Travelling is undoubtedly one of life’s greatest pleasures: getting away from it all, discovering beautiful places, getting to know other cultures and meeting people are just some of the things it offers you as you explore the world. What was once a tourist, stressed by timetables and routes, is now a traveller in search of experiences, comfort and enjoyment.
Travellers are concerned about their plans, and thanks to mobile banking, they now don’t have to worry about their money. Nowadays, nobody would even dream of travelling without their mobile phone, it’s become indispensable in all circumstances, which not only makes your stay more comfortable but also makes it possible for you to feel at home, even though you’re thousands of kilometres away from your home country.
Cards are undeniably one of the preferred payment methods to cover the costs of travel. However, they’re also a massive headache when you get back home and see the commissions for using them, which continue to increase all the time. To save money, avoid unpleasant surprises and only worry about enjoying yourself, experts from the first pan-European mobile bank, N26, have analysed the benefits of travelling with mobile banking.
According to data from their Spanish customers, almost 20% of total expenditure is spent on travel and hotels. If we add another (almost) 20% on food and eating out, and the 13% spent on transport and petrol, we can see that more and more we’re looking to organise short trips and experiences away from home. And the numbers are rising
What’s so special about travelling with a mobile bank account?
- Change country without changing bank. The convenience of not having to carry cash is one of the major benefits that new technologies provide. Added to this is the fact that you can forget about all your cards thanks to the digitalisation of the banking system. You can now travel with the certainty of knowing that you can continue to operate with your usual bank, regardless of the destination, and still feel at home.
- Cash withdrawals without high commissions. Taking out money from any ATM in the world without paying high commissions is no easy task. However, the arrival of banks like N26, without borders, reduces these costs. The N26 bank allows you to withdraw cash in Euros from any ATM up to 5 times per month for free, and in the case of ATMs that operate in other currencies, the bank applies a 1.7% commission on the amount withdrawn. And you can even avoid the extra cost by contracting the N26 Black premium plan.
- Shopping in stores without added charges. Traditional banks not only apply a fee of 3-4% on cash withdrawals but also on purchases in shops. Mobile banking breaks down borders and allows you to pay in any currency in any shop around the world without commissions.
- Instant cash for unforeseen circumstances. Having your card on your mobile phone makes it easier to deal with any unexpected financial problems that you may have when you’re away from home. With platforms like Apple Pay and Google Pay, you can forget about taking out your wallet to pay, and with mobile banking, you can control all your financial activity from your smartphone. Your bank account is in the palm of your hand!
- Insurance for travel assistance and accidents abroad. Some neo-banks and mobile banking cards include travel assistance and accident insurance that covers unforeseen expenses when you’re travelling away from home. This can mean significant savings in the event of lost luggage, theft, damages or health problems.
- One-click transfers. If you’re travelling and need to transfer money to a family member back home or make a payment in the country you’re visiting, mobile banking is a great option to do both with just a few clicks, and it saves you from having to look for a branch. In addition, it saves you time, effort and money: international transfers from your mobile with N26 are up to 8 times cheaper than with traditional banks. N26 has also partnered with TransferWise, which means you can make transfers in up to 19 different currencies.
- The bank office travels with you on your mobile. What if you lose your card or some steals it? Traditional banks require you to call to block it, but with mobile banking, you can block or unblock your card from the app on your phone with just a few clicks. Everything is at your fingertips, allowing you to enjoy your trip and not worry about your money.
So now, it’s time to start planning your next trip and consider the advantages of travelling with your bank in your pocket and your finances under control.
