There has been a “sudden surge” in the demand for multi-currency cards as holidays and overseas trips are planned and as the pound remains weak, reveals the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The observation from Nigel Green, chief executive and founder of deVere Group, which in 2017 launched the pioneering global e-money app and multi-currency card, deVere Vault, comes as international borders are gradually re-opened around the world following the pandemic and ahead of the busiest time for holiday travel.
Mr Green comments: “There’s been a sudden surge in the last week from clients looking to use our e-money app and multi-currency payment card.
“This spike, we believe, is due to a steady relaxation of travel restrictions releasing a pent-up desire to escape lockdown, take a summer holiday, and/or see friends and relatives overseas as the world gradually gets back on its feet after a highly unusual few months.”
He continues: “But the fragile global economy together with the weakness of the pound, which is making almost every destination in the world more expensive for Brits, are making people even more pro-active in searching low-cost exchange rates and low-cost banking.
“The pound continues to be one of the worst-performing currencies in the world as we head into peak summer holiday season – and it could get further battered should the current Brexit negotiations fail.”