Hot Tips for Saving Money on Summer Vacation (Re-run)

Summary

---

Merryn Talks Money – "Hot Tips for Saving Money on Summer Vacation" (Re-run)

Date: July 29, 2026
Host: Merryn Somerset Webb
Guest: John Stepek, Senior Reporter & Author of Money Distilled
Theme: A lively, practical guide to avoiding the most common foreign money mistakes on summer holidays, packed with real-life anecdotes and actionable tips.

---

Episode Overview

In this re-run summer edition, Merryn Somerset Webb and John Stepek tackle the perennial question: How can you avoid wasting money on your holiday? Drawing from an AJ Bell checklist, their own fumbles, and industry statistics, they break down the most common traps travelers fall into—from currency exchanges to card fees—and share easy, actionable solutions to keep more cash in your pocket. Expect lighthearted banter, confessions of rookie mistakes, and a focus on real-world savings.

---

Key Discussion Points & Tips

1. The Airport Bureau de Change Trap

• Mistake: Exchanging money at the airport, often last minute.
• "It really is just a penalty for being disorganized... The spread between the actual price of the currency and what you will pay at the airport is shocking." – John (03:06)
• AJ Bell Example:
  • Travelex Airport Kiosk: €1,000 costs £1,000 → €944 received
  • Travelex Online Order + Airport Pickup: £1,000 → €1,133
  • Difference: €189 extra by ordering online (04:14)

Actionable Tip:
Order travel money online in advance and collect at the airport to dramatically improve your exchange rate.

---

2. Use a Debit Card, Not a Credit Card for Currency

• Mistake: Paying for travel money or withdrawing cash using a credit card triggers costly cash fees.
• “Don’t ever use your credit card for actually buying money. You’re always going to get charged extra for it.” – John (05:52)

Actionable Tip:
Always use a debit card when buying or withdrawing foreign currency to dodge extra charges.

---

3. Beware of Bank Card Foreign Usage Fees

• Mistake: Using standard bank cards abroad can rack up 2.5–3% in foreign transaction fees.
• "There are some current accounts that don’t charge it, but an awful lot do." – Merryn (06:08)
• "Plenty of mainstream banks don’t do this... online banks tend not to do this. I know Starling (doesn’t), my kids use Starling." – John (06:34)

Actionable Tip:
Check your bank’s terms. Consider cards/banks with low or no transaction fees (e.g., Starling, Revolut, Wise) and pre-load them with necessary currencies.

---

4. Travel Money Cards: Prepay and Control Spending

• Mistake: Not utilizing prepaid travel cards to manage and lock in spending.
• "It’s also quite a reasonable way to control holiday spending, isn’t it?" – Merryn (07:33)
• "If you agree, load up a card with both (dollars and euros) before… is a kind of useful thing to do." – John (07:21)

Actionable Tip:
Prepay holiday funds onto dedicated travel cards (Revolut, Wise, etc.) to control your budget and avoid losing track of spending.

---

5. Never Pay in Sterling at Foreign Terminals

• Mistake: Agreeing to be charged in pounds (sterling) instead of the local currency—Dynamic Currency Conversion—results in poor rates.
• "Everyone thinks, well, I’m going to hit Sterling because that’s how I work... but that is the wrong thing... you’re going to get the worst possible exchange rate ever." – Merryn (11:12)

Actionable Tip:
ALWAYS select the local currency option at shops, restaurants, and ATMs while abroad to get fair exchange rates from your home bank.

"Sometimes you may find ... people try to maybe slightly con you on that." – John (11:45)
Try to keep the card terminal in sight and check which currency is being selected.

---

6. Don’t Expect to Cash in Spare Currency at Home

• Mistake: Exchanging leftover currency at the airport on return, losing value on double conversion spreads.
• Example: Buy €1,137 for £1,000, but sell back and only get £904. – Merryn (13:43)
• "Keep it for next time... euros particularly, you’re probably going to be going to a eurozone country in the future again." – John (14:46)

Actionable Tip:
Try to spend down your cash before coming home, or keep leftover widely used currencies (like euros or dollars) for future trips.

