Travelex, a leading foreign exchange company, has unveiled its inaugural Travel Money Insights Report, revealing that 69% of global travellers still prefer using cash rather than cards when abroad. The report, based on Travelex’s revenue figures and global surveys, highlights a remarkable trend towards pre-trip currency planning, with over a quarter of travellers purchasing currency a month in advance.

The findings indicate that while cash usage is declining domestically, it remains essential for international travel, particularly for small expenses like tipping and taxis. Philip Bowcock, CEO of Travelex, mentioned, “Cash remains vital for small items like tipping and taxis, while many travellers have reservations over cards being accepted and potential fees.”

The study reveals a shift from last-minute currency purchases at airports to more planned acquisitions, with only 6% of surveyed participants buying travel money on the day of their travel. Bowcock added, “Travellers who traditionally relied on airport stores to acquire cash last minute are today far more inclined to do so in the weeks leading up to their trip.”

This report coincides with Travelex’s 50th anniversary, marking its emergence as a trusted foreign exchange brand since 1976. The company continues to adapt to changing consumer behaviours, providing services like home delivery and pre-order click-and-collect to meet the evolving needs of travellers.