Overview

• Martin Lewis’s guidance to always pay in local currency when using cards abroad has been re-broadcast across major UK media outlets this week.
• Travellers warned that opting to pay in pounds abroad triggers dynamic currency conversion by foreign banks or merchants, often at poorer rates.
• Fintech travel cards from providers such as Monzo, Starling and Revolut deliver near-perfect exchange rates with minimal or no foreign transaction fees.
• Research from NatWest indicates that choosing the wrong currency at checkout can increase spending by up to 13 percent.
• Even standard UK debit and credit cards, despite typical transaction fees, generally outperform the exchange rates applied by foreign ATMs and retailers.