Travel Money - UK - March 2016
“With the holiday market growing and strong forecasts for overseas expenditure, the travel money market has a positive outlook. However, the commoditisation of the sector and consumers’ continued pursuit of value for money makes it a challenge for brands to maintain market share if they don’t keep up the best rates and lowest fees and charges. The convenience of using credit or debit cards to withdraw cash abroad poses an even greater long-term threat to traditional travel money providers.”
– Deborah Osguthorpe, Head of UK Financial Services Research
This report examines the following areas:
- Travel money providers are expanding money management
- Rates and fees are top of mind for consumers
- Pre-holiday travel money purchase is on the decline
Although there have been a number of launches of prepaid cards over the last year, usage remains fairly low, despite awareness of the product being high. A brand’s reputation is a key factor in financial services and some of the more innovative prepaid card products are from newer market entrants, limiting their impact overall. For consumers, fees and charges remain an important factor and many holidaymakers will make the effort to get the best deal for their money.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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