Carrying less cash means less risk while on
holiday according to 42% of respondents interviewed as part of
Visa’s latest Travel Smart survey. This is one of the main reasons
given for those who prefer cards to cash as their primary payment
method when overseas.
45% of those surveyed said they
relied primarily on payment cards. But of the 55% who
said they relied on cash as their primary method of payment while abroad, only
4% actually thought cash was safe to carry.
Brian McGrory, Regional Head, Debit Products, Visa, said, “When people are planning their holidays – be it a
weekend away or a longer overseas holiday – one thing they
consider is the best way to carry money. Payment cards are
certainly a safer option in many seasoned travelers’ minds as
they are not carrying thick wads of notes in their wallet or
The survey also revealed that leisure travelers could take a leaf out of the book of business travelers who travel
smart by relying less on cash and instead use a credit, debit or
Business travelers are more likely to use
electronic payment cards (59%) over cash (41%)
as the primary payment method while overseas, while leisure travelers are more inclined to use cash (58%) than cards
Correspondingly, business travelers carry less
than $300 in cash (30% carry under US$300) compared with
leisure travelers (21% carry under US$300).
The survey was conducted by
questioning departing or arriving visitors/transit passengers
(aged 18 years and above, whose trip length was at least 48 hours) at Singapore Changi Airport. A total of 2,226 respondents were
interviewed from Australia, New Zealand, Korea, Japan, India,
Singapore, Malaysia, Thailand, China, Hong Kong and Taiwan.
Younger travelers are more likely to pay electronically while overseas than older travelers. Older
respondents (40 years and above: US$1,278) are more likely to
carry larger sums of cash than younger respondents (30-39 years
old: US$988; 18-29 years old: US$1,058).
awareness of the risks that come with carrying too much cash,
survey respondents said they withdrew an average amount of
US$1,120 in cash before heading overseas.
Respondents from New
Zealand withdraw the most cash for their trip (US$1,516), followed
by Australians (US$1,441) and Indians (US$1,431).
The most widely known method
to obtain cash once overseas is through ATMs. The survey found
that business travelers are more likely to consider ATMs for cash
withdrawal (68%) compared with leisure travelers (63%). Not surprisingly, the most frequent places where
people obtained cash were at ATMs and money changers at the
airport and within cities on arrival.
“Using cards to obtain cash on
arrival and to settle payment overseas certainly cuts down the
risk involved in carrying too much cash,” McGrory added.
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