be especially careful. Some Spanish banks, particularly giant Santander, have started to ask UK cardholders if you want to have your money converted into Sterling when withdrawing Euros from ATMs. Always say No; the rate you’ll get is often much worse than the rate you’d be given by your own plastic provider when it converts Euro withdrawals, although the exact rates depend on which plastic you’re holstering.”

Another point to bear in mind is safety. Paying by card may sometimes be more expensive, but can also provide the chance of getting your money back, should things go wrong.

“As a rule of thumb, you are going to be better off using your credit card for purchases – especially those over £100 – and taking cash out of cash machines with your debit card.” (Source: BBC – Paying with plastic overseas)

It is all a bit of a mine field, so before going away, check with your bank/card company or look at their website to see what their rates are and which fees may apply to your cards. Maybe look into getting a specialist overseas credit card to just be used abroad. And check out some of the helpful online advice and guides available through the banks as well as more independent sources like the BBC and MoneySavingsExpert.

This is a picture of Nessie and I in Port Logan in beautiful Dumfries & Galloway (apparently Scotland’s best kept secret). If you don’t believe beaches like this exist in Scotland, take a more detailed look…

Beautiful Port Logan near Portpatrick in Dumfries and Galloway

We also liked Kirkcudbright, Thornhill, Lochmaben, St John’s Town of Dalry and Langholm. Just don’t be scared off the locals, they don’t bite

much

Visit Southern Scotland – Nessie & I did!