Martin Lewis’s Money Saving Expert reveals genius holiday hack that saved fan £300

shared a booking tip that could save people hundreds of pounds on holidays.

In its , the team explained the “rebook and cancel trick”, which saved a reader more than £300 on their travels to Australia.

The tip is aimed at people who have already booked a holiday, who may be able to bag the same deal cheaper by cancelling and re-booking closer to the time.

The team : “In the run-up to the summer holidays, we’ll be telling you – if you’ve got free or cheap cancellation on car hire or hotels, check to see if you can get what you’ve booked cheaper.

“If so, rebook it, then cancel your original. We’re always swamped with successes.”

Following the tip, the team shared “Steve’s” story, which involved him rebooking and cancelling a stay at a hotel in Melbourne.

He tweeted the team: “It was quite expensive because the Formula One Australian Grand Prix was scheduled for that week. When it was moved to the week before, prices dropped, and we rebooked, saving over £300.”

However, people should read their booking terms before doing this because some companies impose cancellation fees, and you don’t want to be caught off-guard.

MSE noted that hotels are not likely to offer free cancellation if customers are asked to pay upfront, though this depends on the booking site used. People can also contact the hotel directly to check the terms if the rules are unclear.

While this is one way to potentially reduce the price of your summer holiday, there are several other tactics people can use to cut costs further.

Greg Wilson, CEO and travel insurance expert at suggested planning the trip “as soon as possible”.

Booking in the off-season could also help make necessary , and planning flights at less popular times on weekdays can also help pinch the pennies.

Mr Wilson also shared a few tips on keeping currency conversion costs low. He said, “When taking out cash at an ATM machine abroad, always select the option to withdraw in the local currency, or else you could be charged for a higher exchange rate.

“The same goes for spending money – if given the chance, choose to spend money in the local currency on card machines. Also be on the lookout for tampered machines and if possible, use ATMs at local bank branches for extra security.”

In a survey conducted by Quotezone, 35% of respondents said they often have over £50 left over from their holiday currency.

Mr Wilson said: “Rather than leaving the cash in a drawer or bag to be forgotten about, change it back into pounds and make the most of it. Alternatively, pack it away with your passport to be re-used for your next trip.”

Finally, Mr Wilson warned against converting currency at the airport. He explained: “There are often hefty service fees added on top.”