Easing of travel restrictions fuels demand for multicurrency cards and apps

Demand for multi-currency cards and e-money apps has “significantly spiked” over the last month due to the pent-up demand for international travel, reveals one of the world’s largest independent financial advisory and fintech organisations.

deVere Group reports a month-on-month jump in enquiries of 72% for deVere Vault, the pioneering global e-money app and multi-currency card launched in 2017. It comes as ahead of the summer holiday season and as countries around the world begin to ease international travel restrictions put in place due to the pandemic.

Nigel Green, deVere’s chief executive and founder, says: “There’s always an uptick ahead of the start of peak summer travel season.

“But after a year of restrictions, the urge to get away on holiday with friends and family enormous. The pent-up demand for getting back to enjoying and celebrating more of the things we love – including international travel – is palpable.

“And this is reflected in the significant spike in demand for multi-currency cards and global e-money apps, which give you access to and management and use of your money wherever you are in the world with no stress, no excessive exchange rates or hidden fees.”

deVere Vault is an easy-to-use app and Prepaid Mastercard® allowing clients to spend, receive, store and transfer money in up to 27 different currencies.

Added to holidaymakers’ exchange rate concerns are high bank charges.

He continues: “When you use your debit or credit card abroad in anything other than your destination’s local currency, you could be paying higher than expected exchange fees.”

An extra 6% is usually added on top, but these fees can be up to 10%. Typically, the customer is completely unaware of these extra costs.

Mr Green concludes: “Despite the ongoing need to be Covid-careful, the pent-up demand for overseas travel is anticipated to kick-in in a big way over the next couple of months.

“But as the world cautiously opens up again, the pandemic has also focused minds on how things can change quickly and people have become well-aware that they need a financial buffer.

“As such, those taking trips abroad will likely be even more conscious of excessive and avoidable exchange rate and banking fees.”

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Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.