When it comes to international travel, one of the biggest challenges many face is how to properly manage their finances while abroad. This is especially pertinent given the rising cost of travel, with high demand and inflation driving prices to record levels. It shouldn’t be surprising, then, that three-quarters of would-be travelers say that financial concerns are keeping them from traveling internationally.
However, as the cliche goes, “there’s an app for that” — and in this case, several fintech companies are changing how people travel and manage their finances abroad. The introduction of these tools helps ensure that travelers are better equipped to navigate the financial side of their next trip.
1. Selfbook
Selfbook is a fintech-powered system designed to streamline hotel bookings and payments for guests and hotels. Many hotels have custom booking engines, which can complicate payment processing for hotels and customers. Selfbook allows such hotels to easily add payment blocks to their website, even including buy now pay later (BNPL) and digital wallet options.
The system ensures that hotels can provide a booking and checkout process on their own website that looks consistent with their overall branding, with a simplified solution that allows visitors to book rooms, submit payment and receive instant confirmation all on the same page. Selfbook Direct allows hotels to add this system to their website, even if they didn’t have an online booking system before.
With Selfbooks, hotels can more easily manage direct bookings through their website, with booking and payment processing all verified and automated through a fintech system that helps secure payments, prevent fraud and minimize common issues like chargebacks and last-minute cancellations.
For travelers, this opens up more opportunities to use the payment options that best match their preferences. This makes it easier to make payments in a way that best matches their financial system, while also having the peace of mind knowing that the payments are processed securely.
2. Faye
Faye has helped upend the traditional travel insurance model with a fast, proactive and technology-focused approach to getting and using coverage. While the ability to quickly get highly customizable travel insurance coverage in everyday jargon-free language is a major plus for many travelers, Faye’s fintech offerings are what really help it stand out from its competitors in a legacy-dominated ecosystem.
Notably, Faye offers instant payouts for approved claims, often done while travelers are still in their destination. Travelers can submit their claim directly through the Faye app in minutes. After a claim or reimbursement request has been reviewed and approved, funds are disbursed to the Faye Wallet, a digital debit card that’s personalized to each Faye user. Funds are readily available and can be used for urgent needs — such as replacing clothing because of lost luggage or covering emergency expenses.
As Elad Schaffer, co-founder and CEO of Faye, explains, “When a financial emergency pops up on your trip, you can’t afford to wait weeks or months to get a financial reimbursement or assistance. Especially when traveling internationally, covering unexpected expenses out of pocket can be very challenging. Faye provides a fast and reliable payment solution for travelers on the road, helping ensure that your trip goes right. We are making significant investments into the Faye Wallet, and will soon reveal additional and highly anticipated features to support travelers on the road.”
With coverage for everything from emergency medical expenses (including pre-existing medical conditions) to trip delays and lost belongings, Faye’s fast reimbursements and wide range of coverage options (and even the recent addition of telemedicine access in 21 languages) can give international travelers much-needed peace of mind.
3. Navan
Navan (formerly known as TripActions) is a corporate travel platform that expanded its fintech offerings during COVID. Through its corporate travel programs, Navan offers expense management and corporate card services in a manner designed to give companies real-time visibility into expenses while also relieving employees of the burden of generating expense reports.
Navan Expense allows participating corporations to set their spend policy and provide employees with easy access to that policy. The policy is applied automatically when employees make a purchase using their company card. Instead of employees needing to itemize and explain the reasoning for each of their travel expenses, the process is automated. Similarly, finance teams benefit from automated compliance, reconciliation and approvals processes.
The company’s tech ensures that visibility and policy enforcement are provided in real-time, greatly relieving the burden on all involved in the financial side of corporate travel. And Navan has recently introduced a program that allows businesses to link their existing corporate Visa or Mastercard cards to make it even more accessible and user-friendly.
With these and other offerings, such as its travel management program, Navan sometimes helps organizations maintain a strong corporate travel experience for their employees, while also helping them control travel costs.
Traveling with confidence
With the help of these and other fintech tools, today’s travelers are better equipped than ever before to navigate travel abroad without having to stress about their finances. Indeed, the protection offered by these fintech tools can go a long way in helping international travel feel financially safe and secure.
With financial protection products, instant travel insurance payouts and more, staying financially healthy while on the road has never been easier — no matter where your travels might take you.
This article is for informational purposes only and does not substitute for professional medical advice. If you are seeking medical advice, diagnosis or treatment, please consult a medical professional or healthcare provider.
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