Don’t splash the cash – carry a card
DON’T GET CAUGHT OUT ON YOUR NEXT BREAK
NINE out of 10 younger travellers prefer to use cash rather than cards when they head abroad. That’s despite fears over the risk of theft, poor exchange rates and a lack of protection on any purchases they make, according to research from Halifax.
One in 10 under-25s has ended up out of pocket on holiday through losing currency.
One in eight has struggled to calculate exchange rates accurately and paid more than they anticipated for items.
Older holidaymakers make cannier choices when spending abroad as they are almost four times as likely to use credit cards to give them a bit of extra protection – 46%, compared to 13% of under-25s.
And they are more likely to book holidays on a credit card so they have protection under section 75 of the Consumer Credit Act – where the credit provider can take on some responsibility for any breaches of contract by the supplier.
Jon Roberts, director of cards at Halifax, says: “It’s interesting to find that, despite the younger generation’s love of technology, cash is still king for those travelling abroad. More mature holidaymakers worry less about fraud, theft and the fear of misplacing large sums of cash, by using cards.”
Here are tips on how not to get stung abroad:
AVOID carrying around large sums of money and having it on display in a bulging wallet. Don’t leave purses, wallets or handbags unattended on table tops or backs of chairs. Try to keep them out of sight of others.
NEVER let someone take your credit card or debit card out of your sight when paying – always insist they hand over the mobile payment device. You shouldn’t need to hand your card over to anyone.
ADD your bank’s ‘Lost or Stolen’ contact number to your phone so you have it handy if your card goes missing.
REMEMBER to let your bank know when you’re heading abroad so you don’t have problems using your card. DON’T carry all your cash or cards around with you. Leave what you don’t need in a hotel safe. IF you’re travelling as part of a group, split your cash among you to spread risk. DON’T leave buying currency until you’re at the airport – you’ll get a rubbish rate of interest. Compare exchange rates before you travel to find the best one.
GET a mix of denomination banknotes when exchanging currency – some places might not accept larger notes.
TRY to get your head around the exchange rate as soon as you can to avoid ending up overpaying.
KEEP an eye on the costs for taking out cash at ATMs and try to limit the times you do this.