GITNUX MARKETDATA REPORT 2024

Travel Money Industry Statistics

The travel money industry statistics show a steady increase in the use of prepaid travel cards and a rising trend in mobile payment solutions for international travelers.

Highlights: Travel Money Industry Statistics

  • In 2019, the global travel money market valuation was estimated to reach 3394 million dollars by 2024.
  • Approximately 87% of European travelers prefer cash for their international trips.
  • Australian travelers are expected to spend $14.6 billion on travel money in 2022.
  • About 25% of US travelers are unaware of foreign transaction fees.
  • High street banks in UK offer less favorable exchange rates, with customers losing up to £40 for every £1,000 exchanged.
  • Online foreign exchange companies are offering a better exchange rate - up to 10% more than banks.
  • 52% of global travelers are interested in an app that allows them to quickly and easily book and pay for activities.
  • 46% of holidaymakers get travel money at the last minute, ending up with a worse deal.
  • The prepaid card segment is expected to hold the major share in the travel money market during the forecast period.
  • Millennials in the UK are most likely to be ripped off when buying foreign currency, with 1 in 3 not checking exchange rates.
  • Global mobile payment revenue in the travel industry is expected to exceed 1 trillion US dollars in 2023.
  • 38% of global tourists prefer payment cards while just under 25% prefer cash.
  • Approximately 77% of tourists in the United States preferred using credit cards during their trips in 2021.
  • The top 5 currencies exchanged by UK travelers in 2019 were the Euro, US Dollar, Turkish Lira, UAE Dirham, and Australian Dollar.
  • American tourists spent an average of 4,833 USD on international travel in 2019.
  • The UK prepaid travel card market is expected to reach $4.5 billion by 2023.

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The Latest Travel Money Industry Statistics Explained

In 2019, the global travel money market valuation was estimated to reach 3394 million dollars by 2024.

The statistic indicates that in 2019, the global travel money market was valued at 3394 million dollars, and it is projected to reach the same valuation by 2024. This suggests that over the 5-year period from 2019 to 2024, the market is not expected to experience significant growth or decline in terms of monetary value. Factors contributing to this stable forecast could include economic stability, steady demand for travel money services, and potential regulatory constraints or market saturation. It will be important for stakeholders in the travel money industry to closely monitor market trends and developments to adapt their strategies accordingly to capitalize on potential growth opportunities or mitigate risks.

Approximately 87% of European travelers prefer cash for their international trips.

The statistic claiming that approximately 87% of European travelers prefer cash for their international trips suggests that the vast majority of European travelers favor using physical currency rather than alternative payment methods when traveling abroad. This preference for cash could be influenced by factors such as convenience in countries where card payments may not be widely accepted, concerns about foreign transaction fees on cards, or a desire to better control and budget their spending while traveling. The high percentage of travelers favoring cash indicates a prevalent trend among European travelers and highlights the continued importance and utility of cash as a preferred payment method for international travel within this demographic.

Australian travelers are expected to spend $14.6 billion on travel money in 2022.

The statistic that Australian travelers are expected to spend $14.6 billion on travel money in 2022 indicates the projected total amount of money that travelers from Australia are anticipated to spend on their travel expenses for the year. This figure encompasses various expenses, including currency exchange, international transactions, accommodation, transportation, food, and leisure activities. The substantial amount of $14.6 billion reflects the strong travel demand and economic activity within the Australian tourism sector, suggesting significant outbound travel and tourism expenditure throughout the year. This statistic not only highlights the financial impact of Australian travelers on the global tourism industry but also underscores the importance of travel as a significant economic driver for both domestic and international markets.

About 25% of US travelers are unaware of foreign transaction fees.

This statistic indicates that approximately one-fourth of travelers in the United States are not familiar with foreign transaction fees when using their credit or debit cards overseas. Foreign transaction fees are charges incurred when making purchases in a foreign currency or using a card issued in a different country. The implication of this lack of awareness may lead to unexpected additional costs for these travelers when they conduct transactions abroad, highlighting the importance of understanding and being informed about financial considerations when traveling internationally. This statistic underscores the need for increased education and awareness among travelers to help them make more informed decisions and avoid unnecessary expenses during their trips.

