Latest news with #Travelex
Forbes
3 days ago
- Forbes
New Ways Travel Insurance Can Keep You Safe When You're Traveling
Travel insurance can warn you of imminent dangers such as wildfires. getty Travel insurance may cover you if you get into trouble on your next vacation. But what if travel insurance could help you avoid trouble? Consider a natural disaster like the Los Angeles wildfires earlier this year. If you'd had a travel insurance policy with Travelex and downloaded its Travel On app to your phone, the insurance company would have sent you real-time updates and access to support. "These alerts can help you react quickly and adjust your plans, which might mean finding a safer area to avoid disruptions," says Will Nihan, CEO of Travelex Insurance Services. "It's an effective way travelers can stay informed and prepared while they're traveling.' This summer, travel insurance companies are embracing a simple idea: If they can keep their policyholders safe, they can prevent a claim from being filed — and that's a win for everyone. The timing is good. Travelers are more worried about safety than ever. A recent survey by Berkshire Hathaway Travel Protection (BHTP) listed international terrorism, environmental issues like extreme weather or natural disasters, and flight disruptions as their top three perceived travel threats for 2025. A poll of Medjet members reveals 76 percent are more worried about traveling this year. Mike Hallman, CEO of Medjet, says his company had to expand its membership services department to keep up with an influx of calls. "People are definitely more concerned," he says. What should you look for in your travel insurance if you're trying to stay safe this summer? John Rose, chief risk officer for ALTOUR, a global corporate travel management company, says the newest travel insurance policies address those concerns with a list of new security features. "Travelers need a comprehensive and adaptable policy to handle the complexities of today's travel landscape," he says. They include: 24/7 assistance services: These should cover a wide range of needs, from emergency medical assistance to navigating local emergencies like natural disasters or political unrest. Medical evacuation coverage: This is essential, especially when traveling to remote or high-risk areas. Ensure the policy covers transportation to a medical facility and the logistics of getting home if necessary. Security evacuation services: With the increasing frequency of civil unrest and political instability, policies should also include evacuation services for travelers in unsafe situations. Travel delay and interruption protection: If flights are delayed or canceled due to weather, strikes, or other unforeseen circumstances, these protections ensure that travelers are not left stranded or without resources. "The travel industry has seen a rise in travel disruptions like flight delays caused by mechanical breakdowns or weather in the travel world," says Terry Boynton, president of Yonder Travel Insurance. "Flights affected by mechanical breakdowns, bad weather, or unannounced strikes could allow travelers to file a claim for lost or out-of-pocket expenses.' One of the newest innovations is real-time alerts like the one introduced by Travelex. It turns out other companies also have new real-time alerts. Real-time alerts can keep you out of trouble this summer Travel insurance companies have added real-time alerts to their apps. Allianz Partners provides geolocation-specific safety and security alerts through its Allyz mobile app. "Should travelers find themselves in an emergency, they can also access a list of local emergency phone numbers and the location of U.S. embassies and consulates through the Allyz app," says Allianz spokesman Dan Durazo. "The app also provides one-touch dialing to reach Allianz's travel assistance team, which can help insured customers with nearly any travel-related problem." Allyz' latest trick: Helping policyholders find medical assistance when traveling outside of the United States. The company recently introduced a doctor visit scheduling service, which gives customers traveling internationally the ability to schedule doctor appointments for unforeseen medical events that require urgent medical attention — anything from a stomach bug to a migraine. The cost of these visits is covered under your policy. Medical help is a popular new travel insurance benefit Travel insurance that provides telehealth services is a trend. 'We're seeing more global telemedicine services included in travel insurance, and it's a game-changer for travelers," says Cai Glushak, chief medical officer for AXA Partners North America. "Being able to connect with a doctor without scrambling to find a hospital in a foreign country makes a huge difference. Whether it's a virtual consultation, prescription help, or just quick medical advice, it ensures convenience and peace of mind to the traveler, especially in a foreign healthcare environment.' For example, Insubuy, a visitors' insurance company, introduced a new feature called Air Doctor this year. It's a mobile-friendly portal that allows policyholders to connect and schedule appointments with English-speaking doctors anywhere in the world. "Advanced telehealth services like these are a great extra measure of security to consider when choosing a travel insurance plan," says James Nuttall, vice president of operations at Insubuy. Medical services like those offered by Insubuy, Allianz and Travelex represent one of the biggest travel insurance innovations for 2025, according to experts. "Many travel insurance companies have begun offering doctors whom travelers can call for medical advice while on vacation," says Megan Rodrigues, owner of Together We Travel, a travel agency. "They are on call 24/7 to answer any questions or concerns that arise. This increases safety