Half of all Brits travelling abroad use cash as their main payment method, Santander has found in new research. Prepaid currency cards are popular too.
Britons travelling abroad prefer cash to over forms of payment methods. 52% of us use cash, whereas only one in twenty use travellers cheques, the study has found.
Other methods of payments such as the CaxtonFx prepaid currency card are becoming increasingly more popular, however it appears that having cash in our wallets is important when travelling abroad, either for business or pleasure.
Whilst travelling, many people also use ATM cash machines in conjunction with their credit and debit cards, however the research reveals a surprising lack of interest in the once popular travellers cheques.
This is a point emphasised by Vim Maru, Director of Retail Products at Santander UK who said:
“Some may find this research surprising – with so many Britons relying on cash when they are abroad – and the once ubiquitous traveller’s cheque only as popular as the foreign currency account. The reliance on cash does raise some concerns however: one is it safe to carry large sums of money; and, two, is cash the cheapest way to pay for items whilst out of the UK.
“Britons do believe that credit and debit cards do not get great rates of exchange, but this is simply not the case – the exchange rate on cards tends to be very close to the daily wholesale rates.”
For more information about prepaid currency cards you might find our article on prepaid Currency cards – are they the best option for travel money? useful.