When it comes to carrying large sums of cash, most Hong Kong travelers don’t leave home with it, a consumer survey carried out by Visa reveals.
Instead they prefer to withdraw cash at ATMs after they have arrived in their overseas destination.
According to the Visa survey, 25% of Hong Kong travelers would rather take only enough petty cash to cover initial expenses, making ATM withdrawals after their arrival. Slightly fewer, or 21%, took all of the cash they expected to need, without making cash withdrawals at their destination.
According to Ross Jackson, Head of Cross-Border Business – International, Visa, it is increasingly unnecessary to carry large amounts of cash when traveling abroad.
“Apart from the option of using payment cards at a shop or restaurant, ATMs that accept international payment cards are generally well located at most airports and major tourist and shopping areas so travelers can avoid the risk of carrying large amounts of cash and easily access their holiday funds when they need it,” he says.
Mainlanders Withdraw the Most Cash per Transaction
Travelers from Hong Kong withdraw an average of HK$3,348, or US$430, at ATMs at their destination. This is close to the regional average. Their counterparts in China, however, tend to withdraw the most money from overseas ATMs, averaging US$742 per transaction.
When asked why they preferred to withdraw cash from ATMs, 34% of Hong Kong travelers said it was convenient way of obtaining local currency. Personal safety was named by 33%, who were worried about carrying large sums of cash. Another 38% said that ATMs were “a good way to access cash for emergencies”.
Thirteen countries and territories were covered in the survey.