exponentially as it eliminates travel time and, in some cases, safety concerns at the local facilities." Travel insurance is adapting to the needs of travelers Taken together, these new features represent a shift in the way travel insurance covers its customers. It's moving away from one-size-fits-all to a product that can protect people no matter where — or how — they travel. That's the assessment of Dean Van Es, CEO of Fast Cover Travel Insurance. "For example, some travel insurance providers now offer coverage for a range of common situations through packs designed for adventure sports, winter sports, and motorcycle trips," he explains. "Of course, it will depend on the exact scenario whether a claim is supported, but this type of insurance can offer travelers some security when taking part in risky activities during their vacation." Robert Gallagher, President of the US Travel Insurance Association, says it's just one-way travel insurance is changing to keep travelers safer. "Travel insurance continues to evolve with new innovations designed to keep travelers safe, especially as global travel risks grow," he says. Looking down the line to fall and winter, he expects travel insurance to continue to change. More providers will offer 24/7 assistance services to provide immediate help during medical emergencies, travel disruptions or security threats. He also sees more insurance companies offering advanced translation services to ensure travelers can communicate effectively with local authorities, medical providers and transportation services. And he sees more providers offering real-time security alerts and location-based updates to help travelers stay informed of potential risks. After all, the best travel insurance doesn't just cover you when something goes wrong — it helps prevent things from going wrong.
Zawya
24-06-2025
- Business
- Zawya
Travelex reports surge in prepaid travel card popularity
Travelex, a leading foreign exchange brand, has experienced significant growth in its prepaid Travelex Money Card, outpacing industry forecasts. Between January and May, Travelex saw a 49% increase in reload transactions and a 50% increase in card reload penetration. This surge in customers choosing Travelex's prepaid card product outpaces Allied Market Research's forecast of a 15.3% CAGR in the prepaid travel money card market between 2023 and 2032. Additionally, Travelex has seen a 10% year-on-year increase in conversion rate in its TMC app, attributed to the company's relaunching of the app last year. The UK app allows customers to add up to 22 currencies, check their balance, view card details, and freeze and unfreeze their cards for instant protection. "Travellers want to access, top-up and manage travel money in a secure and reliable way. Our prepaid Travelex Money Card enables customers to easily budget, get competitive Travelex rates and spend whenever and wherever' said Simon Jackson, Chief Customer Officer at Travelex. 'We're delighted that our new Travelex Money Card app has been a major driver of Travelex Money Card growth. The app offers customers a fast and seamless top-up experience, making it even easier to spend safely abroad,' added Jackson. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Times of Oman
29-05-2025
- Business
- Times of Oman
Travelex hosts Staff Induction at Europcar Oman & Bahrain's Cutting-Edge HQ in Muscat
Europcar Oman & Bahrain proudly hosted Travelex, the world's leading travel exchange company, for the induction program of its 20 newest team members. The event recently took place at Europcar's state-of-the-art headquarters in Muscat, setting a new benchmark for corporate hospitality and employee engagement experiences in the region. Travelex selected Europcar HQ not only for its professional infrastructure but also for its unique lifestyle amenities. The Boardroom, equipped with advanced audio-visual capabilities, offered an ideal setting to impress and onboard the new team members with a dynamic and inspiring atmosphere. Beyond the formal proceedings, participants had exclusive access to the expansive Europcar HQ facilities. The space includes a Gaming Lounge featuring Table Tennis, Billiards/Snooker, PS5, Chess, Carom, Darts, Board Games, and a Golf Putting Green—designed to offer mental and physical rejuvenation. Guests also enjoyed the Wellness Zone, which includes a fully equipped Gym, serene Yoga Studio, Massage Chair, and tranquil indoor waterfalls and greenery. Adding to the experience, the Europcar Café offered unlimited specialty coffees, karak chais, chilled beverages, and a selection of snacks such as popcorn, nachos, and cookies, all enhanced by high-speed WiFi connectivity throughout the premises. Europcar HQ also offers a unique array of complimentary amenities tailored for SMEs, start-ups, and professionals, designed to enhance creativity, productivity, and collaboration. This pioneering initiative creates a harmonious blend of work and relaxation in a vibrant and stimulating environment, inviting guests to immerse themselves in a rejuvenating experience like no other. Ljiljana, General Manager at Travelex, shared her experience: 'We were absolutely delighted to host our induction program at Europcar's HQ. The environment was uplifting, professional, and deeply engaging. It truly felt better than a five-star hotel—with the added benefits of the gaming lounge, wellness centre, and exceptional hospitality. Our new team members were thoroughly impressed.' Nitin Sapre, CEO of Europcar Oman & Bahrain, expressed his pride in the facility: 'We designed Europcar HQ to be more than an office space—it's a destination for productivity, wellness, and innovation. We're thrilled to see global companies like Travelex choose our venue to inspire their teams. This aligns with our vision of redefining workplace and event experiences in Oman and Bahrain.'
