Once used by millions every year, a survey conducted by online beach holiday specialists On the Beach, suggests the Travellers Cheque may become a thing of the past, with only a quarter of holidaymakers saying they will use the once favoured holiday currency whilst abroad this year.
The Travellers Cheque, first introduced in 1772, has been replaced by hard cash, with 60% of those surveyed saying they pay with cash whilst in resort.
The survey of 1,000 British holidaymakers also revealed more than one in ten people (12%) do not check the latest currency exchange rates in order to find the best deal, whilst 38% say they conduct basic research before purchasing. However, half of those surveyed say they always check the latest currency rates before making a purchase.
The survey also revealed that whilst consumer watchdogs have warned against purchasing foreign currency at airports because of poor exchange rates and high commission charges, 6% of holidaymakers still leave it to the very last minute.
Whilst some of the best foreign currency deals can be found online, only one in ten holidaymakers choose to purchase online, with the majority (33%) perhaps missing out on the best deals by purchasing foreign currency at their local bank.
The survey also found that 38% of holidaymakers spend any unused foreign currency at the airport before heading back to the UK, whilst 43% save it for their next holiday. Only 19% of those surveyed said they always convert it back to sterling.