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Holidaymakers choosing cash over travellers cheques

Fri 29th Jan 2010

British holidaymakers now prefer to use cash as their main source of payment while abroad, research by Santander has shown.

Around 52% of people took cash on holiday with them, instead of paying through their credit and debit cards.

The once popular travellers cheques have fallen out of favour with just 5% of travellers opting to use them, which is the same amount as hold a foreign bank account.

With around 47 % of those who prefer cash taking three-quarters of it out of foreign ATM machines, Santander customers have a good deal as they can use the bank's 4,300 machines in Spain without incurring charges, while Zero account holders can use any cash machines worldwide without an additional fee.

Vim Maru, director of retail products with Santander UK, commented that there are safety risks to be considered when carrying large sums of cash. In addition, many travellers opt for paying with cash as they believe there will be a better exchange rate, but the rate on plastic tends to be close to the daily wholesale rate.

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