Travel Daily News
23-05-2025
- Business
- Travel Daily News
Moroccan Dirham sales surge amid tourism boom says Travelex
Travelex reports 67% surge in UK sales of Moroccan Dirham, driven by Morocco's tourism boom and strong local preference for cash payments. Leading foreign exchange brand Travelex has seen an increase in the sale of the Moroccan Dirham (MAD), reflecting the country's new status as North Africa's most popular tourist destination and its prevalence on cash transactions. Between January and March of this year, Travelex reported Moroccan Dirham sales increasing by 67% in the UK and 33% in Europe compared to the same period in 2024. According to UN Tourism data, last year Morocco emerged as Africa's most-visited tourist destination, attracting 17.4 million international travellers in 2024 – a 20% year-on-year increase from 2023. In Q1 2025, Morocco attracted four million visitors, which is a 22% year-on-year increase on Q1 2024. 'Morocco has become an attractive destination for international visitors and we're seeing this reflected in our sales of MAD,' said Simon Jackson, Chief Customer Officer at Travelex. 'Travellers are looking for affordable destinations, and given the cost-of-living challenges customers are facing, it's no surprise that Morocco is becoming a tourist hot spot. With heavy investment in tourism and budget airlines increasing flight paths, it's a great time to buy MAD and spend like a local.' Morocco remains one of the world's most cash-reliant nations, with cash still used in 90% of all purchases according to Western Union data. In particular, smaller vendors, taxis, bazaars and public transport are unlikely to accept card payments with a preference for cash. 'Travel money is especially important for cash-centric societies like Morocco and while digital payment will likely increase in the future, it's our mission to ensure our customers have access to the currency they need – both cash and card – whenever and however,' Jackson added.
Forbes
26-04-2025
- Forbes
Do You Need Travel Insurance For Your Summer Vacation?
If you need a medical evacuation this summer, you better hope you have travel insurance. Here's how to find a policy. With vacation season just around the corner, many travelers are asking themselves: Do I need travel insurance for my summer trip? Stefany Di Manno Ceccato already knows the answer. But she found out the hard way. A friend vacationing in Mexico smashed his head on a nightstand in his hotel, sustaining a serious injury. "He had to fly to California for medical treatment, which cost him $75,000," she says. Travel insurance could have covered all of his expenses. Ceccato says now she always buys travel insurance for herself. And, as a travel advisor, she also recommends it to her clients. But what does travel insurance cover for you this summer — and what doesn't it cover? What do you absolutely need to know about buying travel insurance? And how can you determine if you need it? 'If you're traveling more than 100 miles from home, you should consider purchasing a travel insurance plan," says Will Nihan, CEO of Travelex Insurance Services. You have more options this summer than ever, he notes. Travelex recently released a full suite of new travel protection plans, introducing new coverages, benefits, and upgrades that travelers and travel advisors have requested. The idea of fitting coverage around the traveler — instead of the other way around — is gaining traction in the travel insurance business. And just in time. "Think of all the things that can go wrong," says André Disselkamp, CEO of the German travel insurance website Insurancy. "Travel insurance can make all the difference between enjoying your trip and stressing over it." All of which brings us to the number one mistake summer travelers make: not buying travel insurance or relying on lesser coverage from your credit card. "That could lead to hefty losses should you encounter travel disruptions that prevent you from taking your summer trip, such as an illness, extreme weather, or delay of a travel carrier," warns Jenna Hummer, a spokeswoman for Squaremouth. Travel insurance generally covers trip cancellation, trip interruption, trip delay, and medical expenses. "While many other coverages are available, travelers typically want to protect their trip investment by covering medical costs if something happens," explains John Rose, chief risk and security officer at ALTOUR. A related — but often overlooked — type of coverage is emergency assistance, he says. For example, if you find yourself without necessary medication, you need someone who can help you replace it quickly. Or if your trip is interrupted and you need to reach your final destination, who will help you? Rose says a travel advisor can help, but travel insurance can fill the gaps. But travel insurance isn't a magic bullet if you're protecting your trip. "It doesn't cover interruptions like a