Brits are expected to shun the UK's dismal weather in favour of sunnier climates this weekend, as the August bank holiday weekend will produce the largest demand for overseas debit card spending and cash withdrawals this summer, according to figures from
Barclays.
Just under one million (977,000) transactions are predicted to be made abroad this year over the bank holiday period, with a total value of over £86 million.
However the peak of overseas spending will be this Friday, which alone will see over half that spend, with a predicted 491,000 customers spending a total of almost £45 million (£44,860,000) in Euros and other currencies, says
Barclays.
With the traditional holiday change-over day being Saturday, and as the school summer holidays draw to a close, this Friday marks the final day of holiday for the majority of Britons.
Last minute purchases - souvenirs and presents for those at home, alongside self-indulgent treats as you spoil yourself before returning to the routine of daily life - will rack up the holiday spend.
Research shows that the majority of overseas spending (57 per cent) comes from ATM cash withdrawals. Hotels and restaurants/supermarkets will also pocket millions over the holiday weekend - attracting £200 million and £235 million of debit card spend respectively.
Spain is the favoured destination for debit card usage for over a fifth of our overseas travellers - sun-starved Brits cannot resist the Mediterranean promise of sangria and tapas, spending £280 million, says
Barclays.
France is a favoured close second, with tourists predicted to spend £255 million using a debit card. The lure of the Big Apple, Disney Magic and Vegas Casinos also make the USA a popular destination, where £117 million will be spent.
"Using your debit card is the most convenient way to spend your money overseas, whether in Euros, Dollars or even Quetzals,” said Brian Cunnington, Head of Debit Cards for
Barclays.
“Most hotels, shops, bars and restaurants accept debit cards worldwide so it is now the easiest way for our customers to transact. It means that you do not have the added security concern of carrying too much foreign currency around at once.
"To make transactions outside the UK easier, we encourage our customers to register the countries they will be visiting. They can register in branch, online and on the telephone and new upgrades now mean that they can register multi-destination trips."
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