---

7. Other Memorable Anecdotes & Insights

• The "Charles Teddy Bear" Story:
  Merryn lost her child’s teddy bear for not having tip money, underscoring the small but real value of planning for small change. (03:23)
• Airport Prices:
  "The sandwiches are more expensive at the airport as well. You can't really blame them." – John (04:59) Pack your own lunch for extra savings!
• Old School Traveler’s Checks:
  Reminiscing over past hassles and how easier travel spending has become now. (12:44)
• Humorous exchanges:
  — "If you buy a pret sandwich not at the airport and a pret sandwich at the airport... catering at the airport is more expensive than..." – John (05:09)
  — "Do I have another suggestion, John? You could put it [spare change] in that charity envelope on the airplane." – Merryn (15:45)

---

Notable Quotes & Timestamps

• On airport exchange rates:
  “It really is just a penalty for being disorganized.” – John (03:06)
• On fees for paying in sterling:
  “You’re going to get the worst possible exchange rate ever.” – Merryn (11:14)
• On travel spending cards:
  “You can prepay what you expect to spend…and then you can keep an eye on things as you go.” – Merryn (07:33)
• On coming home with cash:
  “Keep it for next time.” – John (14:46)
• On travel mishaps:
  "Never saw that Charles teddy bear again." – Merryn (03:23)
• Summing up:
  “Bird in the hand, guys. Bird in the hand actually spent in the duty free on the way back.” – Merryn (15:35)

---

Useful Timestamps

| Topic | Speaker | Timestamp | |---------------------------------------------|-------------------|------------| | Mistake #1: Airport Money Exchange | Both | 03:06 | | Online Order vs. Airport Pickup Rates | Merryn | 03:58–04:19| | Paying with Credit vs. Debit Card | John | 05:52 | | Foreign Currency Fees on Cards | Both | 06:08–07:05| | Prepaid Travel Money Cards | Both | 07:05–07:43| | Paying in Sterling at Foreign Terminals | Merryn | 11:12 | | Merchant Trickery with Card Terminals | John | 11:45 | | Buying Back Leftover Currency | Both | 13:43–15:13| | Charity Envelopes for Leftover Change | Both | 15:45 |

---

Final Takeaways

• DO: Plan ahead and order travel money online.
• DO: Use debit or specialist travel cards with low/no fees.
• DO: Always pay in the local currency when prompted.
• DON’T: Buy or sell currency at airport bureaus last minute.
• DON’T: Use credit cards for cash withdrawal, or pay in pounds at foreign terminals.
• DON’T: Expect to get good rates cashing leftover currency at home—spend it or save for next trip.

Practical, empathetic, and conversational, Merryn and John’s discussion leaves listeners with not just hot money tips, but real-world scenarios (and a smile) to remember on their next holiday.

---

Transcript

[4imprint Announcer]

Whatever your goal, trade show giveaways, client gifts or team gear, 4imprint has the promo products to match with thousands of options from apparel and drinkware to tech and totes, it's easy to find the right fit for your brand and budget. With standout choices at every price point and with their 360 degree guarantee, you can be four imprint certain your order will show up just right, right on time. Explore [e-mail] 4imprint for certain so there's

[IBM AI Representative]

a lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a global workforce of 300,000 can use AI to fill their HR questions, resolving 94% of common questions, not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off. Deep in the work that moves the business. Lets create smarter business.

[Optum Healthcare Narrator]

IBM Healthcare doesn't always work great. If you've ever waited on a refill or couldn't schedule an appointment, you get it. That's the kind of stuff Optum is changing. They're using data and technology to integrate patient care, pharmacy and everything else. So healthcare is connected, not complicated. What's that look like? Cheaper prescriptions that are easier to get and care that looks at the whole person how you need it. Optum is helping make healthcare work as one for everyone. Learn [e-mail] Bloomberg Audio Studios podcasts Radio

[John Stepek]

News I'm John Stevik, senior reporter and author of the Money Distilled newsletter. Today we'll be playing you a much loved episode we made last summer on how to make the most of your money when going away on holiday. Top tips that could end up saving you a decent amount so you can spend more of your time with your head in a book and less time with your hands in your wallet. Hope you enjoy.

