LONDON — A recent survey conducted by Level Four Software and ICM Research reveals that British travelers prefer ATMs as their primary source for getting cash while traveling abroad.
According to Level Four and ICM, approximately 30 percent of all of the survey's respondents say they rely on ATMs when they run out of their initial cash supply, even though they are often hit with fees for foreign ATM use. The survey also found that 69 percent of British travelers run out of cash during their trips abroad.
Debit and credit cards come a distant second choice for cash, with only 17 percent preferring that method, followed by traveler's checks, at 12 percent, and bureau changes, at 8 percent.
And despite growth in online and mobile banking, the ATM remains the preferred choice for topping up funds outside of the U.K.
Younger travlers were found to lead the ATM trend, with 39 percent of respondents between the ages of 18 and 24 saying they prefer the ATM. Conversely, older generations are less attracted, with only 23 percent of respondents over the age of 65 and 28 percent of those between the ages of 55 and 64 saying they prefer the ATM.
The survey also reveals that, despite the credit crunch, getting the most value for money is not the top priority among British travelers. Ease of access to funds is the most influential factor, overshadowing foreign-exchange rates and risk of fraud. The majority, 58 percent, say convenience is often the leading deciding factor.
However, foreign exchange rates may be a major obstacle for travelers using ATMs, the companies say, and traveler's checks and bureau changes seem to offer better exchange rates.
"The survey clearly shows that the ATM remains the customers' single biggest touchpoint with their banks whilst abroad," said Ian Kerr, chief executive of Level Four. "While older generations continue to use traveler's checks and bureau de changes, the emphasis on the ATM among younger holidaymakers highlights its growing importance as attitudes toward accessing cash abroad shift. As a result, banks must continue to invest in services and innovate at the ATM, including in crucial areas such as displaying rates and charges transparently. This applies not just in the U.K. but across their international networks of operators in order to meet customers' growing demands."
