New Zealanders among the highest users of overseas ATMs

New Zealanders are among the highest users of overseas ATMs in the Asia-Pacific region and they like the convenience and safety of accessing their funds from abroad rather than loading up on cash prior to departure, according to Visa’s second annual Cash Access Survey.

Key findings from the survey show half (49 percent) of travellers from New Zealand use their cards to access cash from overseas ATMs, compared to a regional average of 31 percent across Asia Pacific. Traditionally the territory of the “money changer”, Kiwis are increasingly finding comfort in not having to carry large sums of cash when they travel abroad (19 percent) and often prefer the convenience that comes with being able to access their cash anytime (35 percent).

“Consumers are increasingly using payment cards to access their own money when they travel. Visa Debit cards provide consumers with new ways to manage their money, they are safer than carrying large amounts of cash and offer easy access to funds while abroad,” says Sean Preston, Visa Country Manager, New Zealand.

Across the Asia-Pacific region, New Zealanders are second only to Australians (56 percent) in their preference for using overseas ATMs to access cash while abroad.  Those countries with the lowest use of ATMs to access cash abroad were Korea (23 percent), Singapore and Thailand (20 percent), Malaysia (18 percent), and Taiwan (17 percent).

“Compared to money changers, overseas ATMs offer competitive exchange rates and the added convenience of being available at any time of the day or night. With a Visa Debit card New Zealanders can withdraw cash as easily as they do at home.”

The survey fieldwork was conducted from 18 July - 24 August, 2011 by Nielsen Online Panels with 3,073 online interviews. Target respondents included overseas travellers during the past 12 months departing from 10 APAC countries: Australia, New Zealand, Singapore, Malaysia, Thailand, Indonesia, Vietnam, Taiwan, South Korea and India.

Visa’s tips for safe and convenient holiday cash access

• Withdrawing cash in another country is the same as 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 travellers need can be accessed at overseas ATMs. Log onto www.visa.com to check where you can find cash at your destination.
• ATM cash withdrawals can be a cost effective solution to your foreign currency needs. 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. Also consider that sometimes you may end up having to convert cash more than once, if the currency of your destination isn’t freely tradable with your home currency, adding to your costs.
• 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.
• Visa cards can be used to withdraw cash at more than 1.9 million ATM locations, providing around the clock access in more than 200 countries and territories worldwide. Many machines also allow you to check your balance so you can keep track of your funds.
• Unlike banks and money exchange bureaus, most ATMs operate 24 hours a day so travellers will not be stranded without access to their funds while overseas.
• Details on ATM locations and other tips are available at www.visa.com