Despite a huge rise in the use of cashless payments over the last five years, new research reveals that more than one-fifth (23%) of Brits take over £450 cash abroad with them.*
The survey, undertaken by Go.Compare Travel insurance, also revealed that the average Brit takes £323.85 in local currency with them abroad, while just one in ten (10%) admitted they don’t take cash with them.
When it comes to age groups, it’s travellers aged 55 and over who carry the most cash on their getaway, with an average of £382.52. There is also a noticeable gender gap, with men taking around £45 more (£345.65), while women take an average of £300.97.
Carrying some cash with you abroad can ensure that you are able to pay everywhere, especially in destinations where card payments aren’t widely accepted.
But it can be risky, as the survey also revealed the top reasons people make a claim on their travel insurance policies, and found that over a fifth (21%) made a claim for theft or loss of personal belongings.**
Analysis of travel insurance policies by Go.Compare also reveals that 20 annual trip policies don’t provide any cover for cash abroad, and 72 provide cover for less than £200.***
| Money, cash, maximum sum insured | Annual trip travel insurance*** | Single trip travel insurance |
| No cover for cash | 20 | 28 |
| Less than £200 | 72 | 73 |
| Between £200 and £299 | 307 | 317 |
| Between £300 and £399 | 212 | 213 |
| £400+ | 319 | 298 |
Rhys Jones, spokesperson for Go.Compare travel insurance said: “Ensuring you have the right currency for your holiday is something many travellers still do before jetting off. While one in 10 are opting to go cash-free for their holidays, taking some currency with you remains a good backup in case a vendor doesn’t accept cash or there is a payment outage.
“But it’s important to check how much cash your travel insurance policy covers before heading abroad. Every policy has different limits, meaning if the unfortunate does happen and your cash is lost or stolen, you can only claim up to a certain amount.
“Also, make sure to check the excess specified on your policy, as this will directly affect how much you can actually claim. For example, if your policy covers £300 for cash but has an excess of £100, you’ll only be able to claim up to £200 if you lose that amount or more.
“Most insurers will also only accept a claim if certain conditions are met, such as the money needing to have been on your person or kept in a safe or safety deposit box when stolen.”
To learn more about what travel insurance policies do and don’t cover: https://www.gocompare.com/
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