Holidays…. Cash or Card?

Holidays…. Cash or Card?

Whether you choose cash or cards, pre paid currency cards or Travellers Cheques, it’s always a worry about whether you are taking the right thing because no one want’s to be stranded in a resort or a remote far flung rural village looking for a cash machine.

I personally go for a mix of everything to hedge all my bets – Cash split between GBP and destination currency and cards but after reading some information carried out by Majorca Beds, a whopping 63.5% of people bring cash.

When traveling abroad we all want to leave our ‘emotional’ baggage behind. Finding the most stress free way to travel is essential when looking to take a break. Unfortunately, one of the unavoidable stresses of going away is money. Fluctuating exchange rates or calling your bank are all necessary stresses which can get in the way of total relaxation. Our friends over at Majorca Beds wanted to find out exactly what kind of payments we use when abroad. They did this by comparing which holidaymakers preferred to use card and which preferred to use cash.

Before we dig into the details of their findings, let’s take a look at the complexities of choosing between taking your card or taking cash on holiday.

Travel Money 1

Managing your money whilst on holiday can be a cause of concern for most holiday makers. Both traditional forms of payment; cash and card have their advantages and disadvantages. Holidaymakers who travel with wads of cash do so with the risk of losing it, as well as the added anxieties of hiding the money whilst in the hotel. Whilst card holders will constantly worry about exchange rates and charges.

Credit cards do have great advantages such as the same payment protection you can expect at home, as well as the flexibility of only having to carry your card. However, if it is charges that are your concern, then keep an eye out for foreign exchange fees which can add as much as 3% per transaction. This also applies to your debit card. Charges from ATMs are also a possibility when using a card.

It is also worth recognising that some places may not take card. For many holiday destinations the culture of preserving traditional values is important. This might mean a cash only service in some restaurants and bars.

This data from Majorca Beds has found that people are 63.5% more likely to bring cash than a card on holiday with them. This suggests that the majority of people trust the security of money over the more modern payment methods, such as credit and debit cards. Interestingly 68.5% of females would prefer to use card, whereas 60.5% of males would use cash. A similar difference can be seen when comparing 39.5% of males, who said they would prefer to use card abroad compared, to 31.5% of females.

Clearly most people feel more comfortable with cash on holiday. Although the added anxieties of hiding your money and trying not to lose it can be a problem, many hotels and apartments now have safes to help with this issue. People can be as equally afraid to lose their cards and therefore take cash with a card as a backup.

If you are still unsure which method is best for paying abroad, we would recommend that you take both. Have enough cash to begin with, for maybe the first few days. Then take a card for the remaining days, this means that should you lose one then you will have the other! Although ensure you have a backup card hidden in your case somewhere other than your wallet!

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