For confidence and convenience, give travel customers an easy choice between digital and cash.
The removal of travel restrictions in Asia has added to increasing travel volumes worldwide*. Continuing growth in demand for leisure travel (as well as in-person business meetings) means that airlines are busy. Frequently, flights are full.
This is despite the economic impacts of the pandemic and, in Europe, the Ukraine war. And with travel comes the need for foreign exchange services. Banks and credit unions whose FX services lay fallow during the pandemic need to respond quickly. But what services to provide?
Surely, these days all travel money’s digital?
It would be logical to think so. After all, nearly every other financial transaction can be done digitally. But experience says otherwise. Travelex’s Richard Wazacz also begs to differ**. In fact, Travelex is investing heavily in making sure travellers can access foreign currency in cash as well as digitally.
This makes sense. While many of us get used to pre-loaded foreign currency cards, or real time exchange rates on debit cards, there’s still a need for cash. In some destinations, travellers may not be confident in just how secure local digital transactions might be. Plus, there are always immediate costs like taxis, tips, newspapers, or street food. Digital isn’t everywhere. Cash remains convenient – and in some settings it is king.
Typically, travellers abroad will bank on both and there is steady growth in the demand for cash for travel. Our own travel money service, Money 4 Travel is designed for exactly this opportunity.
Digital underpins everything
Digital solutions for managing foreign currency are essential. Whether it’s a pre-paid currency card or good old cash, the foundations need to be digital. If you’re ordering foreign currency, why not do it online? The days of queueing, hoping your branch has foreign bank notes, should truly be a thing of the past.
Digital means quick, accurate, cost effective, and convenient for consumers – even when handling cash. Banks and credit unions who ignore that fact will lose out to those who adopt and adapt.
To discover how your organisation can access the benefits of Money 4 Travel simply click through to this video .
* IATA: 08 March 2023 **Richard Wazacz, Global CEO of Travelex, was interviewed recently on Pyments.com by Onenba Ama Nti Osei.