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Traveller’s cheques shunned in favour of cash

Traveller’s cheques shunned in favour of cash

Category: Money

Updated: 28/01/2010
First Published: 28/01/2010

MONEYFACTS ARCHIVE
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Britons abroad are shunning traveller's cheques, preferring to use cash, credit and debit cards.

Just five per cent of British citizens use traveller's cheques when travelling on holiday or business, the same percentage that have a foreign currency account, research conducted by Santander has found.

Over half (52 per cent) of Britons abroad took cash as their primary payment method, with a similar number (47 per cent) withdrawing three quarters of their weekly spending money from an ATM.

The next popular methods were cards (20 per cent) and debit cards (15 per cent).

Figures show that the average spend for a Briton abroad is £207 a week.

"Some may find this research surprising - with so many Britons relying on cash when they are abroad - and the once ubiquitous traveler's cheques only as popular as the foreign currency account," said Vim Maru, director of retail products at Santander UK.

"The reliance on cash does raise some concerns, however: one, is it safe to carry large sums of money; and two, is cash the cheapest way to pay for items whilst out of the UK?"

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