FinanceBAM News

July 8, 2007

Missed a flight? Get airlines to refund tax charges.

Filed under: Travel Finance — admin @ 4:30 pm

This weekend will be one of the busiest periods in the flying calendar this year. It is highly probable to see thousands of seat go empty due to last minute cancellations and flyers turning up late.

With budget airlines now refusing to refund any cost of the ticket for late or no turn up flyers, it is now possible to at least get taxes charged by the company towards your ticket. Most airliners more than happily refund this amount which can amount to a lot of money, compared to not getting anything at all. Approximately £50 can be refunded from a £200 ticket which is 25% of your ticket cost.

The recent doubling of passenger duty or UK departure tax for long haul economy flights to £40 makes it worthwhile to go through the trouble of having these charges refunded as a bare minimum. A lot of the budget airlines have agreed to refund all passenger departure tax and overseas government taxes as reported in the financial times on April 8th. (more…)

June 30, 2007

How to avoid being over charged for travel insurance?

Filed under: Over 60s, Travel Finance — admin @ 12:56 pm

Over 60? Looking for travel insurance? Read this first.

Considering taking out travel insurance? Well here are a few tips to avoid the pit falls travel insurers have set for you. If unknown, you could be paying up to twice the amount you planned. With offers for around ten pounds for one way insurance, you need to be extra careful to avoid these pitfalls, or it could cost you a hell of a lot more.

Are you over 65 or nearing 65? Well travel insurance is probably going to cost you more, as reported by Damian Clarkson of Everyinvestor, who has revealed an astonishing revelation of age discrimination for the over 65’s. You are most likely to pay more than double the premium compared to someone younger.

When asked by the Association of British Insurers to comment on the age factor, their communications manager argued that it was more likely for someone over the age of 65 to make a claim, compared to younger people, and also the amount of claim is normally three times that of an average claim. (more…)

Spending Abroad

Filed under: Travel Finance — admin @ 12:55 pm

There has been warning in the news recently to be careful of spending via credit card while traveling abroad. Even though paying with credit cards may seem to be the easiest and the most convenient option of paying for goods and services abroad, but you may be in for a surprise when you receive your bank statement.

It is alleged that bank charges levied to your account when spending abroad would cost you dearly. With high bank charges for handling foreign currencies and the high rates of currency exchange which work in the banks favor could have you considerably out of pocket.

You could be paying up to 3-5pc more than what would have bargained for. In survey carried out by Sophie Butler from The Telegraph, her findings were that Nationwide and The post office were the cheapest to use to spend abroad as they did not incur a foreign exchange charge to their customers. However, the exchange rate changes all the time and it would hard to predict how much it would cost to use your card abroad. (more…)

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