A new Visa study examining travel and tourism trends in 2017 revealed that many travelers experience anxiety and stress related to acquiring, carrying and exchanging cash while abroad.
Although the research found that a large majority of travelers still prefer to use cash for purchases (77 percent), that preference often comes with heightened worry. Losing cash is a primary concern for people on the move. The report shows the average global traveler spends $1,793 per trip, while the median amount of cash brought to a destination is $778. Nearly three-quarters of travelers obtain foreign currency before departing, and just 10 percent withdraw cash from an ATM once they reach their destination. One reason for limited ATM use is safety: roughly one-fifth of travelers say ATM security is a concern. This issue is especially notable among American travelers; by contrast, travelers from Europe, the Middle East and Africa are more likely to rely on ATMs to withdraw cash.
Leftover foreign currency is common: about 90 percent of travelers return home with some unused cash, yet only 29 percent convert those funds back into their home currency. When they do exchange leftover money, the average loss reported is $123.
The Visa study also highlighted several broader travel trends observed for 2018. The global average trip length has shortened to eight nights from ten nights. International travel is becoming more varied, with 11 percent of trips crossing multiple countries. While traveling, most people stay connected—88 percent report online access during their trip—and many use digital services: 44 percent use ride-sharing apps. The study identified Japan as the most-visited destination and found travelers from Saudi Arabia to be the highest spenders.