Travelex research: US travelers prefer exchange currency domestically

Travelex, the world’s leading currency exchanger, conducted the new research which showed that US travelers are exchanging currency prior to leaving the country due to worries about fees, exchange rates and exchange locations at their destinations. The travelers bound for overseas destinations were asked to name their top reasons for converting currency at a mall, airport or other domestic location. About 65 % of travelers said they preferred the convenience of converting currency in the US and indicated concern over locating an exchanger in an unfamiliar country. Nearly 70 % of survey respondents mentioned that at least one of their top three reasons for exchanging domestically was price-related. 32 % stated they exchanged domestically because value packs save them money. 29 % exchanged domestically to receive a currency return guarantee. A combined 54 % of customers said they were worried they’d pay higher fees or higher exchange rates at their destination. Travelers are using cash, credit cards or card-like products for paying vacation bills oftener as travelers’ checks lose favor among consumers and businesses. Despite overall declines in international travel, Travelex has seen a 70 % increase in sales of its Cash Passport, a pre-paid currency card with bank-card functionality, as well as locked-in exchange rates, PIN protection and replacement in case of loss or theft.