High street banks in UK offer less favorable exchange rates, with customers losing up to £40 for every £1,000 exchanged.

This statistic highlights that high street banks in the UK offer exchange rates that are less favorable for customers compared to other currency exchange options. Specifically, customers are losing up to £40 for every £1,000 exchanged when using high street banks for currency conversion. This means that individuals exchanging money through these banks are receiving a lower value in return compared to alternative services, resulting in a financial loss. The implication is that customers could potentially save money by exploring different currency exchange options that offer more competitive rates, ultimately maximizing their currency conversion value.

Online foreign exchange companies are offering a better exchange rate – up to 10% more than banks.

This statistic suggests that online foreign exchange companies are providing customers with a more favorable exchange rate compared to traditional banks. The statement implies that individuals or businesses exchanging currencies through online platforms can potentially receive up to 10% more value for their money than if they were to utilize banking services. This difference in exchange rates could significantly impact the amount of currency received or sent in international transactions, resulting in potential cost savings or increased financial gains for customers using online foreign exchange services. As such, this statistic highlights the potential benefits of exploring alternative currency exchange options beyond traditional banking institutions.

52% of global travelers are interested in an app that allows them to quickly and easily book and pay for activities.

The statistic states that a majority of global travelers, specifically 52%, have expressed interest in utilizing an app that streamlines the process of booking and paying for activities during their travels. This indicates a strong preference among a significant portion of travelers for a convenient and efficient platform that enhances their overall travel experience. By highlighting this level of interest, businesses in the tourism and hospitality industry may consider investing in developing such an app to cater to the needs and preferences of modern travelers, potentially leading to increased customer satisfaction and loyalty within this market segment.

46% of holidaymakers get travel money at the last minute, ending up with a worse deal.

The statistic that 46% of holidaymakers get travel money at the last minute, ending up with a worse deal suggests that a significant portion of travelers make the mistake of procrastinating on currency exchange until just before their trip. This behavior often leads to unfavorable exchange rates or higher fees, resulting in a suboptimal deal. Making last-minute decisions on exchanging money can limit the options available to holidaymakers and reduce the opportunity to secure more competitive rates. Planning ahead and exchanging currency in advance or utilizing available tools to monitor exchange rates could help travelers secure better deals and save money on their foreign currency transactions.

The prepaid card segment is expected to hold the major share in the travel money market during the forecast period.

This statistic suggests that prepaid cards are projected to dominate the travel money market in terms of market share over a specific period of time in the future. This indicates that consumers are increasingly utilizing prepaid cards as a preferred payment method for their travel needs, likely due to factors such as convenience, security, and ease of use. The forecasted dominance of prepaid cards in the travel money market signifies a shift in consumer preferences towards more digital and prepaid options, highlighting the importance of understanding and adapting to evolving trends in the financial services industry.

Millennials in the UK are most likely to be ripped off when buying foreign currency, with 1 in 3 not checking exchange rates.

This statistic suggests that Millennials in the UK are particularly susceptible to being overcharged or receiving poor exchange rates when buying foreign currency, as one in three individuals in this age group do not bother to check the current exchange rates before making a transaction. This lack of diligence in verifying exchange rates may lead to Millennials paying more than necessary or receiving less value for their money when exchanging currency. This highlights a potential vulnerability among Millennials in financial transactions involving foreign currency, emphasizing the importance of being informed and aware of exchange rates to avoid being ripped off or receiving unfavorable deals.

Global mobile payment revenue in the travel industry is expected to exceed 1 trillion US dollars in 2023.

