Martin Lewis has shared five 'must do' steps for Brits if they are going abroad in 2023.

The Money Saving Expert founder regularly answers listeners' financial questions on his BBC Radio 5 Live show including on student loans and their money fails.

Mr Lewis recently joked about all of the 'travel Ss' - "sun, sea, sand and solvency" as he highlighted his advice to Brits jetting off this summer.

From travel insurance to passports, here are the financial guru's key tips to help you save on your holidays. 

What happens if you miss your flight due to airport delays

Martin Lewis issues money tips to British holidaymakers

Book your travel insurance as soon as you book (ASAB)

The financial journalist urged Brits to book their travel insurance as soon as they book their holiday for a "very simple" reason.

Martin added: "Much of what you're paying for is to cover you for eventualities that happen before you go on holiday that stop you from going."

The broadcaster shared an example of a person who had been diagnosed with cancer and who could no longer go on holiday since they needed chemotherapy treatment over the summer.

However, the journalist noted that there are many other reasons this could happen.

Lewis urged holidaymakers to "get it in place" or organise an annual policy but he did admit that the latter can cause a little confusion.

The money-saving expert said that if you pay yearly and your coverage runs out in July, but you have a holiday booked for August your insurance will still cover you if something happens before July.

However, you would need another annual policy to continue your coverage once it ends to cover the trip itself.

In the podcast, he advised that sticking with the same travel insurance with an annual policy can be simpler as long as they are giving you a reasonable price.

The cheapest way to spend money abroad

The financial expert shared the best credit and debit cards to use overseas as he shared that "it's actually very easy [to use a card abroad] these days.

Lewis added: "The cheapest way to spend abroad – there is one that beats all the rest. What you have to understand is, normally, when you spend on plastic, your bank or card provider gets a near-perfect exchange rate on the day.

"So very close to the spot rate – the rate that is traded on foreign exchanges. However, most providers add what's called a non-Sterling exchange rate fee to it, which is normally around 2.75%.

"So the best way I can phrase this is if you were to buy something that cost £100 worth of Euros on that day at the spot rate, you would pay £102.75 for it.” 

He continued: “With specialist overseas debit and credit cards and pre-pay cards, they do not add that non-Sterling exchange rate fee. So you get the same near-perfect rate that the banks do.”

Lewis went on to say there are about 10 or 11 cards that do this and the differences between them are pretty small.

At the moment, the broadcaster said that his "easy top pick" is Chase bank since it is an app-based bank that you do not have to switch to and does not do a hard credit check.

Additionally, it doesn't add that non-Sterling exchange rate fee, you can withdraw cash of up to £1500 a month from cash withdrawals without a fee and it also gives you 1% cashback on all spending in the UK and abroad.

Lewis did add that it is a debit card and is, therefore, not protected by section 75 credit card protection. 

His top current pick for credit cards abroad is the Barclaycard Reward Visa card for new customers since it has a lower fee and a near-perfect exchange rate.

Check your passport expiry dates and the entry requirements for the country you're flying to

Basingstoke Gazette: Check your passport's expiry date and the entry requirements of the country that you're travelling to. (PA)Check your passport's expiry date and the entry requirements of the country that you're travelling to. (PA) (Image: PA)

The podcast host also urged Brits to check the expiry dates on their passports as well as the entry requirements of the country they are travelling to.

Certain countries require Brits to have several months still left on their passport before they enter.

When it comes to the European Union (EU), most countries specify that your passport needs to be valid for at least three months after the day you plan to leave the country.

Meanwhile, the likes of the United Arab Emirates (UAE) requires that your passport is valid for at least six months from the day you enter the country.

Your passport also has to be less than 10 years old on the day that you enter, Mr Lewis reminded travellers.

This is due to an old system that allowed you to renew your passport and add the months that were left on top of its validity so you could hypothetically have a passport that was 10 years and 4 months old.

Brits need a GHIC over an EHIC

Before we left the EU, Brits could take their European Health Insurance Cards (EHIC) abroad and be covered for any medical treatment at a state-run hospital or GP practice.

You would only have to pay as much as those who live locally do.

However, after Brexit, Brits now need a Global Health Insurance Card (GHIC) which does work in the same way.

“It's absolutely crucial,” Martin said.

“It can help mean that you don't have to pay the excess on your travel insurance.

"It means you can go and use a GP for free.”

If you don't have one when you travel, you can sometimes apply retrospectively, but it is far easier to get one in advance.

5 million EHIC cards run out of date this year, according to Lewis as he urged UK citizens to check section 4 b on their card.

If it is out of date, go to the official gov.uk or the NHS's website to get your new card. - GHICs are free and there is no such thing as a fast track for this card.

Hiring a car abroad

Basingstoke Gazette: Martin Lewis shared key tips on saving money on your holidays on his BBC Radio 5 Live show ( PA)Martin Lewis shared key tips on saving money on your holidays on his BBC Radio 5 Live show ( PA)

Generally, hiring a car abroad is “pretty easy” and there are plenty of comparison websites you can use to find a good deal, Mr Lewis shared.

The Money Saving Expert did warn that prices have gone up 'substantially' following the Covid pandemic.

You should book as far in advance as possible to get the cheapest rates and the most choice since prices tend to "rocket" going into summer.

"The thing that you have to watch for is the insurance," Martin warned.

Many car hire companies will use “scare tactics” to get you to pay for excess cover beyond the basic insurance you may already have.

This would be to cover the excess you may have to pay if the car picks up a scratch, he explained.

He added: "This excess cover can be really costly, you can be talking £150 a week extra.

If you don't want that insurance, they tend to require you to pay a deposit of between £500 and £1,000 and they will often only accept credit cards for the deposit.

Additionally, it must be in the name of the person who booked the car.

Instead, Lewis suggested stand-alone excess cover for a tenth of the cost and there are lots of codes online and comparison sites like MoneyMaxim can help you.