Want to travel and need money? Banks in India will fund your travel

Millennials are travelling like never before and the sudden rising wave of millennial travellers has also pushed the tourism industry forward.

Not only domestic but young travellers are also going overseas owing to increasing knowledge, affordable travel packages, wish to experience new cuisines and culture and of course for relaxation.

Young travellers’ most preferred destinations include the UK, the US, UAE, Singapore, Thailand, Sri Lanka, etc.

As per a report by World Youth Student and Educational (WYSE) Travel Confederation, by 2020, 320 million international trips are expected to be made by youth travellers each year, a staggering 47% increase from 217 million in 2013.

Many millennails opt for solo, backpacking, group, trips and so one but one thing is common-they want hassle free travel, especially when they are travelling abroad.

They want to save themselves from hassles of money exchange at every destination abroad and also look for discounts. Here’s when travel cards come in.

Banks nowadays are facilitating easy travel for youth who travel abroad. They have launched travel cards for easy transaction, saving them from carrying cash.

“A multi-currency travel card helps travellers to either carry money in a single currency or carry multiple currencies in one single card without the hassle of carrying cash. The exchange rate is fixed and known to the user protecting him/her from any volatile movement in exchange rates,” said Kusal Roy, Senior General Manager (Payments and Unsecured Loans), ICICI Bank.

The travel cards come with insurance, free emergency travel assistance, zero lost card liability, etc.

Young travellers also opt for travel cards owing to discounts.

“One can avail 1 per cent cashback, on a minimum spend value of $ 1,000, using ICICI Bank Travel Card and up to 20% discount on dining, shopping, travel and stay as well,” said Roy.

V George Antony, MD, UAE Exchange India, said, “Any customer who wants to exchange traveller cheque needs to pay high exchange conversion rate and this has shifted the youth to prefer travel cards that has comparatively less conversion rate. Besides, travel card can also be used in various instruments like POS swiping machine, ATM, online flat form.”

Speaking about preferred destinations, Antony said, “For education, majority of Indian students travel to UK, USA, Russia, Canada, Australia New Zealand and Singapore, but looking at the trend for the past few years new destinations such as China, Ukraine, Philippians and Gulf countries are also being opted for higher education.”

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