hurricane that was already forecast to affect your destination," says Joe Cronin, CEO of International Citizens Insurance. You can get coverage for pre-existing conditions under certain circumstances, but if you try to get hurricane coverage when a storm already has your destination in its crosshairs, good luck with that. The closest thing to a magic bullet is a "cancel for any reason" policy, which is more expensive than a regular policy but will reimburse at least part of your prepaid, nonrefundable expenses, regardless of the reason for cancellation." Jason Block, chief executive officer of WorldVia Travel Group, a collection of travel companies in the United States, explains the process. Travel insurance can cover pre-existing medical conditions through what's called a pre-existing condition waiver if you meet specific requirements. Typically, you must purchase the insurance within 14 to 30 days of your initial trip deposit, you must insure 100 percent of your prepaid nonrefundable trip costs, and you must be medically able to travel at the point when you purchase the policy," he says. "It's crucial to understand your specific policy requirements." Trip insurance also can also include activity limitations, such as an exclusion for extreme sports. "It's awful to discover your illness or injury is not protected because you participated in a restricted activity," says Harding Bush, associate director of security operations for Global Rescue. One of the biggest problems with travel insurance is that people don't take the time to read the fine print and understand what is — and isn't — covered. Mitch Glass was traveling to Mexico with his pregnant wife when he discovered how his travel insurance defines "pre-existing" conditions. His wife fell ill on the second day of their trip and spent five nights in a hospital. "Turns out, she had hemorrhagic dengue, which is a potentially deadly infection that comes from mosquito bites," he says. "We had travel insurance coverage, but our claim was denied because dengue has an incubation period of 7 to 10 days before symptoms appear. So even though she felt perfectly fine when our coverage started, the insurance company said she must have been bitten by the mosquito before leaving home." Glass, a travel coach, says it's an absurd way to define pre-existing conditions. "When you buy travel insurance, you trust you'll be covered if you get sick abroad. But with this line of reasoning, you could hypothetically go on a week-long trip and never be covered for these types of diseases that have incubation periods," he says. While travel insurance can cover many things — and also doesn't cover many others — there's one main reason to get it this summer: if you're traveling internationally and you need medical coverage. "Most domestic health insurance does not cover you overseas, and universal health care is not intended for travelers," explains Jeremy Murchland, president of Seven Corners Travel Insurance. "So you need travel insurance to pay for treatment if you get sick or hurt or need an emergency medical evacuation." Murchland says anything can happen when you travel this summer. It could be as mundane as the flu or as life-threatening as a car accident. Medical systems in other countries usually require you to pay for treatment up front or before they discharge you. "You don't want to find yourself in a medical emergency, unable to get necessary care or return home because you can't afford it," he says. Every trip is different. For example, a weekend visit to see relatives this summer might not be something you should insure. But a safari in Tanzania, definitely. "You need to assess your trip's complexity, cost, and potential risks before deciding on coverage," advises Raymond Yorke, a spokesman for Redpoint Travel Protection. Go through all the types of coverage: Ask yourself: What kind of coverage do I need? And what are the exclusions? "To determine if travel insurance is necessary, consider factors such as international destinations, expensive prepaid activities, or potential risks like extreme weather or illness," adds Yorke. Common mistakes include overlooking policy exclusions, underestimating coverage needs, or purchasing insurance too late in the booking process. One more thing. If you're thinking of getting insurance, timing is important. "From analyzing thousands of customer decisions, I've noticed summer travelers often make the mistake of waiting until the last minute to purchase insurance," says Eamonn Turley, CEO of Multi Quote Time, a UK-based travel insurance site. "Buying early, ideally when booking your trip, ensures you're covered for pre-trip cancellations so that you get the most value from your policy." In other words, this is the ideal time to think about travel insurance — before you book your trip. Run through all the scenarios and consider the best coverage for your summer trip. You'll be glad you did.
