Visa survey reveals travellers in Hong Kong choose ATMs primarily for emergencies and convenience when accessing cash overseas.
As holidaymakers plan their next getaway, smart travellers from Hong Kong are less likely to carry large sums of cash from home, opting instead to withdraw cash at the ATM once they had arrived, according to a consumer survey by Visa.
The regional survey covered 13 countries and territories across Asia-Pacific including Hong Kong. One in four (25 percent) of Hong Kong respondents said they prefer to only take a small amount of cash to cover initial expenses and access more cash overseas when required. One in five (21 percent) choose to take all the cash needed for a trip and not access more cash at the destination.
Ross Jackson, head of Cross-Border Business – International, Visa, said: "Travellers from Hong Kong tend to prepare a large amount of cash before they travel – something that is increasingly unnecessary for travellers. 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 travellers can avoid the risk of carrying large amounts of cash and easily access their holiday funds when they need it."
Sixty five percent of respondents said they exchanged more cash than they needed before their last trip. Seventy one percent of older travellers (over 45 years) were likely to exchange more cash than they needed whilst younger travellers were less likely to do so. As reported by Hong Kong respondents, travellers will on average withdraw HKD3,348 (USD430) at ATMs at their destination, close to the regional average. This contrasts with respondents from China who are likely to withdraw the most money from overseas ATMs (USD742).
When asked about the benefits of obtaining cash via overseas ATMs, Thirty four percent of respondents said getting cash on demand at ATMs was a convenient means of accessing local currency. Thirty three percent were concerned with personal safety when carrying a lot of cash and preferred to withdraw money as and when they needed it. Thirty-eight percent also agreed ATMs are a good way to access cash for emergencies.