“You can also make each pound you take on holiday go further by being canny about when and where you buy your travel money. Exchange rates fluctuate so picking the ‘perfect’ time to exchange your Pounds is tricky, but leaving it all to the last minute is seldom a good idea.

“Airport bureaux de change typically gives the worst exchange rates, so picking up your foreign currency before you travel is usually the best option.

Phillips also shared a hack which all the pros do to get the best exchange rate.

He added: “If you’re not travelling for a few weeks, you can give yourself the best chance of getting the most favourable exchange rate by doing something that currency pros call hedging.

“Once you’ve chosen your destination, start by exchanging half the spending money you want to take on your trip. That way you can be sure that you won’t miss the best rate for this half of your budget if the exchange rate moves against you in the coming weeks.

“Then keep an eye on the exchange rate of your chosen currency over the weeks leading up to your trip. If you see the pound strengthening, that could be a good time to exchange the second half of your spending money.