Revolut and Bexs identified 61% of Brazilians That Travel Abroad Still Use Cash

Revolut, a global financial app with over 35 million customers around the world, identified that 61% of Brazilians that travel abroad still use cash and buy foreign currency in exchange brokers. The information is part of a study developed by the company to understand the behaviours of Brazilian travellers when it comes to financial products for international travels.

In the survey, 58% of respondents said that they intend to travel abroad in the next 12 months and guarantee that they start planning 4 months to one year in advance. Financial planning, one of the most important topics of any international trip is one of the things that most concern Brazilians – 60% of them would like to have more control over their money during the trip and 46% want to have more visibility of their expenses which end up, sometimes, going to the traditional credit card.

Glauber Mota, CEO in Revolut Brazil, explains that global accounts are an interesting alternative for people who are looking for more safety and control in trips, but also a way to protect themselves from currency fluctuations. “When you go to exchange brokers to get different currencies, you end up paying more for every dollar, for example, because these brokers use the tourist rates and not commercial rates. Also, by taking cash on your trip, you have less security, because you can lose your money or it can get stolen. With Revolut’s global account, you can exchange money 24/7, save different currencies on our app while you prepare for your next trip abroad, configure alerts so you can know when to buy currencies at a lower price and also keep track of your spending and expenses in real time during your trip. If you run out of money, you can instantaneously send a PIX to your account and get it ready to exchange again”, Glauber says.

The study also shows that, in case of emergency, 66% of Brazilian tourists use their credit card. For Luiz Henrique Didier JR., CEO from Bexs, a cross-borders payments and currency exchange bank, which had its acquisition from Ebury recently approved by the Brazilian Central Bank, the use of the traditional credit card during a trip can get in the way of more control during the travel. “The amount spent on cards abroad have IOF rates, usually above 5%, and also spread fees, which can be up to 6%, which are both added to the original cost of the purchase.

Another important factor is that these fees are charged at the moment the credit card bill is closed, and not only the purchase is made. Depending on the currency value that day, the result can be damaging and lacks transparency and clarity for the traveller”, explains.

However, Mota believes that the future is bright for global accounts, since at least 1 in 2 travellers have used financial apps for travel. “We need to talk more about the benefits of using a global account such as Revolut so that more people have the confidence to use it for purchases and expenses in other countries. The savings can add up to 10% when compared to traditional credit cards and our plan is to continue to educate the market so that more people can understand the value and have access to products that are easy to use, convenient and safe”.