Traveller’s cheques are no longer the currency of choice for travellers to pay their way while overseas, according to the results of a new study.
The survey, carried out by MyVoucherCodes.co.uk, a UK-based discount voucher company, revealed that traveller’s cheques, which have been the mainstay of overseas money transactions for several decades, have seen a massive slide in popularity, to the extent that less than 9 percent of the 1,800 UK adults that took part in the survey used them while travelling during the last year. The large majority, 78 percent, said that they preferred to take cash with them on their overseas travels, while 56 percent of those questioned said that they relied on debit or credit cards, and 34 percent took prepaid cards.
However, the security benefits that originally made traveller’s cheques so popular still hold good with those that use them, with three quarters citing security as their motivation for staying with the cheques, and 13 percent stating that they were uncomfortable with carrying cash while abroad. And security would certainly appear to be an issue, as 64 percent of total respondents admitted to having lost money while travelling overseas, and of those, over 50 percent had not had insurance that covered the loss.
Traveller’s cheques also claimed another victory by apparently making holiday money last longer. While 60 percent of those that carried cash ran out of money before the end of their holiday, only 14 percent of traveller’s cheque carriers suffered the same problem.
The chairman of MyVoucherCodes.co.uk, Mark Pearson, was quoted in the Daily Mail, saying, ‘It seems travellers’ cheques aren’t as popular as they once may have been – probably because of the other options now available, which seem somewhat easier, such as a prepaid card. Britons still seem to favour cash when it comes to travelling abroad, but it seems this does nothing for successful budgeting, as the majority of those taking cash with them last year ended up overspending.