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Brits experience major concerns over using cash on holiday

LONDON, 7 February 2018— Losing cash or having it stolen is the top holiday worry for Brits travelling abroad, new research from Visa, the world’s leader in digital payments, has found.

The latest Visa Global Travel Intention Study (GTI[1]) reveals that 41 per cent of British holidaymakers use their cards abroad and 70 per cent use it when booking their trip. But, despite their fears over cash, 56 per cent of Brits still exchange currency at home before going on holiday. More than eight in 10 (83 per cent) have some left over cash when they return home – above the European average of 78 per cent.

The average total spend for Brits per trip is £927 [2], considerably lower than the global average spend of £1,294 and one of the lowest in Europe. Nine per cent of travellers withdraw cash at ATMs when abroad, with the average withdrawal being £150 [3].

“We want to ensure that Brits’ holidays are as stress-free as possible when it comes to spending abroad. Our research shows that concerns around cash are top of the list when it comes to worries around travelling. Travellers can do away with these concerns and have a stress-free trip when using their Visa card abroad,” says Suzy Brown, UK and Ireland Marketing Director at Visa. “Visa is readily accepted at all of the top destinations where Brits go on holiday, so from buying their paella lunch in Spain, to enjoying theme parks in the USA, holidaymakers will be able to enjoy their travels without feeling anxious about carrying lots of cash around with them.

“And whether they choose to use their debit or credit card, if it is lost or stolen, they still don’t need to worry as they will be protected with Visa’s zero liability[4], unlike cash which if lost, is generally gone forever.

“Using their card also takes away the stress of having to figure out different notes and coins when travelling, plus if people use their card abroad, it saves them the time and hassle of having to get their holiday cash before they go and means they are not coming home with leftover cash.”

As far as destinations go, Brits are keen to soak up the sun. Spain, the USA and France top the list of most popular destinations visited in the last two years, and are the destinations holidaymakers are most likely to visit over the next two years. Overall, 78 per cent of Brits holiday within Europe. And the travelling bug shows no sign of slowing with Brits planning an average four trips away over the next two years.

As well as the weather, Brits’ other top reasons for travelling include experiencing culture and getting a flavour of local life. Family bonding is the top motivation for 55 per cent of holidaymakers, even young adults, with more than a quarter (26 per cent) of 18 to 35 year olds still choosing to go abroad with their parents for their most recent trip.

Tips for Stress-Free Payment While Travelling

  • When paying by card and given the choice of paying in your home currency or the local currency, pay in “local currency” for a competitive exchange rate
  • Use a credit or debit card for purchases. Visa offers security, convenience and ease when paying abroad. It is safer than carrying cash, backed by Visa’s Zero Liability Policy[5], which states accountholders won’t be held responsible for unauthorised charges on their account
  • Look for the Visa logo at any point-of-sale terminal or ATM to ensure international payment cards are accepted
  • Inform your bank before you travel to ensure they know you will be using your card abroad.

For more information about Visa’s Global Travel Intentions Study (GTI) visit visa.com/travelstudy.

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Notes to editors

For more information, please contact europeanpressoffice@visa.com

About Global Travel Intentions 2017

The Global Travel Intentions Study analyses travel behaviour and tourism spending patterns of global travellers. One of the most comprehensive surveys of its kind that monitors and analyses international travel trends and consumer travel behaviour, it is part of Visa’s continued commitment to helping industry players in their pursuit of growth in the global travel and tourism industry. The GTI Survey was conducted in conjunction with research and business intelligence firm ORC International and collected data over the course of 15,523 interviews in 27 markets. This study was also fielded in 2013 and 2015. Where possible, trends are shown.

[1] . The GTI Survey was conducted in conjunction with research and business intelligence firm ORC International and collected data over the course of 15,523 interviews in 27 markets.

[2] Based on exchange rate from US Dollar on 18.01.18

[3] Based on exchange rate from US Dollar on 18.01.18

[4] Visa's Zero Liability Policy does not apply to Visa corporate or Visa purchasing card or account transactions, or any transactions that are not processed by Visa. For specific restrictions, limitations and other details, please consult your issuer.

[5] Visa's Zero Liability Policy does not apply to Visa corporate or Visa purchasing card or account transactions, or any transactions that are not processed by Visa. For specific restrictions, limitations and other details, please consult your issuer.

Subjects


About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit (www.visaeurope.com), the Visa Vision blog (vision.visaeurope.com), and @VisaNewsEurope.

Press contacts

European press office

Press contact 0207 795 5336

About Visa Europe

Visa Europe is a payments technology business owned and operated by member banks and other payment service providers from 38 countries.

Visa Europe is at the heart of the payments ecosystem providing the services and infrastructure to enable millions of European consumers, businesses and governments to make electronic payments. Its members are responsible for issuing cards, signing up retailers and deciding cardholder and retailer fees. Visa Europe is also the largest transaction processor in Europe, responsible for processing more than 18 billion transactions annually.

There are more than 500m Visa cards in Europe, while €1 in every €6 spent in Europe is on a Visa card. Total expenditure on Visa cards exceeds €2 trillion annually, with €1.5 trillion spent at point-of-sale.

Visa Europe is an independent business with an exclusive, irrevocable and perpetual licence to use the Visa brand in Europe. Visa Europe works in partnership with Visa Inc. to enable global Visa payments in more than 200 countries and territories.

For more information, visit www.visaeurope.com and @VisaEuropeNews

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