Cash is King for Brits going overseas this summer
Cash is the payment method of choice for people going overseas this summer, according to a new survey from Tesco Bank.
The majority of holidaymakers (84%) plan to take foreign currency with them on holiday and on average, Britons are taking just over £400 worth of currency.
In these difficult economic times, Britons are becoming increasingly savvy when buying their travel money. Nearly three quarters (71%) of people say they always purchase their travel money in advance of their trip and spend time shopping around for the best deals. More than a third (34%) indicate that they will only spend the foreign currency they take with them on holiday, suggesting that British holidaymakers are finding ways to budget carefully.
Countries in the Eurozone appear to be the destination of choice with nearly three quarters (73%) of people intending to buy Euros. US Dollars are the second most popular currency this summer (15%), followed by the Turkish Lira (7%).
Tesco Bank Travel Money offers competitive exchange rates on foreign currency and has recently introduced a Click and Collect service that allows customers to order their travel money online or over the phone, and collect it free in one of Tesco's in-store travel money bureaux.
Euan Ballantyne, Head of Travel Money at Tesco Bank, comments: "Our research shows getting a good deal on foreign currency this summer is a great way to manage your holiday budget. We already see this reflected in the amount of foreign currency that people are exchanging at Tesco Travel Money.
"At Tesco, we understand that both money and time are tight when preparing for summer holidays, so we offer a ‘one-stop' shop for holidaymakers to get all their travel essentials in one place. As well as great rates at the in-store travel money bureaux, customers can also take advantage of the convenient Click and Collect travel money service."
The research also showed that:
Only 10% of holidaymakers plan to withdraw money from a cash point when they arrive at their destination
Men plan to take significantly more travel money than women, £455.53 and £363.87 respectively
Those aged between 45-54 years intend to take the most travel money on holiday with them, £491.01
18 - 24 year olds were least likely to organise their travel money in advance of their holiday (62%)
By the end of the summer, Tesco Bank will have 200 travel money bureaux in stores across the country, offering customers' competitive exchange rates for over 70 currencies.