31 July 2007
Figures from the UK payment association APACS have recently hinted at the demise of the traveller's cheque.
More and more, British holiday makers are leaving the UK with less foreign cash or cheques in their pocket, having instead simply decided to take with them their credit card.
A spokesperson from APACS commented that "people tend to use cards because they're just more convenient and you know what you're getting whereas I think with travellers cheques you're having to pay a whole range of fees.
"And in some cases, you just don't find they're acceptable in so many places. It's just a mix."
Fraud is an issue however, as it has been reported recently that due to a lack of chip and PIN facilities outside the UK, British tourists are being targeted at stores and cashpoints.
Speaking about the decision to pack a credit card when travelling abroad, uSwitch.com personal finance expert Mike Naylor said: "People need to watch out for foreign exchange rate loadings, typically [as high as] 2.65% and 2.75% and charges for cash withdrawals."
However Mr Naylor supported the argument for leaving the travellers' cheques alone: "Travellers' cheques can actually be quite expensive to buy and sometimes use."