Consider alternatives to cash when going overseas

13 July 2012 15:57:59

Most holidaymakers still rely on cash overseas.

Are you one of the vast majority of Brits who take foreign currency with them when they go on holiday? If so, you could be missing out on an increasingly popular way to carry travel money and putting the security of your hard-earned pennies at risk.

Most holidaymakers still rely on cash
Cash transactions are becoming increasingly less common in the UK, with people instead benefiting from the convenience of plastic cards and even starting to use their smartphones to make contactless payments. But it seems cash remains as popular as ever when we leave British soil.

New research from Tesco Bank suggests that 84% of holidaymakers take foreign currency with them when they go on holiday, with £400 worth of notes and coins being the typical amount. Tesco's survey of 2,000 Brits - which was conducted by ICM Research - indicates that 71% of people purchase their travel money in advance so that they have time to shop around for a good deal. In addition, 34% plan their holiday budget carefully so that they spend no more than the amount they take with them.

Prepaid card could be a good substitute
All of this is very commendable, but many Brits could be losing out by failing to consider other ways of carrying holiday money, such as a prepaid travel card. These cards often offer favourable exchange rates, so you could get more for your sterling than by changing money at a travel bureau. And the exchange rate is fixed when you load money on to your card, so you can easily work out how much you are spending at all times.

Those are not the only benefits of using a prepaid card. While carrying a wallet full of foreign currency leaves you open to pick-pocketing, a prepaid card provides welcome layers of security. Firstly, the card is protected by a pin so that anyone who lays their hands on it will find it difficult to make payments or withdraw cash from an ATM. And secondly, any funds that are stolen from your prepaid card will usually be refunded by the card provider if you report the theft.

So next time you're jetting off on holiday, it might be worth going online to compare prepaid travel cards, rather than carrying around a bundle of foreign currency that could easily be lost, stolen, or simply poor value for money.

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