Personal finance expert Martin Lewis has issued a warning to anyone using an airport this summer, advising that exchanging cash at airports is a costly mistake. He told ITV's This Morning that airports and ferry ports exploit 'captive custom' with horrendous rates.
Comparison Sites Are Key
Lewis recommended using travel exchange comparison sites to find the best combined exchange rate and fees. He said, 'Don't wait till you get to your destination. Comparison sites look at 50 or 60 outlets, whereas abroad you won't have that choice.'
Specialist Overseas Cards
He also suggested using specialist overseas cards like Chase, which offer no fees and near-perfect exchange rates when withdrawing cash abroad. 'That's another way to get cash,' he added.
Avoid Dynamic Currency Conversion
Lewis warned against accepting conversion offers at ATMs or shops abroad. 'If you're in Europe, pay in euros; in America, pay in dollars. Let your card company do the conversion,' he said, noting that dynamic currency conversion can add 6-7% to costs.
He concluded that even standard UK cards are often better than letting foreign merchants convert, as they try to push you into paying in pounds to make more money.
