Wednesday, 31 July 2013

British travellers increase the amount of travel money taken on holiday

Our figures show that the amount of travel money people buy for a holiday abroad is rising. In June 2011 the average travel money purchase was £604.34, whilst in June 2012 this figure rose to £646.37. Last month (June 2013) the average travel money purchase was £894.71 a staggering 31.46% larger than the amount purchased in the same month last year.

A recent survey by Halifax reported that 60% of British travellers buy currency in advance of their holiday to pay for items abroad. They found that people did not want to use credit and debit cards abroad because of the fees and costs involved. A mere 15% confirmed that they made withdrawals with a debit card whilst abroad and only 14% of those questioned used mainly cards or hard cash whilst overseas.  

Despite the security risks of carrying money over using a credit/debit or currency card people still prefer having cold hard cash in their travel wallets. British holidaymakers need to be aware of the risks involved in carrying a large amount of cash especially if they are travelling to a developing country or visiting an area where pick pocketing is a problem.

Travel Money Safety
  • Don't carry large amounts of cash when visiting the beach, a market or on a night out.
  • Store money in your hotel safe.
  • Keep money in a purse under your clothes or in a money belt on your front instead of in a handbag or pocket that pick pockets can easily access.
  • Watch out for distractions.... The little girl selling Roses in Rome may look sweet but she could be being used as a distraction to take your attention whilst an experienced thief steals your money.
  • Store money on a currency card. Exchange rates are agreed at the time of loading money on to the card and many providers offer free withdrawals from ATM machines. A prepaid currency card can also be used to pay for goods and services in most shops that accept debit and credit cards.

Travellers can use our travel money comparison table and our prepaid currency card comparison table to compare the UK's leading currency providers in order to find the best exchange rate.

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