According to a recent survey, Britons prefer to use cash rather than credit cards while on holiday.
New research from ABTA Travel Money has revealed many holidaymakers are more likely to pay for items with cash when on holiday overseas, compared with when buying items at home in the UK.
ABTA’s new figures reveal that 44%1 of UK holidaymakers say they use cash more when on holiday abroad, compared to 7% who say they use less.
The findings come as families look to make the most of the October half term over the next few weeks. The most common reason why UK adults are splashing the cash rather the swiping the plastic abroad is it often being the only form of payment accepted at the destinations they’re visiting, according to more than two in five people (44% of respondents).
While paying by card is widely accepted across the UK, holidaymakers may find it quite different when they visit some overseas destinations. Smaller resorts, towns or villages may not accept cards, and there are places, like Germany, where cash is more widely accepted in bars and restaurants than credit or debit cards.
ABTA is recommending people take some cash with them when on holiday, so they know that they can pay for the things they want to buy, without having to resort to cash withdrawals which can add on hefty charges or being left stuck without any form of payment. Almost one in three (28%) of those who use cash while on holiday abroad, said they pay with cash as they are keen to avoid bank charges and ATM fees, and they are right to be concerned. On average, people can face between €2 and €6 per withdrawal when visiting countries such as Spain, Greece and Italy, with currency conversion charges then added on top.
Other reasons cash is preferred is to help manage how much people spend while away (37%), whilst one in five (21%) said it was due to fears of having their card details stolen when abroad and 20% said it was because of concerns their card might not be accepted, leaving them without another payment.
It is young people who are more likely to increase their cash use abroad than any other age group with 54% of 18-34 year olds saying they spend more cash when abroad then back home in the UK. Graeme Buck, Director of Communications at ABTA Travel Money, said: “For many travelling abroad, our research suggests that cash is still king when it comes to spending on holiday. Standard payment types vary from country to country, so it is essential to make sure you take enough travel money as you may find you need, or prefer, to pay with cash. Having foreign currency makes for a more convenient, stress-free holiday.”