Travellers are advised to take extra care of their cash while they are overseas because they are not following basic safety tips. A survey has shown that one-in-five holidaymakers are at an increased risk of holiday theft when carrying money abroad.
The findings come from foreign exchange expert eurochange, which surveyed more than 2,000 holidaymakers to reveal how much money they intend to take, and how well they’re protecting their belongings. results confirmed a fifth of people carry all of their money at all times, meaning they’re at an increased risk of losing everything in one incident.
This is concerning, given that the survey also shows that the average person takes between £500 - £750 on holiday - which isn’t a small amount to lose or have stolen in one fell swoop. A further 15 per cent of holidaymakers also carry their passport whilst abroad, so there is a risk of losing that document or having it stolen alongside their holiday money.
Charles Stewart, managing director at eurochange, said: “The danger with carrying all of your holiday money in one go is that - were you to fall victim to a theft, or misplace your wallet - you’ve lost all your funds for the rest of your time away.
“Whilst others have warned holidaymakers off using hotel safes, others will argue that you’re less likely to misplace your money if you know exactly where you left it - and you’ll also find it easier to take out what you need for the day, therefore minimising the sum you could lose.
“Further risks associated with misplacing your money or having it stolen include that you may be subject to costly withdrawal fees and conversion rates when taking out cash abroad to replace what you’ve lost - particularly if you’ve not notified your bank that you’re away."
He recommended using a flexible currency card, such as its Multi-Currency Cash Passport, which allows users to top up its value and can be cancelled quickly if it goes missing.
Mr Stewart added: "We’d recommend still carrying some cash - although not the entire amount you’ve taken abroad - so that if something goes wrong with your hotel safe or currency card, you’re able to still access some funds whilst abroad.
“Generally speaking, it’s also wise to take out insurance when taking a significant sum of cash abroad, as it’s an extra layer of protection and reduces stress whilst on holiday.”
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