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Martin Lewis says one simple switch could stop Brits wasting money on holiday
He said a normal bank card can add 2.75% to 3% on overseas spending, and urged holidaymakers to use travel cards instead.
- MoneySavingExpert founder Martin Lewis warned millions of Brits that standard bank cards abroad secretly add up to 3% to every purchase, potentially costing hundreds of pounds this summer.
- Most high street banks quietly apply a 'non-sterling exchange rate fee' between 2.75% and 3% on overseas spending, meaning a £100 purchase actually costs £103 due to hidden conversion charges.
- To dodge these charges, Martin Lewis recommends specialist travel cards including Barclaycard Rewards, which offers cashback, and Chase, providing fee-free spending and no ATM withdrawal charges abroad.
- However, Martin Lewis issued an important warning: credit card users must pay balances in full monthly to avoid interest charges that quickly eliminate any savings from fee avoidance.
- Travel experts at Lapland Famille also advised holidaymakers to pay in local currency rather than pounds, as choosing local currency is usually cheaper and avoids extra conversion fees from retailers.
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