Britons carry too much cash abroad

Tip Posted on 08/08/2012

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British holidaymakers are taking huge risks by carrying large amounts of cash with them abroad. Travellers often believe that cash gives security, forgetting that it makes them vulnerable to thieves and could incur huge losses.

MasterCard Europe recently disclosed that the average traveller from France, Germany, Italy and the UK spends nearly eight and a half hours preparing for a holiday, be that organising leisure activities or logistical matters. Nevertheless, a concerning number of voyagers fail to remember that taking their holiday money in cash could lose them large sums and potentially ruin a trip. Holiday-goers should hold only minimal amounts of foreign currency at a time, as cash cannot be recuperated if lost or stolen. Furthermore, we advise travellers use money belts if needing to carry cash, as these sit on your waist hidden underneath clothing.

An attractive alternative is credit or debit card, as most holiday destinations have ATM machines to withdraw cash for a minimal fee and a debit or credit card can be cancelled at any time if lost or stolen. Equally, prepaid currency cards are a secure way of carrying money and users are not charged commission to withdraw currency. The President of MasterCard UK and Ireland, Marion King, highlighted: "Carrying significant amounts of cash gives travellers across Europe a sense of security, but this is definitely a false sensation. Keeping notes and coins on your person not only leaves you more vulnerable to becoming a target for theft, but also increases the headache in the event the money is lost or stolen."

Likewise, a recent poll by Skyscanner disclosed that Britons are hoarding over £1.6 billion of unused holiday money at home. The survey showed that out of 1,100 British holiday-goers, the average person had £54 at home in foreign currencies from across the world. Britons taking a trip this summer should only withdraw the funds they need at that particular time. Similarly, Skyscanner revealed that one in three holidaymakers forgets to take their leftover currency on their next break. Alternatively, it is worth remembering that most airlines and airports have charity collection boxes where travellers can donate leftover cash so that it does not go to waste.

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