The Ultimate Guide to Saving Money Abroad: Martin Lewis’ Top Tips

As the summer holiday season approaches, many of us are preparing to jet off to sunnier climes. But with the excitement of traveling comes the daunting task of managing our finances abroad. That’s where Martin Lewis, the Money Saving Expert, comes in. In his latest newsletter, Lewis shares his top tips for slashing the cost of spending abroad and saving hundreds of pounds.

Traveling abroad can be expensive, but with the right tips, you can save hundreds of pounds.

The Golden Rule: Always Pay in Local Currency

When paying for goods or services abroad, you’ll often be asked if you want to pay in pounds. But Lewis warns against this, stating that if you choose to pay in pounds, the overseas bank will do the conversion, resulting in poor exchange rates. Instead, opt to pay in the local currency, and let your card do the conversion. This way, you’ll get near-perfect exchange rates, especially if you have a specialist overseas card.

Using a specialist overseas card can save you money on exchange rates.

Avoid Fees Abroad

Many high street banks charge a fee for using your card abroad, typically around 3%. However, some specialist overseas cards don’t add this charge, giving you the same near-perfect exchange rates as the bank. Lewis recommends investing in one of these cards to avoid unnecessary fees.

Flight Compensation: Are You Entitled to Up to £520?

If you’ve flown in the last six years, you could be entitled to up to £520 in flight compensation. Lewis explains that if your flight was delayed, cancelled, or overbooked, you may be eligible for compensation. Check if you’re eligible and claim what’s rightfully yours.

You could be entitled to up to £520 in flight compensation.

By following Martin Lewis’ top tips, you can save hundreds of pounds on your next trip abroad. Remember to always pay in local currency, avoid fees abroad, and claim any flight compensation you’re entitled to. Happy travels!