Independent financial advisory and fintech organisation, the DeVere Group, revealed a spike in demand for multi-currency cards and e-money apps due to demand for international travel.
The company said there had been a month-on-month jump in enquiries of 72% for deVere Vault, a global e-money app and multi-currency card launched in 2017.
Nigel Green, the chief executive and founder, said there had been an uptick before the start of peak summer travel season.
“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.”
He said that when travellers used their debit or credit card abroad, they could pay higher than expected exchange fees.
Green explained: “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.”
He said that despite the ongoing need to be careful during Covid-19, the pent-up demand for overseas travel was expected to grow over the next couple of months.
“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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