Brits are falling out of love with cash abroad
One in three Brits no longer buy foreign currency in cash.
One in three Brits no longer buy foreign currency in cash before they go abroad as travellers are becoming more hesitant in carrying large amounts of cash.
In addition, almost two thirds of British holidaymakers choose their credit or debit card to make payments abroad.
According to research from DCC Forum, 31% of Brits abroad deliberately try to keep the amount of foreign currency they take abroad to an absolute minimum.
Of the 1,199 adults surveyed, 39% stated that they worry about carrying large amounts of foreign cash while out and 33% worried about leaving too much cash in their hotel rooms. Close to one in five respondents felt that carrying cash made them more likely to be a victim of crime.
This level of caution is not surprising considering some of the report’s other results. Almost half (46%) of respondents have had foreign currency lost, stolen or damaged. 10% have had foreign money stolen and 9% have lost cash on a night out.
Jennifer Conneely, board member of the DCC Forum, said: “As the amount of cash that we carry at home continues to fall, it’s no surprise we’re also keen to ditch the notes and coins while on our holidays. Carrying large amounts of cash is stressful and can ruin the enjoyment of our summer getaway.
“With more of us choosing to use our debit and credit cards abroad however, holidaymakers need to ensure that they check any fees that their bank or card provider might charge and that they understand fully the options available to them at the point of payment.”