00:01, 16 June 2008 Page views 373 views

Expert Predicts Football Fans Could Lose up to €30,000,000 Cash in Austria and Switzerland

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Football fans across Europe travelling to Austria and Switzerland for UEFA EURO 2008™ could lose up to €30,000,000 in cash during the tournament, according to new research by Maestro®, the debit brand of MasterCard Worldwide, Official Sponsor of UEFA EURO 2008™.

The cash black hole equates to each of the 5,000,000 travelling fans losing an average of €6 (based on losing around €2 each on confusion over commission on changing money, taxis and travellers cheques charges) in loose change. Maestro consulted a leading personal finance expert as UEFA EURO 2008™ gets into full swing to highlight to fans the advantages of travelling light and using their debit card as their financial passport this summer.

The fans' lost cash is equivalent to more than 9.75 million servings of beer ( based on an average serving of beer costing €3), 27,638 flat screen TVs (based on the typical cost of a 32 inch flat screen TV – model quoted by Philips) or 432,000 Swiss cuckoo clocks (based on an authentic Swiss cuckoo clock made by Loetscher, the 9503Q at CHF 119).

The massive cash loss is based on research by a leading independent personal finance expert who calculated the amount of money the typical fan could lose by using cash, based on a range of factors, including:

  • Money lost in commission when exchanging currency between Euros for Austria and Swiss Francs
  • Money lost on commission when buying and selling travellers' cheques
  • Over paying in taxis, public transport and at vendors as they don't always have the right change

The losses could be even higher when taking into account coins falling out of fans' pockets during goal celebrations.

All these ways to lose money through paying with cash can be avoided by using debit cards.

Top money expert, Sue Hayward, who compiled the research, said:
"With any major tournament there are lots of ways a fan can lose out by relying on cash. The two currencies of Austria and Switzerland and the different cultures that will make UEFA EURO 2008в„ў so special also mean that there’s plenty of ways to score a financial own goal - but if you use a debit card while travelling you can avoid lost cash this summer."

Luke Olbrich, Debit Centre of Excellence MasterCard Europe, said: "Your debit card is like your financial passport to Europe this summer. This research just highlights those hidden costs where cumbersome cash lets you down. As an Official Sponsor of UEFA EURO 2008в„ў, we want fans to enjoy winning moments in the knowledge that they are getting the best possible deal."



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