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Cash is King for Brits going overseas this summer

Cash is the payment method of choice for people going overseas this summer, according to a new survey out today from Tesco Bank. The majority of holidaymakers (84%) plan to take foreign currency with them on holiday and on average, Britons are taking just over £400 worth of currency.

In these difficult economic times, Britons are becoming increasingly savvy when buying their travel money. Nearly three quarters (71%) of people say they always purchase their travel money in advance of their trip and spend time shopping around for the best deals. More than a third (34%) indicate that they will only spend the foreign currency they take with them on holiday, suggesting that British holidaymakers are finding ways to budget carefully.

Countries in the Eurozone appear to be the destination of choice with nearly three quarters (73%) of people intending to buy Euros. US Dollars are the second most popular currency this summer (15%), followed by the Turkish Lira (7%).

Tesco Bank Travel Money offers competitive exchange rates on foreign currency and has recently introduced a Click and Collect service that allows customers to order their travel money online or over the phone, and collect it free in one of Tesco’s in-store travel money bureaux.

Euan Ballantyne, Head of Travel Money at Tesco Bank, comments,

“Our research shows that getting a good deal on foreign currency this summer is a great way to manage your holiday budget. We already see this reflected in the amount of foreign currency that people are exchanging at Tesco Travel Money.

“At Tesco, we understand that both money and time are tight when preparing for summer holidays, so we offer a ‘one-stop’ shop for holidaymakers to get all their travel essentials in one place. As well as great rates at the in-store travel money bureaux, customers can also take advantage of the convenient Click and Collect travel money service.”

The research also showed that:

  • Only 10% of holidaymakers plan to withdraw money from a cash point when they arrive at their destination
  • Men plan to take significantly more travel money than women, £455.53 and £363.87 respectively
  • Those aged between 45-54 years intend to take the most travel money on holiday with them, £491.01
  • 18 – 24 year olds were least likely to organise their travel money in advance of their holiday (62%)

By the end of the summer, Tesco Bank will have 200 travel money bureaux in stores across the country, offering customers’ competitive exchange rates for over 70 currencies.

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes to Editors:

*The research was conducted by ICM Research between 13 – 15 June. 2,000 nationally representative online interviews conducted randomly with adults aged 18+ in Great Britain.

Tesco Travel Money

We offer Travel Money at competitive rates online and in almost 200 bureaux in Tesco Stores.

  • There’s no cash advance fee and no handling fee if you buy Travel Money at our bureaux using a Clubcard Credit Card.
  • Tesco Travel money is available online or over the phone. Money can be delivered to the customer’s address or collected in store using the Click and Collect service. Exchange rates may vary depending on if you buy over the phone, online or in store.

Find out more at the bureau or online at www.tesco.com/travelmoney

Tesco Travel Money ordered online or by telephone is provided by Travelex Currency Services Limited. Registered no. 03797356. Tesco Travel Money ordered in store is provided by Travelex Agency Services Limited. Registered no. 04621879. Registered office for both companies: 65 Kingsway, London WC2B 6TD.

Travelex Cash Passport is issued by and remains the property of R. Raphael & Sons plc. Registered no. 1288938. Registered office: Albany Court Yard, 47/48 Piccadilly, London W1J 0LR

About Us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

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