Journey’s End For Travelers’ Cheques With Just One In 12 Holiday Makers Using Them

traver cheque

The trusty travellers’ cheque could be dying  a death amongst British holidaymakers, a new study has revealed.

Just one in 12 have used them in the past  year and most people now prefer cash or cards.

The survey examined the financial habits and  preferences of Britons abroad; questioning more than 1800 UK adults who had been  to foreign parts in the last 12 months.

Asked what kind of money they took away with  them the majority (78 per cent) said hard cash with 56 per cent choosing debit  or credit cards and 34 per cent taking pre-paid cards.

Of the eight per cent who said traveller’s  cheques, three quarters (75 per cent) saw them as a more ‘secure’ option whilst  13 per cent said they ‘didn’t like’ carrying cash while travelling.

Of those who carried currency, only 18 per  cent claimed to have shopped around for the best exchange rates before changing  their British pounds.

More than a quarter (26 per cent) claimed to  be aware that they hadn’t got the best rate but went ahead with the transaction  anyway.

Asked if they had ever lost or had money  stolen whilst they were abroad, 64 per cent said ‘yes’. And more than half of  those admitted they did not have the correct insurance in place to replace the  cash.

Almost two thirds (60 per cent) of those who  took cash with them on their last holiday admitted that they had run out of  before the end of their stay. In contrast, just 14 per cent of those with  travellers’ cheques had done the same.

Mark Pearson, Chairman of  MyVoucherCodes.co.uk who commissioned the survey, said: ‘It seems travellers’  cheques aren’t as popular as they once may have been – probably because of the  other options now available which seem somewhat easier, such as a prepaid  card.

‘Britons still seem to favour cash when it  comes to travelling abroad, but it seems this does nothing for successful  budgeting, as the majority of those taking cash with them last year ended up  overspending.

‘Whatever method you choose, just make sure  you’re protected against loss or theft of money.

‘Holidays don’t come cheap, and you don’t  want them to cost more than they have to.’

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s