Are you going abroad and looking for a simple, intuitive solution for transferring your money to another currency or paying without too many bank charges? This article is for you.
The usual procedure
For expatriates and world travelers alike, currency has long been a complex and difficult issue to manage on a day-to-day basis. Not all regions of the world are fortunate enough to have a single currency like the European Union. Typically, a person moving to another country has to open a new bank account in that country, where he or she can deposit and spend money earned in the local currency. If the expatriate wishes to keep his home country bank account and use it in his new country, he will most often have to go through complex and costly money and currency transfers. Fortunately, new solutions are changing all that.
A fast-growing market: multi-currency mobile transfers and payments
Targeting young people in particular, a number of mobile applications have sprung up in recent years for money transfers and multi-currency payments. With the cell phone becoming the number one connection platform for young people, an incredible opportunity has opened up for banks and mobile payment start-ups.
In addition to their highly practical features, the big advantage of these new multi-currency mobile payment applications is the very low exchange rates they pass on to users. This keeps commission fees comfortable, while keeping them competitive with the usual exchange stores.
Some multi-currency mobile payment applications
Revolut
A British start-up, Revolut has rapidly become a major player in the mobile multi-currency payment market. Users simply need to create an account before adding an online portfolio. With it, he can make transfers and payments in any foreign currency at the best rate. That’s Revolut’s promise.
Paytop
Very similar to Revolut, the Paytop start-up costs 20 euros a year for students and lets you manage several online wallets and thus money transfers to different currencies. Paytop focuses on parental control. Parents can freely transfer money from an external account to one of their child’s cards, or stop transfers.
Why take out international travel insurance?
Whatever the reason for your trip, you should know that travel insurance is always of the utmost importance, and that the cover offered by your credit card and the reimbursement rates you could benefit from with the European Health Insurance Card are often not sufficient.
