Anyone using an airport in the last few months will not have been surprised by IATA’s recent press release: “Air Travel Reaches 99% of 2019 Levels as Recovery Continues in November.” While a good share of this is leisure traffic – vacation travel out of the US continues to grow – businesses across North America are once again embracing the culture of in-person meetings. This is not just a response to the reopening of global markets post-pandemic. It reflects a deep-seated belief in the effectiveness of face-to-face interactions for forging and maintaining strong business relationships.
Resurgence of In-Person Business Meetings
However, the landscape of international travel in 2024 is significantly more complex than it was before the global health crisis. The world’s geopolitical climate is both volatile and unpredictable. This is particularly so in regions like the Eastern Mediterranean and the Middle East, but parts of South America, Africa, and Asia, also come with significant challenges.
These include not just political instability, but an the increased likelihood of natural disasters. These new potentials demand that companies take a proactive approach to risk assessment for their employees traveling abroad. In days gone by, some companies may have viewed risk assessments as mere formalities. Today, no one can afford such complacency.
Global Travel – More Complicated Than It Was!
Effective risk assessment is not merely a bureaucratic requirement; it’s a critical component of ensuring the safety and well-being of employees on international assignments. The process should be dynamic, incorporating real-time information from reliable sources within the destination countries. By understanding the specific risks associated with each location, businesses can better prepare their traveling executives for the realities they may face.
Practical risk mitigation strategies are essential. And in an era where digital transactions are becoming the norm, the usefulness of cash, particularly in emergency situations, should also be considered. Infrastructure issues or sudden emergencies can render digital payment systems useless, making access to local currency crucial for small transactions or unforeseen expenses.
The Crucial Role of Practical Risk Mitigation
For businesses sending their executives to high-risk areas, providing them with the necessary funds in the local currency is a vital part of the preparation process. This is where services like Money 4 Travel come into play. They offer a convenient, reliable way for businesses to procure foreign currency ahead of travel. By partnering with banks and credit unions that offer such easy-to-use travel money services, companies can ensure their employees are well-equipped for their journeys.
Money 4 Travel’s services are particularly beneficial for business travelers and their support teams. By ensuring a seamless solution for obtaining foreign currency, they ease one aspect of travel-related stress. This allows employees to focus on the purpose of their trip – building and maintaining strong international partnerships.
As business travel burgeons in 2024, companies must prioritize thorough risk assessments and practical preparations for their traveling employees. Similarly, banks and credit unions catering to business clients, should ensure they have a service like Money 4 Travel. This will enable them to provide a reliable and efficient way to manage the travel money needs of their complete customer base, not just those on vacation. In doing so they’ll be making a small but significant contributing to the overall safety and success of international business ventures.
By Declan Morton, staff writer at Money 4 Travel and Essiell Ltd.
References:
IATA Press Release No 2, January 10, 2024: Air Travel Reaches 99% of 2019 Levels as Recovery Continues in November
Travel Daily Media (TD), January 10, 2024: Global travel soars amid evolving risk landscape: A Call for enhanced risk management