[Marin Thumbset Webb]

Welcome to Marin Talks yous Money, the personal finance edition of Marin Talks Money. In these bonus podcasts, we talk about best strategies for making the most of your money. I'm Marin Thumbset Webb and with me, senior reporter and Money Distilled author John Stepek. Hi John.

[John Stepek]

Hi Mel.

[Marin Thumbset Webb]

John Schools are beginning to wrap up. Everyone's getting ready for their summer holidays. In fact, a lot of people are on holiday already. I'm not on holiday. You're not on holiday? Producer Summ not on holiday. We are all here, but we're here for our listeners. We know you're all about to go on holiday and we are worried that you are going to commit some of the most common money mistakes out there. Or should I say foreign money mistakes out there. Now, we are, John and I, we have to admit this. We are using to talk about this, a list sent to us by the lovely people at AJ Bell who've made a list of the things that you can do wrong and remind you how to do them right. And do you know what? Looking at them, the very first mistake is one I made just the other day. Just the other day, headed for Mexico. Realized I didn't have any dollars or any pesos. And what did I do? I went to the bureau de change at the airport.

[John Stepek]

It really is just a penalty for being disorganized. And I've done it as well. Like, I don't go anywhere exotic. I know I'm going somewhere that's got euros. I know I can use the cash machine, but at the same time, you can. Like. Yeah, but what if you get to the airport and you need some euros and you can't use.

[Marin Thumbset Webb]

And you've got to tip the first guy, right? You've got to tip the first taxi driver. I have a terrible story about us not doing that when we didn't stop at the Bureau de Chanse, the airport, didn't have any euros when we arrived somewhere, didn't tip the taxi driver when we got out of the taxi at the hotel. Never saw that Charles teddy bear again. All I'm saying is, if you don't have any cash, go to the Bureau of d' Ange Airport. You can afford it.

[John Stepek]

The spread between the actual price of the currency and what you will pay at the airport is shocking. It appalls me every single time I'm sort. And a look at the exchange rates.

[Marin Thumbset Webb]

Oh, it's a shocker.

[John Stepek]

Yeah.

[Marin Thumbset Webb]

Anyway, listen, here's. Here's an example of the rates from. From the AJ Bell report as of 3rd of July. Well, while ago now, Travelex were offering to change €1,000 into €944 if you rocked up at the Heathrow Airport kiosk. So less than one for one.

[John Stepek]

Yeah. And while we know Brexit was a terrible figure, it wasn't that bad.

[Marin Thumbset Webb]

But if you ordered online from Travelex to pick the money up at the same location in the airport, you'd get €1,133. If you'd just done the admin in advance, you get an extra €189 to spend on your holiday.

[John Stepek]

That is a huge amount these days. I don't think you can really blame the Forex people for this. It really is just you're at the airport, forgot to do it and so they're charging you a convenience fee. That's the way that you look at it.

[Wise Announcer]

Yeah.

[Marin Thumbset Webb]

And I bet they pay a lot of rent for those desks in the middle of the airport.

[John Stepek]

Well, aye, exactly.

[Marin Thumbset Webb]

Everyone has to pay for something.

[IBM AI Representative]

Yeah.

[Marin Thumbset Webb]

Right, so we're not going to do that slightly.

[John Stepek]

The sandwiches are more expensive at the airport as well. You can't really blame them.

[Marin Thumbset Webb]

So are they?

[John Stepek]

Yeah, definitely. If you eat at the airport.

[Marin Thumbset Webb]

So if you buy a pret sandwich not at the airport and a pret sandwich at the airport.

