£2.3bn of travel money ‘left unmanaged’ by companies
Travel money worth £2.3 billion is left unmanaged by British businesses as they fail to centralise their corporate foreign currency, new research shows.
UK business travellers are mainly left to their own devices when it comes to purchasing and managing their foreign exchange, the latest Travelex International Foreign Exchange Market Monitor by Travelex found.
Despite more than a quarter of business travellers stating they would prefer their employers to organise their foreign exchange, only nine per cent of companies source foreign currency for employees.
Without centralised policies or corporate foreign exchange services at their disposal, the research reveals business travellers are making decisions on their currency purchases that could cost their employers dearly.
The research showed that more than three quarters of British business travellers choose to only take cash when travelling abroad, exposing themselves to the risk of carrying large sums of money. The findings are in contrast to people’s habits at home where the number of cash transactions is continuing to decline.
It also found that the average business trip lasts eight nights incurring significant costs.
The alternative to solely taking cash is for companies to offer a mixed wallet to staff; cash for incidentals, or remote locations, and a prepaid currency card for the major trip allowance, according to Travelex.
Managing both these purchases centrally enables companies to benefit from more efficient financial control and preferential rates due to fewer payments in commission.
Travelex head of corporate Jonathan Bennett said: “It is surprising how many business people are still travelling with only cash, when there are alternatives like the Corporate Cash Passport available, especially when large amounts are required.
“Both individuals and companies can minimise the risks of carrying cash, reduce exposure to foreign exchange fluctuations and get better rates if they adopt centralised purchasing.”
Travelex currently distributes over £50 million to fund business expenses to corporate customers saving them in total more than £500,000 each year in rate and efficiency benefits.”
The survey was based on 2,774 online interviews in 11 countries worldwide with 1,172 of these related to business trips.
by Phil Davies
Phil Davies
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