Money Saving Expert Martin Lewis on how to cut your spending on holiday by dodging sky-high exchange rates
Money Saving Expert Martin Lewis knows a thing or two about cutting the costs of your annual summer getaway. From the best hotel deals to cheap travel insurance and more, he keeps an eye on families’ budgets to stop spending from spiralling.
When you spend on a normal credit card you’ll usually have roughly a 3% ‘non-sterling exchange fee’ added to the amount. As Martin explains, ‘This means that every £100 worth of euros or dollars costs you £103.’ Some card providers add even more fees on top of this. You’ll also need to pass a credit check first. As for which card to get, Martin recommends the Halifax Clarity Mastercard, but others are available and there’s a full list of the best ones to use on moneysavinggexpert.com
This means your application won’t affect your ability to get credit in the future. On the downside, if you are using this as a second bank account, then in contrast to the travel credit card, you’ll have to out money into the account beforehand.
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