[John Stepek]

I do not want to speak for a specific brand, just in case, you know, but definitely catering at the airport is more expensive than.

[Marin Thumbset Webb]

Yes, as it should be limited real estate. Right. What are you saying, John? That the second thing people should do when they're going on holidays. Bring a sandwich with them.

[John Stepek]

Bring a pike lunch. Bring a pint lunch.

[Marin Thumbset Webb]

Exactly. And a two liter bottle of Coke. Now you can put on at quite a lot of the airports.

[Public.com Announcer]

Right.

[John Stepek]

Proper money saving cost.

[Marin Thumbset Webb]

I'm not suggesting anyone drinks Coke, by the way. Two litre bottle of water. Right. Mistake number two, paying for your online money with a credit card. Now this is interesting. If you pay with a credit card, you're going to pay a cash fee to your bank. I mean, you know that if you take money out of an ATM with a credit card, you're going to pay an extra fee on top of everything that no one quite understands why you pay that fee. But you do pay that fee, right?

[John Stepek]

Yeah, I think it's just the lesson from that is don't ever use your credit card for actually buying money. You're always going to get charged extra for it. Use your debit card for anything to do, withdrawing money or purchasing money or whatever.

[IBM AI Representative]

Yeah.

[Marin Thumbset Webb]

So if you're buying it online, or if you're buying it online in advance to pick up at the. But whatever it is, use your debit card, not your credit card. Okay, Right, next one. Using your standard bank cards abroad, you get non sterling transaction fees on transactions you make in foreign currencies and that's going to be 2 and a half to 3% of the purchase amount. I mean that is whopping actually. And there are some current accounts that don't charge it, but an awful lot do.

[John Stepek]

Yeah, hang with this one. You just have to be aware because there's plenty of mainstream banks that don't do this and also certainly the online banks tend not to do this. I know it's Starling. Don't do it because my kids use Starling. I mean I've got a nationwide card and one of the reasons I got that was because their exchange fees were very reasonable. Or rather not their exchange fees, the exchange rate you get. So I think that's just a matter of looking at the cards you've got. I don't think you need to get a special one for going on holiday unless your fairly attached to your comic card.

[Marin Thumbset Webb]

If you get a Revolut card or a Kexum FX card or a wire card, etc. You can prepay it with a variety of different currencies. I might have a couple of those and I find them quite useful. Can I remember the pin usually leave them at home in the end. But in theory, in theory that is

[John Stepek]

also useful if you agree. If you're somebody who travels to a lot of different places, if you go to America and Europe a lot or whatever and you need dollars and euros, then loading up a card with both of those before that is a kind of useful thing to do.

[Marin Thumbset Webb]

Yeah, it's also quite a reasonable way to control holiday spending, isn't it? You can prepay what you expect to spend on your holiday onto that card and then you can keep an eye on things as you go.

[John Stepek]

And then you can panic for the last three days of your holiday when you realize that you ran out about a week ago or or spending on

[Marin Thumbset Webb]

the way through and splurge on the last two days. This happens too.

[4imprint Announcer]

Whether you're planning a big tech event, launching a new campaign or just stocking up on team gear, finding the right promotional products makes all the difference. 4imprint offers thousands of options from on trend apparel and premium drinkware to tech totes and giveaways. So you can find the right fit for any audience purpose or budget. You can customize it all. Your logo, your message, your look and many items come with no setup charge to help you save. And if you're really watching the bottom line, you'll find standout choices at every price point so you can make a real impact while staying on budget. Plus you'll get expert help, fast turnaround times and their 360 degree guarantee. So you can be four imprint certain your order will arrive on time and look exactly right. Whatever your goal, 4imprint makes it easy to find your perfect promo match. Explore the possibilities [e-mail] for Imprint.

