Upcoming bank holiday weekend will bring increased spending, says Barclays

UK travelers are expected to flee the horrid British weather his coming bank holiday weekend in search of more hospitable climates, according to figures released recently from Barclays, leading to a huge spike in foreign transactions.

Nearly one million transactions will be made abroad during the coming bank holiday weekend, leading to estimates in excess of £86 million changing hands, but spending is predicted to plateau today (Friday), with more than half of the grand total being spent today.  Expectations are that 500,000 consumers will be spending approximately £45 million, making use of their credit cards and their debit cards to do so.  Close to one million transactions will be processed abroad throughout the bank holiday weekend, with an estimated value of more than £86 million. However the spending is expected to peak this Friday, which will see more than half of the total spending, with predictions suggesting that nearly half a million customers will spend a total of almost £45 million using their credit and debit cards to do so.

It has been traditional that the change-over holiday falls typically on a Saturday, and with a combination of the school holidays ending, Friday has typically been the last day off for a large majority of UK citizens.  These consumers have typically pulled out their debit and credit cards in a spate of eleventh-hour purchases such as presents for family and friends, souvenirs, and so-called “vice” purchases such as alcohol and cigarettes, that are usually less expensive if purchased abroad.

Barclays’ head of Debit Cards, Brain Cunnington, stated that the best strategy for spending money overseas was to utilise a debit card, as most shops, hotels, restaurants, and bars worldwide will accept them, making it the most convenient way to conduct business.  Cunnington continued, stating that the added layer of security of not having to carty an excess of foreign currency is also an advantage, as well as being able to track your purchases through online or mobile banking.

Cunnington concluded, stating that Barclays customers in particular can make transactions abroad go more smoothly by registering with their bank and letting them know which countries are on their travel itinerary.

In related news, Barclays announced a recent partnership with popular travel guide publisher Lonely Planet in order to provide its customers with useful advice and travel tips, and also to stretch their hard-earned vacation money as far as possible over their holiday abroad.

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