A recent survey conducted by global fintech giant Revolut in partnership with research company YouGov revealed key trends and behaviors among Singaporean travelers. The study, which included a representative sample of over 1,000 Singaporeans aged 18 to 65+, highlights both the rising travel expenditures and the financial pitfalls Singaporeans face abroad.
Travel demand in Singapore continues to soar. The number of passengers departing Changi Airport increased by over 80% year-on-year in 2023, with this upward trend expected to continue into 2024. The Revolut-commissioned survey found that one in five Singaporeans believe they will spend more on travel in 2024 compared to 2023. Despite this, many travelers prefer to set a budget and use tools to avoid overspending. More than half (54%) of those surveyed estimate costs for transportation, accommodation, and activities to determine their travel budget, while 47% consider trip duration and daily spending allowance. A third (35%) base their budget on available savings or disposable income, and one in four set a fixed amount based on previous travel experiences.
Financial planning often takes a backseat amidst the excitement of travel. This oversight becomes apparent when travelers return home and realize they’ve incurred numerous avoidable costs. According to the survey, 70% of Singaporeans use cash when abroad, and 48% use credit cards—44% of whom rely on dynamic currency conversion, which incurs additional fees. Of those using credit cards, more than half (53%) are Gen X, while 34% are Gen Z. Meanwhile, 38% use debit cards, predominantly Gen Z. Overall, more than 40% of Singaporeans have paid FX fees charged by their bank or credit card issuer for overseas purchases, and over 30% have faced currency conversion fees at banks or exchange services. Additionally, one in four have paid dynamic currency conversion fees for transactions in their home currency abroad, and another one in four have faced ATM withdrawal fees from non-partner banks.
Singaporeans are keen deal-seekers, prioritizing value and experiences over luxury when traveling. Three out of five book accommodation in advance to secure discounts and value-for-money deals. Nearly 30% consider themselves budget/value travelers, close to 20% identify as experiential travelers, while only 3% are luxury travelers.
Despite the availability of various currency exchange methods, over 70% of Singaporeans prefer exchanging currency at money changers before traveling. About 25% exchange currency in their destination country, with 12% using currency exchange kiosks or bureaus and 13% withdrawing cash from ATMs. Younger generations are more tech-savvy, with 37% of Gen Z using apps like Revolut for currency exchange, compared to just 16% of Baby Boomers.
Revolut offers users competitive exchange rates, often better than those at money changers or banks. With Revolut, users can spend in over 150 currencies and store up to 34 currencies in their wallet, including the recently added Indonesian Rupiah, Philippine Peso, Thai Baht, Korean Won, and Indian Rupee. Revolut also allows users to withdraw up to S$350 (Standard account) from overseas ATMs each month without fees and helps locate nearby ATMs through the app.
To secure their finances while traveling, Singaporeans commonly:
The top features Singaporeans want in a travel money app include:
Revolut offers all these features and more. Users can instantly freeze or unfreeze their card if lost or stolen and use single-use virtual disposable cards for added security. Join over 40 million users and manage your finances with Revolut. The app is free to download, with various money management tools available on the free Standard account, or upgrade to a paid plan for even more features.
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