Barclays predicts bumper spending as people flock abroad
Brits are expected to shun the UK's dismal weather in favour of sunnier climates this weekend as figures from Barclays indicate that August bank holiday weekend will produce the largest demand for overseas debit card spending and cash withdrawals this summer.
Just under one million (977,000) transactions are predicted to be made abroad this year over the bank holiday period, with a total value of over £86 million. However the peak of overseas spending will be this Friday, which alone will see over half that spend, with a predicted 491,000 customers spending a total of almost £45 million (£44,860,000) in Euros and other currencies.
With the traditional holiday change-over day being Saturday, and as the school summer holidays draw to a close, this Friday marks the final day of holiday for the majority of Britons. Last minute purchases - souvenirs and presents for those at home, alongside self-indulgent treats as you spoil yourself before returning to the routine of daily life - will rack up the holiday spend.
Research shows that the majority of overseas spending (57 per cent) comes from ATM cash withdrawals and so Barclays customers should take advantage of the bank's Global Alliance agreement, benefiting from no transaction charges when using your debit card in one of its Global Partner's cash machines. Hotels and restaurants/supermarkets will also pocket millions over the holiday weekend - attracting £200 million and £235 million of debit card spend respectively.
"Hola Espana!" - Spain is the favoured destination for debit card usage for over a fifth of our overseas travellers - our sun-hungry Brits cannot resist the Mediterranean promise of sangria and tapas, spending over a staggering £280 million. France is a favoured close second, with tourists predicted to spend £255 million using a debit card. The lure of the Big Apple, Disney Magic and Vegas Casinos also make the USA a popular destination, where £117 million will be spent.
Brian Cunnington, Head of Debit Cards for Barclays, comments: "Using your debit card is the most convenient way to spend your money overseas, whether in Euros, Dollars or even Quetzals! Most hotels, shops, bars and restaurants accept debit cards worldwide so it is now the easiest way for our customers to transact. It means that you do not have the added security concern of carrying too much foreign currency around at once. You can also keep track of your spending via online or mobi banking from Barclays.
"To make transactions outside the UK easier, we encourage our customers to register the countries they will be visiting. They can register in branch, online and on the telephone and new upgrades now mean that they can register multi-destination trips."
Barclays has joined forces with Lonely Planet, the popular travel guide book publisher, to offer customers advice and tips about how best to travel, and how to make your money work for you whilst you are on holiday. Colleagues and customers can also claim a 30 per cent discount on Lonely Planet publications until November this year. For more information, go to barclays.co.uk/travel.