UK holidaymakers risk cash abroad
UK holidaymakers are risking their spending money when travelling away this Easter, with many taking out large amounts of cash rather than relying on their cards, warns banking and insurance market research company Consumer Intelligence.
Its new research has found that nearly two out of five UK holidaymakers take more than £500 in cash away on their holidays, despite average insurance policies only covering up to £250 if money is lost or stolen, as well as having excesses of up to £100.
With more than two millions Brits expected to head overseas for an Easter break, Consumer Intelligence recommends to travellers that they look to alternative pre-paid cards.
“I’m constantly surprised by the amount of cash holidaymakers still choose to take out of the country given the decline in the use of cash at home,” said Andy Buller, Consumer Intelligence Travel Money Expert. “Most travellers carry far more cash than their insurers would ever pay out on, if they were to lose it or have it stolen, and there are safer ways to take money abroad. Travel money providers – especially those who also offer travel insurance – could use this as an opportunity to create loyalty by advising customers on other ways to take money abroad, or by offering additions to travel policies that would cover the additional cash.”