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Wednesday, May 16, 2018

Australians going abroad without travel insurance. Would you?

It's true. The latest Thomas Cook Money (TCM) Travel Report reveals 30 per cent of Australians traveling overseas do not have travel insurance.

In response, the newest player in the travel insurance and finance sector, Thomas Cook Money, has today announced it will offer a suite of user-friendly travel money services specially designed for Aussies on the go, including travel insurance, foreign exchange and a pre-paid travel card. Free global wifi* will soon be offered as part of the travel insurance packages, enabling internet connections for globe-trotting customers.

As part of Thomas Cook Money’s entry into Australia their first locally commissioned consumer research, the TCM Travel Report provides some interesting findings. While a high proportion of Australians travel frequently overseas each year, almost 30 per cent choose not to purchase travel insurance. And only 18 percent of respondents take out travel insurance when travelling domestically.

Overwhelmingly, consumers looked for low price (45 percent) and a low claim excess (35 percent) when choosing a travel insurance policy, while 37 percent looked for an easy application process.

Just as important in travel financial decisions are bank fees, with almost 95 percent of overseas travellers reporting international fees and exchange rates as an important consideration when deciding to use a debit card, credit card or to buy foreign currency. One in three travellers used a credit card overseas, with another one in three using local cash.

Managing Director of Thomas Cook Money Asia Pacific Mark Tarring will lead the Australian operation as a springboard to new markets in the Asia Pacific region.

Tarring said Thomas Cook Money was committed to helping its customers manage their holiday budgets year-round, making holiday planning easier and more sustainable with new, user-friendly digital technologies.

“Thomas Cook Money is leveraging the company’s extensive heritage in the global travel industry to deliver fairer, simpler and digitally-led products that look after holiday money for 365 days of the year, not just when you are on holidays. We’re not a bank. We’re a holiday company with a mission to help make holiday money easier to manage for everyone,” Tarring said.

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The Expeditionist

The Expeditionist
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