When you go on holiday, do you still transfer money before you go or are you more likely to rely on using your credit or debit card?
If you’re travelling to Sweden, new data has shown you’re more likely to rely on plastic as 81 per cent of holidaymakers chose a card over cash.
For those going to Norway the number was similarly high, with 77 per cent choosing to use cash rather than a card while for Finland it was 71 per cent.
81 per cent of people traveling to Sweden are more likely to use plastic rather than cash (Pictured: Stockholm).
These Nordic countries are well known for promoting card use and it’s common for Swedish shops to have ‘no cash accepted’ signs.
In the USA 71 per cent of holidaymakers chose to spend on card rather than cash, while in Luxembourg and Denmark the figure was 70 per cent.
The data, which was shared exclusively to This is Money by the currency exchange website WeSwap, was taken by analysing the firm’s 400,000 customers.
|Sweden 81%||Cambodia 93%|
|Norway 77%||Lebanon 88%|
|Finland 71%||Ecuador 84%|
|USA 71%||Peru 81%|
|Luxembourg 70%||Croatia 77%|
|Denmark 70%||Japan 77%|
|Czech Republic 69%||Greece 74%|
|Canada 69%||Slovakia 73%|
|Switzerland 67%||Montenegro 72%|
|Mexico 66%||Thailand 72%|
|Percentage of WeSwap customers choosing cash or card for their trip. Source: WeSwap, 08/06/18.|
It recorded whether those with the WeSwap card chose to use cash, either by withdrawing it when they arrived or by pre-ordering it beforehand, or used a card instead.
Those travelling to Cambodia were most likely to pay for cash rather than a card, with 93 per cent opting for cash.
In Lebanon 88 per cent of people opted for cash, followed by 84 per cent in Ecuador, 81 per cent in Peru and 77 per cent in Japan.
For European destinations, 77 per cent of those going to Croatia, 74 per cent of those going to Greece and 73 per cent of those in Slovakia chose to pay with cash instead of a card.
Jared Jesner, CEO and founder of WeSwap, said: ‘The data is a clear indicator that there is no exact formula to one form of appropriate travel money for our international adventures.
‘Taking a short amount of time to research the destination will definitely pay its gains, given the diverse nature of payment methods across the world. Globally, many societies are moving towards a cashless infrastructure, but as our international destinations become more diverse, payment systems aren’t necessarily as sophisticated in all locations where cash still rules.
If you are transferring money, how you do makes a big difference to the final sum
‘What does work – whether it’s cash or card – is preparation and flexibility. Whilst knowing the most popular spots for both cash and card is helpful, being able to pay using both formats on a pre-paid card such as WeSwap means you’re covered wherever you travel.’
The results from WeSwap highlight the importance of having a few different options for payment when going on holiday.
And after the Visa outage earlier this month, it’s become even more important to have a range of payment options in your wallet, especially if you’re going on holiday.
This doesn’t mean applying for a new account just to get a different card, but making sure if you do have cards from different providers, such as Mastercard or American Express, having these with you in case of an emergency.
It’s also worth taking cash with you in case you get stuck but making sure not to carry a huge amount around in case it gets stolen.
If you are transferring money to take with you, how you transfer the money can make a big difference to the amount you end up with.
This is because if you’re changing it at an expensive foreign exchange bureau, at the airport for example, you’re likely to spend far more than if you go to a specialist shop beforehand.
Using a specialist credit card, which you then pay off in full, or taking a prepaid card, could be a cheaper option. For a full list see our guide to the best credit and debit cards to take away with you.
THIS IS MONEY’S FIVE OF THE BEST HOLIDAY MONEY DEALS