Technology has been continuously developing. According to a 2022 travel fintech study from Amadeus, around 80% of travel businesses plan to match or go beyond their 2019 investments in fintech.
Indeed, fintech has significantly aided the recovery efforts of the tourism industry from the COVID-19 pandemic. Through fintech innovations, travel-related services can decrease the friction between money and travel. New finance tools make traveling easier not only for travel businesses but also for all travelers alike.
Maximize financial technology using the latest digital tools for first-time travelers to jumpstart your travel adventures.
1. Mobile banking
You might encounter lost or stolen cash or banking cards during your travels. Naturally, no one wants to lose their travel budget and get a massive headache during leisurely trips. One of the best financial tips for travelers to avoid monetary loss during trips is to adopt digital banking.
Mobile banking gained further traction during the pandemic when people needed ways to conduct payments without going to the bank. Most banking apps sport numerous features such as bill payment, money transfers, transaction tracking, and security that will help you prevent suspicious activities.
You can also leverage various digital banking features to address your needs during out-of-town trips. These features include budget management, contactless payment, travel insurance, loans, and many more.
2. E-wallets
Along with digital banking, e-wallets have also gained popularity during the pandemic. This technology enables convenient on-the-go digital payment solutions to cover almost all your trip spending needs.
You can easily fund an e-wallet through online banking, traditional on-the-counter payments, and partner merchants—no more worrying about running out of physical cash during your travel experience.
In the Philippines, e-wallet providers offer online payment solutions such as money transfer, remittance, payment services, credit, and even loans!
3. Budgeting apps
A wide range of financial management tools in the market can help you better manage your finances. For digital money management when traveling, budgeting apps are a great option!
Budgeting apps like Mint will help you manage your spending, budgeting, and bill payments. Mint will also identify critical areas where you can lessen your spending habits and create helpful budgeting strategies.
Another example is the budgeting app Wally, a spending tracker and lifestyle app built for those who are always on the go. Wally can automatically register expenses and identify the location where they took place using your phone’s GPS.
4. Multicurrency account
When hopping around the globe, you must deal with different currencies to pay for goods and services. Going back and forth with money changers that offer varying exchange rates might be costly!
Wise is a popular financial tool that helps travelers transfer money to different currencies at an affordable cost. This app offers a multi-currency account with relatively cheap transaction fees for convenient banking in over 40 countries.
5. Travel insurance
Unfortunate incidents, such as accidents, medical emergencies, disability, and theft, may happen during trips. This is why travel insurance is an essential tool for all adventurers.
Travel insurance will allow for some costs to be shielded during unfortunate incidents. For example, with travel insurance, you can cover personal liability, reimburse stolen luggage, save on medical expenses, and reclaim the costs of canceled flights.
Shopping around for travel insurance is ideal whether you’re traveling domestically or internationally. Maximize credit cards often offer travel insurance for minimal fees as a perk for users.
Make the Most of Your Adventure
Seeing the world and going on an adventure of a lifetime is a priceless experience! Financial stress is the last thing you want to worry about when you’re having the time of your life. It’s time to adopt financial technology and make your travels more convenient, enjoyable, and memorable.