The statistic indicates that the total revenue generated from mobile payments within the travel industry is projected to surpass 1 trillion US dollars by the year 2023. This suggests a significant shift towards mobile-based transactions within the travel sector, highlighting the increasing importance and reliance on mobile payment technology by both businesses and consumers. The substantial growth in mobile payment revenue reflects the evolving preferences of customers who are opting for convenient and secure payment methods while booking flights, accommodations, and other travel-related services through their mobile devices. This statistic underscores the transformative impact of technology on the travel industry and the growing trend towards digital payment solutions.

38% of global tourists prefer payment cards while just under 25% prefer cash.

The statistic shows that among global tourists, 38% prefer to use payment cards as their preferred method of payment while just under 25% prefer using cash. This suggests that payment cards are more favored among tourists compared to cash payments. The higher preference for payment cards may be attributed to their convenience, security features, and wider acceptance in various locations around the world. The lower preference for cash could be due to concerns about theft, loss, or the hassle of carrying and exchanging physical currency while traveling. Overall, these findings highlight the evolving preferences of global tourists towards digital payment methods over traditional cash transactions.

Approximately 77% of tourists in the United States preferred using credit cards during their trips in 2021.

The statistic indicates that the majority of tourists visiting the United States in 2021 showed a preference for using credit cards when making purchases or transactions during their trips. Specifically, around 77% of tourists opted to use credit cards as their primary payment method while traveling. This preference could be attributed to the convenience, safety, and additional benefits that credit cards offer, such as fraud protection, rewards programs, and the ability to track expenses easily. The high percentage of tourists choosing credit cards suggests a shift towards more cashless transactions and highlights the importance of accepting credit card payments in the tourism industry to cater to the needs and preferences of visitors.

The top 5 currencies exchanged by UK travelers in 2019 were the Euro, US Dollar, Turkish Lira, UAE Dirham, and Australian Dollar.

The statistic indicates the top 5 currencies exchanged by UK travelers in 2019, ranking them in order of popularity: the Euro, US Dollar, Turkish Lira, UAE Dirham, and Australian Dollar. This suggests that these currencies were the most commonly used by UK travelers for exchanging money during their travels in various destinations. The ranking of the currencies may reflect popular travel destinations, economic factors, exchange rates, or cultural ties between the UK and countries where these currencies are used. It provides insight into the preferences and travel patterns of UK tourists in terms of the currencies they choose to carry and exchange while abroad in 2019.

American tourists spent an average of 4,833 USD on international travel in 2019.

The statistic indicates that in 2019, American tourists on average spent a total of 4,833 USD on international travel. This average spending figure provides insight into the typical amount of money that American travelers allocated towards their international trips, encompassing expenses such as flights, accommodation, activities, and other related costs. The statistic suggests that international travel was a significant expenditure for American tourists in 2019, showcasing a willingness and ability to invest financially in exploring destinations outside their home country. This information can be valuable for various stakeholders in the travel industry, including tour operators, airlines, hotels, and destination marketing organizations, to better understand the spending patterns of American tourists and tailor their offerings accordingly.

The UK prepaid travel card market is expected to reach $4.5 billion by 2023.

This statistic suggests that the UK prepaid travel card market is projected to grow significantly to reach a total value of $4.5 billion by the year 2023. This growth forecast indicates a rising demand for prepaid travel cards in the UK, highlighting consumers’ increasing preference for this payment option when traveling. The expected expansion of the market may be driven by factors such as the convenience, security, and flexibility offered by prepaid travel cards compared to traditional payment methods. Businesses operating in this market may need to adapt and capitalize on this growth trend to meet the evolving needs and preferences of travelers in the UK.

References

0. – https://www.news.booking.com

1. – https://www.www.finder.com.au

2. – https://www.www.theguardian.com

3. – https://www.www.creditcards.com

4. – https://www.kdmarketinsights.medium.com

5. – https://www.www.prnewswire.com

6. – https://www.www.visa.co.uk

7. – https://www.www.statista.com

8. – https://www.www.aarkstore.com

9. – https://www.www.thesun.co.uk

10. – https://www.www.tourism-review.com

11. – https://www.www.express.co.uk

12. – https://www.fortune.com

13. – https://www.www.loveexploring.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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