Smart travelers from Eastern Europe (Russia, Ukraine and Croatia) brought with them the least amount of cash from their home country before leaving for their last trip, choosing instead to access local currency through facilities like ATMs at their holiday destination when required, according to the Visa International Cash Access Study 2011…
Smart travelers from Eastern Europe (Russia, Ukraine and Croatia) brought with them the least amount of cash from their home country before leaving for their last trip, choosing instead to access local currency through facilities like ATMs at their holiday destination when required, according to the Visa International Cash Access Study 2011.
The survey, which covered eight markets including South Africa, Russia, Ukraine, Croatia, Saudi Arabia, Egypt, UAE and Kuwait, found that travelers from Russia, Ukraine and Croatia brought with them an average of US$827 from their home country during their last trip. This is 47 percent less than the average of US$1,573 accessed by all respondents polled from the eight markets.
Travelers from Croatia accessed the least amount of cash (US$643) from their home country during their last trip, followed by those from Ukraine (US$879) and Russia (US$1,202).
When they ran out of funds while overseas, one in four (24 percent) travelers from Eastern Europe preferred to withdraw cash from ATMs, followed by money changers (22 percent) and bank branches (17 percent) at their destination city.
Brian McGrory, Head of Debit for Asia Pacific, Central Europe, Middle East and Africa, Visa said: “More travelers are realizing the benefits of accessing cash through overseas ATMs while on holiday. Travelers can avoid the risk of carrying large amounts of cash and can easily access their travel funds from Visa’s extensive network of 1.8 million ATMs in more than 200 countries and territories worldwide2. Most of these operate 24-hours a day and can be easily found at major airports, tourist and commercial areas.”
When travelers were asked about the main reasons for accessing cash on arrival, convenience (73 percent) was the main consideration, followed by the availability of ATMs and cash access touch-points at destination (50 percent) and safety (42 percent).
On the flipside, only one in five (19 percent) respondents from Eastern Europe felt safer accessing cash from their home country.
McGrory said: “Carrying large amounts of cash not only puts travelers’ personal safety at risk, there is also the potential problem of dealing with large sums of leftover local currency. Cash lost or stolen is gone forever, whereas lost cards can be replaced easily. Cash withdrawals at ATMs also help travelers to keep track of their expenses while they enjoy their holiday.”
The most popular payment cards used by travelers from Eastern Europe for overseas cash access at ATMs are debit/ salary card (37 percent), ATM/ bank card (31 percent) and credit card (25 percent). Travelers prefer Visa According to respondents from Eastern Europe, Visa is the most popular payment brand among three in five people (60 percent) for withdrawing local currency while overseas.
Visa’s tips for safe and convenient holiday cash access
– Visa cards can be used to withdraw cash at more than 1.8 million ATM locations, providing around the clock access in over 200 countries and territories worldwide. Many machines also allow you to check your balance so you can keep track of your funds.
– Withdrawing cash in another country is the same as it is at home – you use the same card and PIN and the machine will dispense local currency. Currency conversions are done automatically – the conversion rate and any fees will be shown on your regular statement, in your usual currency.
– Exchange a small amount of cash in advance if you wish and take along just enough local currency for immediate small expenses such as taxi fares or a quick meal en route. Any other local currency that travelers need can be accessed at overseas ATMs.
– Be aware that all money changers will charge you a nominal rate for changing your cash to local currency. Sometimes these charges are built into the exchange rate, so be on the lookout for unfavorable rates.
– It is prudent to consider ATMs, which are available at all major tourist areas and which offer competitive exchange rates with clearly listed ATM access charges if applicable. There is no need to worry about complicated currency conversions. You will typically get a competitive rate, which is calculated automatically. The conversion rate and any fees should be clearly shown on your regular bank statement or passbook, in your home currency.
– Unlike banks and money exchange bureaus, most ATMs operate 24 hours a day so travelers will not be stranded without access to their funds while overseas.
Tatiana is the news co-ordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy. She holds a Bachelor degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
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