Travelers from Egypt, Kuwait, Saudi Arabia and UAE preferred to access local currency through facilities like ATMs at their holiday destination during their last overseas trip, rather than bringing large amounts of cash from home.
According to the Visa International Cash Access Study 2010
1 which covered eight markets including South Africa, Russia, Ukraine, Croatia, Saudi Arabia, Egypt, UAE and Kuwait, found that travelers from Kuwait withdrew the most amount of cash at their destination (US$1,853) during their last overseas trip, followed by travelers from Saudi Arabia (US$1,791), UAE (US$1,462) and Egypt (US$1,018).
Travelers from the Middle East withdrew an average of US$1,623 on arrival during their last overseas trip, which is 50 percent more than the overall average (US$1,080) from all respondents polled from the eight markets.
When travelers were asked about the main reasons for accessing cash on arrival, convenience (72 percent) was the main consideration, followed by the availability of ATMs and cash access touch-points at destination (52 percent) and safety (56 percent).
Brian McGrory, Head of Debit for Asia Pacific, Central Europe, Middle East and Africa, Visa said: "More travelers are realizing the benefits of accessing cash through overseas ATMs while on holiday. Travelers can avoid the risk of carrying large amounts of cash and can easily access their travel funds from Visa's extensive network of 1.8 million ATMs in more than 200 countries and territories worldwide
2. Most of these operate 24-hours a day and can be easily found at major airports, tourist and commercial areas."
As reported by respondents, one in five (18 percent) travelers from the Middle East prefer to access cash at ATMs at their destination cities when they run out of funds while overseas.
McGrory said: "Carrying large amounts of cash not only puts travelers' personal safety at risk, there is also the potential problem of dealing with large sums of leftover local currency. Cash lost or stolen is gone forever, whereas lost cards can be replaced easily. Cash withdrawals at ATMs also help travelers to keep track of their expenses while they enjoy their holiday."
The most popular payment cards used by travelers from the Middle East for overseas cash access at ATMs are ATM/bank card (64 percent), debit/ salary card (20 percent) and credit card (13 percent).
Visa's tips for safe and convenient holiday cash access- Visa cards can be used to withdraw cash at more than 1.8 million ATM locations, providing around the clock access in over 200 countries and territories worldwide. Many machines also allow you to check your balance so you can keep track of your funds.
- Withdrawing cash in another country is the same as it is at home – you use the same card and PIN and the machine will dispense local currency. Currency conversions are done automatically – the conversion rate and any fees will be shown on your regular statement, in your usual currency.
- Exchange a small amount of cash in advance if you wish and take along just enough local currency for immediate small expenses such as taxi fares or a quick meal en route. Any other local currency that travelers need can be accessed at overseas ATMs.
- Be aware that all money changers will charge you a nominal rate for changing your cash to local currency. Sometimes these charges are built into the exchange rate, so be on the lookout for unfavorable rates.
- It is prudent to consider ATMs, which are available at all major tourist areas and which offer competitive exchange rates with clearly listed ATM access charges, if applicable. There is no need to worry about complicated currency conversions. You will typically get a competitive rate, which is calculated automatically. The conversion rate and any fees should be clearly shown on your regular bank statement or passbook, in your home currency.
- Unlike banks and money exchange bureaus, most ATMs operate 24 hours a day so travelers will not be stranded without access to their funds while overseas.
www.visa.com Notes:1 The Visa International Cash Access Study 2010 for the CEMEA region was an online survey conducted by Nielsen from 10 November 2010 to 7 January 2011. The survey asked 2,277 respondents from eight CEMEA markets (South Africa, Russia, Ukraine, Croatia, Saudi Arabia, Egypt, UAE and Kuwait) about their usage of international cash access and payment methods. For each market, respondents were internet users, aged 18 years or above, had traveled internationally for holidays in the past 12 months; own an ATM card, charge card, travel card, debit and/or credit card.
2 Data as of September 30, 2010. As reported by Visa financial institution customers and therefore may be subject to change. Includes ATMs in the Visa Europe territory. 
