Czech Travelers’ Payment Habits Abroad: Cash Remains King, but Credit Cards Offer Advantages

According to a recent survey conducted by STEM/MARK for Home Credit, Czech travelers have distinct payment preferences when it comes to covering their expenses abroad. Approximately 25% of respondents opt for cash as their primary payment method, while an additional 25% prefer cash but occasionally use cards. Surprisingly, just over 25% predominantly rely on non-cash payments, and a mere 8% prefer using cards whenever possible.

The survey also revealed that the majority of Czech travelers prefer to bring foreign currency with them from their home country rather than withdrawing money from ATMs abroad. Around 80% of respondents choose to exchange currency at Czech exchange offices before their departure, while only 20% rely on foreign ATMs.

However, many Czech travelers do carry multiple payment cards during their trips. More than a third of respondents bring two payment cards, and 10% carry at least three. Only 45% travel with a single payment card, while 7% do not bring any payment cards at all.

Interestingly, a significant proportion of respondents (84%) do not bother adjusting their payment card limits before traveling abroad. However, 10% choose to increase their limits, while 7% prefer to lower them for added security.

While cash remains the preferred payment method for Czech travelers, credit cards do offer advantages. Merely 7% of respondents obtain a credit card specifically for traveling abroad, citing reasons such as having a financial reserve, ensuring secure transactions, and using it for rental car agencies.

When using cards for payments or cash withdrawals abroad, it is crucial to be aware of Dynamic Currency Conversion (DCC). Merchants may offer to convert the transaction amount to the currency in which the card is held. However, it is generally recommended to opt for paying or withdrawing in the local currency to avoid unfavorable exchange rates imposed by the merchant.

As Czech travelers plan their trips, understanding their payment preferences and the pros and cons of different payment methods can help ensure a smooth and convenient financial experience abroad. Whether choosing to rely on cash or leverage the advantages of credit cards, being well-informed allows travelers to make informed decisions and make the most of their international journeys.

Article by Prague Forum

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