In an increasingly digital world, the habit of carrying physical cash is fading fast. However, new research reveals that this modern practice can become a significant financial pitfall for Britons travelling overseas, with many facing unexpected situations where cash is not just convenient, but essential.
The Hidden Cost of Going Fully Cashless
According to a survey conducted by the website Be Clever With Your Cash, a startling 39 per cent of travellers reported encountering unexpected scenarios where physical money was unavoidable during their trips. The research, highlighted by The Independent, found that the most common needs for cash were for tipping, taxi journeys, and shopping at smaller, independent retailers.
While prepaid travel cards and online banking have made contactless payments the quickest and easiest option in many shops and restaurants, relying on them entirely is a gamble. Travellers caught without cash in a moment of need often end up paying a premium. A separate survey by Opinium uncovered that some holidaymakers making emergency cash machine withdrawals were hit with unexpected ATM fees.
Others, desperate for currency, turned to airport exchange desks, which typically offer far worse rates than those found by planning ahead. This last-minute scramble can quickly drain a travel budget.
Expert Advice and a Handy Tech Tip
Amelia Murray, a money expert at Be Clever With Your Cash, identified a common blind spot in travel planning. 'Many people assume that having a fee-free card is enough,' she said, 'but that can be a false economy if you end up using an ATM abroad that charges or get stung by poor exchange rates.'
For those struggling with conversions, a little-known feature on iPhones can be a lifesaver. The built-in calculator app includes a currency conversion tool. On iPhones and iPads, users can tap the 'Calculator Mode' button, turn on 'Convert,' and select their currencies. This feature arrived with the iOS 18 update last September, though it remains underutilised. A similar function is also available on Windows via the Calculator app's navigation menu.
Smart Strategies for Carrying Your Travel Money
Hays Travel has shared its top tips for managing cash safely while abroad. The key recommendation is to store your money in more than one place. This ensures you always have backup cash in an emergency and never risk losing all your funds at once.
Furthermore, when heading out for the day, it is best practice to only take the amount of cash you anticipate needing. This simple habit minimises potential losses if a wallet or purse is misplaced or stolen.
For added security, consider a wearable wallet. These are often slim enough to be hidden discreetly under clothing, acting as a powerful deterrent to would-be thieves and keeping your essential money and documents secure.
