The way money handled by travelers

In the UK holidaymakers are more willing to resort to ATMs rather than to debit and credit cards when getting access to money during their travel abroad according to a study. Cash withdrawals via ATMs are preferred by 30% of travelers from the UK while 69% of those traveling abroad run out of cash during their trip.

Debit and credit cards are welcomed only by 17% of the polled. 12% prefer traveler’s checks in case they run out of money and 8% said they use foreign-exchange offices.

ATM services are most popular with the younger group of users traveling abroad. Such services are attracting 39% of youngster at the age 18 to 24 while just 23% of consumers aged over 65 and 28% of those aged 55 to 64 give preference to ATM services to access cash abroad.

According to the survey the key factor that directed the decision of 39% of holidaymakers about where to access cash was convenience. It was convenience of location that drew 58% of travelers to resort to ATMs.

Major disadvantage with ATMs is high foreign exchange rates. Rates provided by traveler’s checks were found reasonable by 28% of users while 55% of them claim that best rates are provided with foreign-exchange offices. Only 14% found ATMs to give acceptable rates.