TRAVEL MONEY MANAGEMENT
The smart Fx network for travellers.
We believe travellers should be given options to how they pay. In fact, we recommend travellers to use a combination of payments forms. We believe frictionless travel finance is spending abroad as easily as if we are at home. As passionate travellers ourselves, we experience first-hand the friction in travel finance. We are determined to remove frictions in travel finance to encourage and help millennials in Hong Kong to travel more and broaden their horizon. The society used to view formal education as the most important to youth development, international exposure from travel is as important today if not more.
Today more people are traveling than ever before due to globalization, deregulation and innovation but the way money is exchanged remains almost unchanged for decades. Between high spreads and other handling charges, one almost always has to pay a lot more or make a lot of efforts for the convenience of exchanging one currency for another. Let us take a look at the three main options for travel money exchange: small money changer, global money service operator and retail bank branch.
Small money changers are often found in street corners. But most are solely RMB-focused. The rate and availability of other currencies, which are the main ones that HK travellers look for, are usually poor. People are also worried about the reputation of these changers and the possibility of receiving fake money.
Global money service operators are most often found at airports. They offer a convenient service to travellers at a hefty price. It is not uncommon to see rate 20% higher than alternatives. At times, however, travellers are forced to exchange at such operators because getting Fx is a lot of hassle in Hong Kong.
Retail bank branch offers a selected number of currencies to clients alongside other main retail banking services. The availability of notes is however subject to booking in advance either in person or on the phone days before. Travellers must adhere to the operating hours of the bank, and it is not uncommon for them to queue for hours to get the Fx over the counter.
Hence a new way of travel money exchange is highly desirable.
Millennial travelers, aged 20-34, have different consumer behavior and spending habits in traveling, and they value transparency and sharing in our frequent travels. Millennials are our future in the society but they don’t simply represent another generation of travelers. Their unique preferences and lack of predictability make them different from their older counterparts.
Millennials will likely repeatedly travel to the same destination for a beloved activity experience, such as skiing and diving, and consider visiting big cities less important than their predecessors. They are also the most price conscious generation, regarding flight and accommodations, supported by the transparency of price and product information available with mobile internet. Cheaper transportation and accommodation empower millennials to travel more.
Millennials not only travel more but they also travel for many reasons apart from sightseeing: they go on tours with impact; they travel for special occasions; they travel for parties. They also have strong desire to experience local cultures. Making social interactions a strong predictor of how positive a travel experience is. They also seek for casual, local, home-like features accommodations instead of franchise hotels. Millennials look for the most authentic, meaningful and new travel experience whenever possible.
Figuring out how to engage this hard-to-reach generation is challenging but millennial travelers are such a huge group of the world's most powerful consumers that no businesses can afford to ignore.
Email: hello [AT] pecutus [DOT] com
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