A recent survey by Halifax found that Brits travelling abroad prefer to rely on cash rather than making withdrawals or paying for goods and services on their credit or debit cards. Although there are risks associated with going on holiday with large amounts of cash, 60 per cent of respondents said they preferred to buy money in advance.
The main reasons for not using plastic abroad were foreign exchange fees and charges for cash withdrawals. Just 15 per cent of those surveyed admitted to using their cards at foreign ATMs.
Halifax Credit Cards spokesman, Richard Washington, said although cash was useful, there was always the risk that it could be lost or stolen. The survey found that younger people were less likely to rely on plastic than older travellers. It was also women who prefer to rely on cash with 65 per cent saying they took money on holiday compared to 55 per cent of men.
The survey also revealed that people are becoming more conscious about how much holidays cost with 23 per cent saying that they will begin putting cash aside for a trip abroad six months before travelling. A further 14 per cent said they started to save as soon as they arrived home from a previous holiday.
Washington advises shopping around and booking as early as possible to get the best holiday deals.