Martin Lewis Reveals Five Essential Items for Your Holiday Wallet
Money Saving Expert Martin Lewis has detailed the five crucial items that Brits should always keep in a dedicated 'holiday wallet' to simplify international travel and potentially reduce costs. According to the finance guru, maintaining these essentials in a separate wallet or purse exclusively for foreign trips can make subsequent holidays significantly easier.
The Overseas Wallet Strategy
Martin Lewis, founder of the Money Saving Expert website, has practiced this approach for decades. He describes it as his 'overseas wallet or purse' strategy, which he first outlined in a 2013 blog entry. "I genuinely have a second wallet I pick up when I go abroad," Lewis explained. "Not to better match my overseas shoes, but as a MoneySaving arsenal to ensure that when I am away, I get more bang for my buck."
The Five Essential Items
1. Specialist Overseas Credit Card
Lewis recommends that regular travelers should hold a specialist overseas credit card. "This isn't about borrowing," he clarified. "It's simply an easy vehicle to get the best exchange rates in every country." He warns against using most regular plastic cards abroad, as banks typically add a 3% loading fee to the wholesale exchange rates they receive from Visa and Mastercard.
For those who cannot obtain or prefer not to use credit cards, prepaid cards function as modern digital traveler's cheques. "Load it up with cash in advance and use it while away," Lewis advised. "If you lose it, no problem, pay a replacement fee and the cash is re-credited."
2. Remaining Foreign Currency
For travelers who regularly visit the same destinations, Lewis suggests keeping any leftover foreign currency from previous trips. While converting everything back to sterling might seem appealing, discovering leftover notes can provide a pleasant financial bonus for future visits, whether months or even years later.
3. UK Global Health Insurance Card (GHIC)
Those traveling to European destinations including Spain, France, Italy, and Greece should keep a UK Global Health Insurance Card in their travel documents. Available free through the official NHS website, this card enables UK visitors to access state-provided healthcare across EU nations and Switzerland for certain medical expenses, often at the same rate as local residents.
Lewis emphasizes that these cards don't substitute for comprehensive travel insurance, which remains necessary for cancellations, private medical facilities, or repatriation. Travelers should verify their card's expiry date immediately, as many may be carrying expired documentation.
4. Driving Licence
For drivers traveling overseas, keeping your original driving licence readily accessible is essential. "As well as the obvious car hire advantages," Lewis noted, "it's also useful as ID, which is often demanded when paying by card."
Those planning to drive beyond the European Union should note that an International Driving Permit is either recommended or mandatory in 140 countries alongside your UK licence. The AA provides detailed country-by-country breakdowns of specific requirements.
5. ESTA Reference and Passport Copy
For travelers heading to the United States, keeping a copy of your ESTA (Electronic System for Travel Authorisation) reference proves useful. An ESTA remains valid for two years or until your passport expires, whichever comes first. While presenting the reference number to Border Protection upon arrival isn't required, carriers may request it during check-in.
Lewis also recommends keeping a photocopy of your passport in the holiday wallet. "Just in case my passport goes missing," he explained, "the key details can be very useful."
Practical Implementation
Lewis's complete system involves maintaining these five items permanently in a dedicated travel wallet, even after returning to the UK. This approach ensures that subsequent holidays become more streamlined and potentially more economical. "My wallet's also packed with unspent small euro and dollar notes," Lewis revealed. "After all, why pay to change back £30 or £40 of foreign currency? Leave it sitting for next time."
The money-saving expert's recommendations combine practical travel preparation with financial savvy, offering holidaymakers a comprehensive approach to managing their overseas finances and documentation efficiently.
