21 March 2013

Visitors to Cyprus advised to take more cash

Don't worry, it's not the latest bailout idea but while the banks are closed the Foreign and Commonwealth Office advise that you take sufficient cash.

Though the Cypriot Government have now scrapped plans to tax all bank deposits, Cyprus' banks are to stay closed until next Tuesday to prevent mass withdrawals. The European Central Bank has warned that it may block a 10bn euro loan if Cyprus' leaders fail to come up with a rescue plan by Monday.

With the banking crisis far from settled, some tourists may be reconsidering their holiday destination and may wish to cancel their holiday. However, as the Foreign and Commonwealth Office state that there are currently no travel restrictions in place, travel insurance policies are unlikely to pay compensation.

The FCO say:

"ATMs, debit and credit cards can be used as normal however, while the banks are closed, we advise taking sufficient euros to cover the duration of your stay, alongside appropriate security precautions against theft.”

As you may be taking rather more cash than originally planned, it would be worthwhile checking your travel insurance policy to ensure you have sufficient cover. Don't assume that by spreading cash between the family you will be covered as many insurance policies do not cover cash held by under 18′s.

Compare travel money rates for your Euros, or indeed Russian Roubles.