Martin Lewis has given travellers some tips on what the best way to spend abroad this summer is. Picture; PA/BBC Handout
In an hour-long special, The Martin Lewis Money Show addressed many financial woes that Brits have been dealing with.
From the cost-of-living crisis, to soaring energy bills, Martin was on hand to provide helpful advice on how to save the pennies.
One area the show looked at, with the upcoming summer break on the horizon, was the cost of spending money abroad and the countless options out there for travellers.
Martin laid out the best way for you to maximise your saving on spending abroad.
Should I use a credit card to spend abroad?
During the Big Briefing segment on The Martin Lewis Money Show, the money expert told viewers that the best way to spend abroad is by using a credit or debit card.
He added that the rate of cards often beats that of the traditional Bureau de Change.
Three cards were showcased as the best buys for travellers.
This included the Chase Debit Card, the Halifax Credit Card and the Barclaycard Rewards Credit Card.
Martin hailed the new Chase Bank card as one of the best to use abroad, with 1% cashback on purchases made, meaning that it can save you money in the long run.
Should I take money out of an ATM abroad?
There is nothing worse than having to hit to ATM on your holiday, all the while worrying about how much the transaction will cost you.
Sneaky charges and fees can often go unnoticed by tourists.
Martin gave his best tips for using an ATM abroad. First, travellers are encouraged to check if there is a fee for using the machine altogether. This can often vary from bank to bank, so if there is another ATM available nearby, it’s best to compare how much the machines cost to use.
Secondly, Martin advises that you should always check the markup on the transaction - again, this can vary, so it’s worth comparing before taking your money out.
The money expert has also given viewers one golden piece of advice when taking money out abroad.
He said: “Pay in local currency and let your card do the conversion.”
When taking out your money abroad, always use the currency of the country you are in, with banks often profiting from confused tourists who may think it is simpler to work in their normal currency.
Martin even said that the ATM will use a “scare tactic” and ask you again if you are sure you want to continue without conversion. Simply press continue without conversion to save on your ATM use abroad.
Should I use cash when travelling abroad?
In the age of contactless and digital banking, carrying cash may seem like a thing of the past, but for tourists it is sometime still the simplest way to spend abroad.
Martin says that this is still a good way to spend money, however you may be beaten on the rates offered by credit or debit cards.
Despite this, you can still lock in a cheaper rate with old-fashioned cash, but beware - the rate may increase or decrease from what you bought it at, making it more of a gamble.
Martin’s tips for using cash abroad includes using a travel money comparison to find the vest rate near you, and he has advised travellers to not wait until they get to the airport to change their pounds.