[Public.com Announcer]

For certain, support for this show comes from public.com if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip manually sweeping idle cash Putting on a hedge on Public you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English like if the Vix hits 25, buy a put option on the S&P 500 or if my cash balance goes above $20,000, move the excess into my direct index. You approve of the workflow and your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public

[John Stepek]

Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors, LLC. SEC registered advisor complete disclosures [e-mail] disclosures

[Optum Healthcare Narrator]

let's talk about healthcare for a second. It doesn't always work the way people expect it to. If you've ever waited on a prescription refill or had a hard time getting the care you needed, you know the feeling the system should just work better for everyone. That's exactly what the people at Optum are trying to do every day. They're a healthcare company linking patient care and pharmacy services and using data and technology to drive the whole system so care is connected, not complicated for patients and providers. Things like making it easier to get care that looks at the whole person, from primary care doctors to mental health support and even in home care. And then using technology to make sure they all work together. Technology designed to help doctors spend less time on busy work and more time with their patients and those prescriptions. Optum is working to bring costs down, save patients money and make it easier to get refills. Little by little, Optum is helping make healthcare work as one for everyone. Head to business.optum.com to see how.

[Marin Thumbset Webb]

Okay, the next one. I'm good at this one actually. This is a mistake I never make paying in Sterling on a card terminal. So when you use your card overseas, everyone knows this. You'll get asked by the machine whether you want to pay in your local currency, in the local currency, the place where you are, or in Sterling. And everyone thinks, well, I'm going to hit Sterling because that's that's how I work. That's what my bank account is in. But that is the wrong thing you're going to do. You're going to get the worst possible exchange rate ever. Probably not quite as bad as you get at the bureau de change at the airport, but pretty bad. So you really don't want to do that. And that is such a simple mistake to make.

[John Stepek]

That is a simple one. You know something I noticed, though, when I went to. I went to Athens for the first time earlier this year and one thing I noticed was that the. The waiters there would often, in some places, not all places, but I'd say about 50% of the time, they would take your card away and they would make the decision on which button to press and sometimes they would press the wrong ones. I don't know what's going on there. And I know that they only relatively recently started enforcing things like receipts and stuff like that and that part of Greece as well. So, I mean, sometimes you may find that depending on where you are, people try to maybe slightly coin you on that.

[Marin Thumbset Webb]

Very sophisticated to think that the waiters in Greece are getting kickbacks based on your exchange rate.

[John Stepek]

But I was quite surprised, but I know it's not happening often enough that I thought, what's going on here?

[Marin Thumbset Webb]

And you were losing 3% every time. Bad luck, John.

[John Stepek]

I was a shock. I was appalled.

[Marin Thumbset Webb]

I bet you were right. I want to go to Athens. Last one.

[John Stepek]

It's lovely. It's still totally worth it.

[Marin Thumbset Webb]

I mean. Yes. Buyback options. Last time I went and went to Athens, it was still the days of travellers checks.

[John Stepek]

Oh, yeah. Oh, God. Remember them? That was. Yeah. It is so much easier going on holiday now.

[Marin Thumbset Webb]

So much easier. There's travelers checks. You had to take them into banks and cash them and then they got stolen and then we had nothing.

[John Stepek]

I went to Paris at one point and I had 80 quid in sterling and it was the only money that we had. And on the last day it was down to that. But it was Royal Bank, Clydesdale banknotes. Some of the Scottish notes look really unusual. And this was about 30 years ago. Went in an actual bank in Paris and they pulled out their big book of notes. It wasn't there. I had to wander around with no money, but 80 quid in sterling and I think we had like 3 francs or something. We ended up buying like a baguette to last us for 24 hours. So anyway, kids, it's much easier these days. You should stop complaining about all this stuff.

[Marin Thumbset Webb]

Last time I had Scottish money reproofed was in Dorset.

[John Stepek]

I would see that because they're all racist in here.

