Cash is still king when it comes to overseas travel, as a new report reveals the majority of travellers still use cash when overseas, though a significant amount of this is left lying around post-trip.
The inaugural Travelex Travel Money Insights Report, which analysed revenue figures across 12 months, found that 69% of travellers still use cash when overseas.
In fact, cash use was higher than card usage in almost every region surveyed. Behind the consistent popularity of cash, explains Travelex ceo Philip Bowcock, is wariness over cards.
“Cash remains vital for small items like tipping and taxis, whilst many travellers have reservations over cards being accepted and potential fees,” he says.
The report also found that most travellers purchase travel money weeks in advance, with just 6% of those surveyed saying they usually purchase their travel money on the day of travel.
“Airport stores are still a key resource for many, but the market has shifted,” say Bowcock.
Looking at Australia and New Zealand, the report states that cash remains the most popular form of travel money with 84% of Australians surveyed taking cash with them when they travel, while less than half take a credit card and less than a third take a debit card.
This penchant for cash has a down side; 92% of Australians surveyed return home with leftover foreign currency, with Accor data estimating that Australian travellers hold approximately AUD1 billion worth of unspent foreign currency.
The report did show pre-paid travel money cards are on the rise, especially in New Zealand, where reloads of the Travelex Money Card were up 33% year-on-year. See the report HERE.
