Holidaymakers taking more cash away on their trips, says Tesco Bank

Average transaction values are £56 higher than before the coronavirus pandemic, the bank said.

Holidaymakers are taking more cash away with them than they did before the coronavirus pandemic, according to Tesco Bank (Niall Carson/PA) (PA Archive)

Holidaymakers are taking more cash away with them than they did before the coronavirus pandemic, according to a bank.

Average transaction values have risen by £56, from £288 pre-pandemic to £344, according to Tesco Bank’s internal data.

The bank also said it has seen a significant increase in people ordering travel money online for either home delivery or click and collect, rather than exchanging money in person at a store.

With prices rising across many popular holiday destinations, people may prefer the certainty of seeing how much they have left

Ban Mahsoub, Tesco Bank

There have also been some changes in buying trends, Tesco Bank said, adding the euro is becoming increasingly popular as travellers opt for destinations closer to home.

Turkey is also popular with summer holidaymakers, with the lira being among the most in-demand currencies so far this summer, Tesco Bank said.

Ban Mahsoub, head of money services at Tesco Bank said: “It can be easier to budget when you have cash in front of you, and with prices rising across many popular holiday destinations, people may prefer the certainty of seeing how much they have left.”