What once seemed an unlikely nightmare for British travellers is becoming an expert forecast. City giants Morgan Stanley and HSBC are both predicting that the euro will reach parity with the pound and even go beyond that point in the coming months¹.
Using a prepaid travel card to take foreign money abroad has many advantages, from security to the possibility of good rates. But consumers have proved surprisingly resistant to using the cards, which have now been on the market for many years, preferring to take cash with them.
Changing people’s foreign exchange buying habits is not easy. We know from our research that customers value convenience and tend to stick to the brands they know when they are buying their currency. So how do you get them to switch? Consumer Intelligence’s research suggests that these are the top things that you should do.
Buying travel money is an important part of many people’s holidays abroad, and Consumer Intelligence’s latest survey shows that travellers are becoming more price sensitive, perhaps due to the slide against the dollar and the euro.
We don’t walk around with our pockets stuffed with ten pound notes in the UK, but we still flash the cash abroad.
The Brexit vote in June should have been a boon for holiday cottage owners, Center Parcs and Butlins.
With a General Election looming, those going abroad this summer will be faced with the prospect of significant currency volatility before they reach their destinations.
Over half of all consumers would pay for a cup of coffee and a cake with cash according to research from Consumer Intelligence released for European Money Week.
Consumers are missing out on important protections and legal rights by choosing not to pay with a credit card when travelling or buying online.