Managing gap year money

Your son or daughter will obviously need money as they travel round the world on their gap year or career break.

In our experience the safest, easiest and most convenient option for gap year travellers is to carry a Visa or Mastercard. Banks do charge for each transaction on credit cards, but using them is definitely by far the simplest way for your son or daughter to access their funds.

It's also a good idea for your son or daughter to back up their credit card by taking away with them a good supply of travellers' cheques. These can easily be exchanged at most banks and also at airports, (again there is usually a charge for this). As with credit cards, if they are lost or stolen they are also easily replaced.

One thing you could consider as a parent is to set yourself up a power of attorney on your son or daughter's bank account. This means that, in the event of any emergency, you'll be able to pay in money or pay bills speedily and without any complications.

If your son or daughter is planning on finding paid work abroad then we advise they contact the travel advisor for that particular programme. We try and take the hassle out applications and paperwork by doing as much of the advance financial leg-work as possible. We can even set up the bank account. We have loads of ideas for gap year fundraising.

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