The real answer is it really depends on where you go and what you do.
Location plays a major part in deciding your gap year budget, as does time spend away, and activities you under take while on your gap year.
Heading to somewhere like Australia is a common choice, but much more expensive, however this can be off set but working on your gap year whilst you are out there. We have a whole section dedicated to finding gap year work so feel free to check it out for lots of hints and tips. Australia is one of the most popular gap year destinations due to work and travel Visa arrangements. And exclusive to Xtreme we also have a program which guarantees you a job offer within 4 weeks of arrival in Australia it’s called the Sydney conneXion.
Great advice when it comes to gap year money is to set a budget and try to stick to it! Ok this it fairly optimistic when you take into account Xtreme sports activities like whitewater rafting and sky diving (book through us before you leave and it is generally cheaper: hint!) as these can be quite expensive, but your accommodation and food budget can be a lot easier to regulate.
If you want any first-hand advice on travel budgets or gap year money issues, talk to us and we will happily give you lots of hints and tips on planning your gap year.
Managing your finances once you are abroad
One of the most common questions we are asked is what the people do about money. How much should they take with them and how do they access their travel funds.
Whilst many people take their ATM card with them, which is fairly convenient providing they have called the bank prior to travel, you can expect to pay between 3 and 8% in fees to your bank for currency conversion. This is worth it over carrying all of your cash with you which is a definite no-no, but there are smarter ways of doing it.
Our main recommendation would be the VFX currency card. It’s absolutely genius. At any time you can transfer funds to your prepaid MasterCard credit card at exceptional rates. You can manage this by mobile phone and Internet banking as well. To give you an indication of the difference. If you are letting your bank do the currency conversion on withdrawing £100 you may pay up to £8 in fees to access your cash or 8%. With the currency card you will pay significantly less. It’s free to get one as well.
Below is a list of key services:
- No transfer fees for payments anywhere in the world.
- No hidden costs. The rate you are offered is the one you pay.
- Faster transfers on all major currencies and most exotic currencies.
- Your own dedicated broker who will provide you with live rates and market updates.
- Online exchange platform.
- Currency App.
- Multi Currency Card.
- Same day account opening (free of charge).
- Regulated as an Authorised Payment Institution with the Financial Conduct Authority for your safety.