For more than two-thirds of travellers, cash is still king.
Foreign exchange company Travelex released its inaugural Travelex Travey Money Insights Report, showing a majority of British travellers still choose to use cash overseas.
The report, which analysed Travelex revenue figures across 12 months along with bespoke global surveys in key markets, identifies consumer travel money spending trends.
On average 69% of travellers still use cash when overseas, which is higher than card usage (debit, credit, or pre-paid) in almost every region.
The majority of travellers also travel with a card, and this combination of cash and card gives peace of mind
Travellers are also shifting decisively toward pre-trip planning, with most purchasing travel money weeks in advance, it says.
“Domestic cash transactions may be falling, but in the travel money market, cash firmly remains king. Cash remains vital for small items like tipping and taxis, whilst many travellers have reservations over cards being accepted and potential fees,” says Philip Bowcock, Travelex’s CEO.
The report highlights the growing shift in how travellers acquire travel money, moving away from traditional in-trip purchases at the point-of-departure towards pre-trip planning and acquisition in the weeks and month prior to travel.
An average of just 6% surveyed say they usually purchase their travel money on the day of travel.
“Travellers who traditionally relied on airport stores to acquire cash last minute are today far more inclined to do so in the weeks leading up to their trip – be that when they do their holiday shopping, or through alternative channels such as home delivery or pre-order click-and-collect,” Bowcock added.
“Airport stores are still a key resource for many, but the market has shifted.”
The Report coincides with Travelex’s 50th anniversary since establishing in 1976.
