Carrying less cash means less risk while on holiday according to 42 percent of respondents interviewed as part of Visa’s Travel Smart survey . This is one of the main reasons given by those who prefer cards to cash as their primary payment method when overseas.

Forty-five percent of those surveyed said they relied primarily on payment cards. But of the 55 percent who said they relied on cash as their primary method of payment while abroad , only four percent actually thought cash was safe to carry.

Bob Joubert, Country Manager of Visa Philippines said: “When people are planning their holidays – be it a weekend away or a longer overseas holiday – one thing they consider is the best way to carry money. Payment cards are certainly a safer option in many seasoned travelers’ minds as they are not carrying thick wads of notes in their wallet or purse,”

The survey also revealed that leisure travelers could take a leaf out of the book of business travelers who travel smart by relying less on cash and instead use a credit, debit or prepaid card.

Business travelers are more likely to use electronic payment cards (59 percent) over cash (41 percent) as the primary payment method while overseas, while leisure travelers are more inclined to use cash (58 percent) than cards (41 percent).

Correspondingly, business travelers carry less than $300 in cash (30 percent carry under US$300) compared with leisure travelers (21 percent carry under US$300). Younger travelers are more likely to pay electronically while overseas than older travelers. Older respondents (40 years and above: US$1,278) are more likely to carry larger sums of cash than younger respondents (30-39 years old: US$988; 18-29 years old: US$1,058).

Despite their awareness of the risks that come with carrying too much cash, survey respondents said they withdrew an average amount of US$1,120 in cash before heading overseas. Respondents from New Zealand withdraw the most cash for their trip (US$1,516), followed by Australians (US$1,441) and Indians (US$1,431).

ATMs – the safe way to access cash overseas.

The most widely known method to obtain cash once overseas is through ATMs. The survey found that business travelers are more likely to consider ATMs for cash withdrawal (68 percent) compared with leisure travelers (63 percent). Not surprisingly, the most frequent places where people obtained cash were at ATMs and money changers at the airport and within cities on arrival.

McGrory added: “The number of Visa ATM access locations worldwide has grown in recent years to more than 1.4 million . Using cards to obtain cash on arrival and to settle payment overseas certainly cuts down the risk involved in carrying too much cash.”