In an hour-long special, The Martin Lewis Money Show addressed many of the financial issues Brits are struggling with.
From the cost of living crisis to rising energy bills, Martin has been available with helpful advice on how to save.
One area the show focused on with the looming summer break on the horizon was the cost of spending money abroad and the myriad options for travelers.
Martin has outlined the best way for you to maximize your savings when spending abroad.
Should I use a credit card for spending abroad?
During the Big Briefing segment on The Martin Lewis Money Show, the money expert told viewers that the best way to spend money abroad is by using a credit or debit card.
He added that the card’s rate often beats that of traditional currency exchange.
Three cards were presented as the best buys for travelers.
These included the Chase Debit Card, the Halifax Credit Card, and the Barclaycard Rewards Credit Card.
Martin praised the new Chase Bank card as one of the best to use abroad, with 1% cashback on purchases made, meaning it can save you money in the long run.
Should I withdraw money from an ATM abroad?
There is nothing worse than going to the ATM on your vacation and worrying all the time about how much the transaction will cost you.
Sneaky taxes and fees can often go unnoticed by tourists.
Martin shared his top tips for using an ATM abroad. First, travelers should check if there is an overall fee for using the machine. This can often vary from bank to bank. So if there is another ATM nearby, it is best to compare how much it costs to use the machines.
Second, Martin advises that you should always check the markup on the transaction – this too can vary, so it’s worth comparing before withdrawing your money.
The money expert has also given viewers some golden advice when it comes to taking money abroad.
He said: “Pay in local currency and let your card do the conversion.”
When withdrawing your money abroad, always use the currency of the country you are in, as banks often take advantage of confused tourists who think it is easier to work in their normal currency.
Martin even said the ATM will use a “fear tactic” and ask you again if you’re sure you want to proceed without converting. Just press continue without conversion to save on your ATM usage abroad.
Should I use cash when traveling abroad?
In the age of contactless and digital banking, carrying cash seems to be a thing of the past, but for tourists it’s still sometimes the easiest way to spend money abroad.
Martin says it’s still a good way to spend, but you might be beaten at the prices offered by credit or debit cards.
Even so, you can still secure yourself a cheaper rate with old-fashioned cash, but beware – the rate can go up or down from what you bought it at, making it more of a gamble.
Martin’s tips for using cash abroad include using a travel money comparator to find the Vest rate near you, and he’s advised travelers not to wait until they’re at the airport to change their pounds.