[Marin Thumbset Webb]

Six years ago, Right. The last one, buyback Options. Now, this obviously isn't going to happen to John, based on what we've been talking about so far. But some people might come back from holiday with spare currency, actual physical notes in their pockets and they might think to themselves as they go through the airport on the way back, they might think to themselves, I'll just walk over to that desk and I'll change them back into sterling. You don't want to do that. Here's numbers again from AJ Bell. Eurochange will sell you €1,137 for £1,000. Sounds like a good deal relative to what we talked about earlier. But if you bring all those euros back and you exchange them again, you'll only get 904 pounds in return. You do not want to do that. Now, some of the people who you can get your travel money from will give you a buyback guarantee so you can take the money back and change it back at the same rate, although of course there's going to be some kind of charge or commission to that. So what do you do with your foreign currency, John, if you come back? You don't know about this, do you never have any left?

[John Stepek]

But let's see, keep it for next time. Keep it for the next time because again, because euros particularly, you're probably going to be going to a eurozone country in the future. Again.

[Marin Thumbset Webb]

This is how I ended up with a whole load of lira and potatoes, by the way.

[John Stepek]

Yeah, I mean, don't get off guilt with the Aussie dollars that are never going to. It probably is harder to trade them back low if they're physical because you're going to have to go to a bureau Deschamps and even the one in the airport.

[Marin Thumbset Webb]

Yeah. So actually, do you know what I'm buyback options. Maybe. Maybe just take what you can get at the time because otherwise there may be people who are better at admin than us. I don't know who these people would be, but if you're anything like us, just take what you can get at the time or it's going to sit in your desk drawer until it's not worth anything anyway.

[John Stepek]

Yeah.

[Marin Thumbset Webb]

Is that right?

[John Stepek]

It does feel like a waste of time. Time.

[Marin Thumbset Webb]

Bird in the hand, guys. Bird in the hand actually spent in

[John Stepek]

the duty free on the way back.

[Marin Thumbset Webb]

Can you do that?

[John Stepek]

It depends on where you are, I suppose.

[Marin Thumbset Webb]

Do I have another suggestion, John?

[John Stepek]

If you're in Turkey, you could put

[Marin Thumbset Webb]

it in that charity envelope on the airplane.

[John Stepek]

Well, hypothecating your taxes, I think we disapprove of that.

[Marin Thumbset Webb]

I don't think there's a gift aid

[John Stepek]

box stealing money from the N envelope,

[Marin Thumbset Webb]

right? I think John and I are going to leave it. Thanks for listening to this week's Mary Talks yous Money. If you like our show, rate, review and subscribe wherever you listen to podcasts. Also, be sure to follow me and John on X or Twitter ariannazw and johnstapek. This episode was produced by Sama Saadi, Tala Ahmadi and Moses Andam Karl. Production support and sound design by Blake Maples. Questions or comments on the show and all our shows are always welcome. Our show email is mirrenmoneyloomburg.net.

[4imprint Announcer]

Whatever your goal, trade show giveaways, client Gifts or Team Gear 4 imprint has the promo products to match with thousands of options from apparel and drinkware to tech and totes, it's easy to find the right fit for your brand and budget. With standout choices at every price point and with their 360 degree guarantee, you can be for imprint certain your order will show up just right. Right on time. Explore more at 4imprint.com 4imprint for certain,

[Optum Healthcare Narrator]

healthcare doesn't always work great. If you've ever waited on a refill or couldn't schedule an appointment, you get it. That's the kind of stuff Optum is changing. They're using data and technology to integrate patient care, pharmacy and everything else. So healthcare is connected, not complicated. What's that look like? Cheaper prescriptions that are easier to get and care that looks at the whole person how you need it. Optum is helping make healthcare work as one for everyone. Learn more@business optum.com wise is the smart

[Wise Announcer]

way to manage the currencies you need around the globe. When you send money abroad using your bank, you could get hit with hidden fees and exchange rate markups. There's a better way. Try Wise. Wise uses the exchange rate you'd usually find on Google, with no unwelcome surprises. Plus, most transfers happen in under 20 seconds, which means your money arrives in less time than you've been listening to me. It's simple and free to sign up when you download the WISE app. Be smart, get WISE Ts and Cs apply.