Travelex, a leading foreign exchange company, has unveiled its inaugural Travel Money Insights Report, revealing that 69% of global travellers still prefer using cash over cards when abroad. The report, based on Travelex's revenue figures and global surveys, highlights a significant trend towards pre-trip currency planning, with over a quarter of travellers purchasing currency a month in advance.
The report indicates that whilst domestic cash usage is declining, cash remains essential for international travel, particularly for small expenses like tipping and taxis. Philip Bowcock, CEO of Travelex, noted, "Cash remains vital for small items like tipping and taxis, whilst many travellers have reservations over cards being accepted and potential fees."
The findings also show a shift from last-minute currency purchases at airports to more planned acquisitions. Only 6% of those surveyed typically buy travel money on the day of travel. Bowcock added, "Travellers who traditionally relied on airport stores to acquire cash last minute are today far more inclined to do so in the weeks leading up to their trip."
This report coincides with Travelex's 50th anniversary, marking its growth as a trusted foreign exchange brand since 1976. The company continues to adapt to changing consumer behaviours, offering services like home delivery and pre-order click-and-collect to meet the evolving needs of travellers
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