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New Travelex app tells you if you need to take a monkey, a ton or a bag of sand on your holidays

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With the holiday season in full flow, Travelex has launched a new app designed to help users budget for their trips abroad more accurately.

The foreign exchange firm says its Money app should make holiday cash anxiety a thing of the past, allowing users to enjoy their breaks with no fear of running out of bunce.

Through the app, you can see how much money fellow British travellers have spent on average during trips to various destinations, giving you a hint of the amounts you need to squeeze into your trendy old bum bag.

Travelex says it also lets you “define your approach to spending”.

If, for example, you’re more prone to splashing the cash on shabby tat than most, you can choose to see the average spend for people who do the same.

After entering your destination country, the app prompts you to choose whether you‘re a low, moderate or big spender. You also need to specify the length of your trip and how many people you’re travelling with.

Bear in mind that it doesn’t take into account the price of your accommodation. If you plan on buying tickets to various attractions, we’d also recommend adding a little extra to your final figure.

Once you’ve established a number, you can order your money through the app, have it delivered to your home address or the nearest physical store.

According to Travelex, 31 per cent of Brits go over budget on their hols, while 39 per cent have had to whip out a bank card to cover unexpected costs. As we all know, this often comes alongside an unwanted transaction fee.

Furthermore, almost 60 per cent of the 2,000 participants in Travelex’ survey said they weren’t sure how to properly budget for a trip, while 69 per cent said that being able to budget more effectively would help them enjoy their holidays more.

“The Travelex Money App puts the consumer first – making holiday travel less stressful, by letting travellers identify how much they’re likely to need before they go,” said Sean Cornwell, Travelex’ chief digital officer.

SEE ALSO: How tech is changing the way you pack for your holidays

As a sweetener, Travelex is giving early downloaders of the app access to its “most competitive” exchange rates.

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