British holidaymakers are increasingly opting to go cashless on their summer holidays with 1 in 3 now no longer buying foreign currency in cash before they go abroad and 67% making payments using credit or debit cards during their holidays. The new research, carried out by the DCC Forum, also found that 31% of Brits deliberately try and keep the amount of foreign currency they take abroad to an absolute minimum.
Of those surveyed, 39% said that they worry about carrying large quantities of foreign cash with them while out and about and 33% worry about leaving too much cash in their hotel rooms. Almost 1 in 5 (18%) said that carrying cash made them feel more likely to be a victim of crime. Perhaps as a result, 26% of Brits said that they opt to take a credit, debit, or pre-paid card on their holidays specifically so they don’t have to carry large amounts of foreign currency.
Brits’ lack of love for bringing large amounts of cash might be unsurprising given that almost half (46%) of those surveyed have had foreign currency lost, stolen or damaged. 1 in 10 have had foreign currency stolen while on holiday while 9% have lost cash on a night out. 11% of Brits have damaged their foreign currency by accidentally taking it into the swimming pool or the sea, and 7% have accidentally left their cash on the beach.
The research also revealed holidaymakers’ favourite hiding places for their currency when they keep it in their hotel rooms or rented accommodation, as only 43% left their currency in a safe or security box. 16% hide their cash in their suitcase while 7% hide it in their underwear and 6% in a sock. 6% opt to store cash in a pair of shoes while 3% stash their money under the bed. However, 13% of those surveyed refused to leave their cash unattended and opted to carry all of it with them at all times.
Carrying out its research in partnership with CensusWide, the DCC Forum is the industry body that helps holidaymakers understand the choices available to them when they pay by credit or debit card abroad. Research found that almost two thirds of British holidaymakers now choose to make payments with their credit or debit card while overseas.
Jennifer Conneely, board member of The DCC Forum, comments: “As the amount of cash that we carry at home continues to fall, it’s no surprise we’re also keen to ditch the notes and coins while on our holidays. Carrying large amounts of cash is stressful and can ruin the enjoyment of our summer getaway. With more of us choosing to use our debit and credit cards abroad however, holidaymakers need to ensure that they check any fees that their bank or card provider might charge and that they understand fully the options available to them at the point of payment”.