Nationwide lockdowns imposed around the globe have kept millions of many families apart. As countries are now slowly opening their borders to international tourists, that long-awaited reunion is close.
Eased travel restrictions and the global vaccination rollout will also nudge many individuals desperate to travel after spending years in isolation.
The bad news is that not all travel insurance covers COVID19. The good news is that there are smart ways to ensure your trip against COVID19 and other pandemic-related risks such as borders suddenly closing down due to a surge or change in quarantine policies.
Everyone including the fully vaccinated population may be apprehensive of changing norms, unexpected breaks in their travel plans, or being stuck in a foreign country for months.
Recognizing the threats that the COVID19 outbreak exposed, travel insurance policymakers have adapted and modified their existing insurance coverage plans accordingly. These may include but are not limited to:
Several travel insurance policies now offer "Cancel For Any Reason" coverage that protects travelers from sudden cancellation for any reason. However, CFAR is a time-sensitive benefit with eligibility requirements for which an individual must qualify.
Traveling amidst a pandemic means following safety rules, restrictive regulations, and adhering to different quarantine measures upon entering a new country each time.
Therefore, you need travel insurance policies that cover not only medical expenses while traveling but also unforeseen scenarios such as emergency medical evacuation, trip cancellations, or interruptions due to COVID19, besides other conditions covered under a travel insurance policy.
Before you purchase any policy, ensure to read all plan documents carefully to understand all benefits and eligibility requirements that differ across travel insurance policies.
There is no one-size-fits-all when it comes to Travel Insurance: some people travel regularly for work, some work for months and years to save up for a single trip, and some may have to travel urgently for a family emergency.
Traditionally most travel insurance policies and plans cover expenses on account of medical emergencies, trip cancellation, interruption or delays, medical evacuation, and lost, damaged, or stolen luggage. However, given the current times, you must look for specific policies covering COVID19.
Medical Insurance Coverage is offered as a comprehensive part of a travel insurance plan. Good travel insurance and travel medical insurance plans should provide coverage for medical expenses incurred while traveling abroad.
Charges covered are immediate medical treatment on being diagnosed by a physician upon entering a new country, transportation to the nearest medical facility, and in some cases, partial or full responsibility for return to your home country.
While a travel medical insurance plan will cover medical treatment charges abroad, a travel insurance plan will only cover charges to transport the policyholder to the nearest health center and at the most make arrangements to send you back home for proper treatment.
One must check thoroughly with the insurance company about the policy's global benefits, application, and eligibility on medical conditions and coverage provided when abroad.
Emergency Medical Evacuation Coverage provides transport assistance in the event of sudden illness, injury and on the advice of a physician you need immediate hospitalization. Usually to ensure that you are transported to a facility near your home.
In the case of the COVID19 situation, one may have to quarantine as per regulation then one can make a choice in advance as to which hospital, health center, or medical treatment they prefer.
Ensure to check if your travel insurance plan covers hospitalization charges on account of contracting Coronavirus. Apart from COVID19, some travel medical insurance may also cover other medical conditions including acute onset of pre-existing conditions.
We recommend reading the fine print of your insurance plan to learn which illnesses or medical conditions are excluded and included.
Trip Coverage including interruption or reimbursement against pre-paid, non-refundable expenses in case of unexpected situations making your travel plans short. Especially in the current scenario with the evolving delta variants of the COVID19 virus, health risks are at large.
Apart from the impact of the pandemic, there are chances of your trip coming to a halt on account of sudden health issues or the occurrence of unforeseen events, with no fault of your own, these events may affect the duration of your trip.
However, there are specified exclusions and inclusions stated in policies that will differ from plan to plan. Ensure to check that your travel insurance policy does cover possible situations on account of COVID19.
Whether you are a seasoned traveler or traveling for work or education purposes, or visiting your family and friends, it is always recommended that you purchase a travel insurance policy to protect yourself from any travel-related emergencies regardless of the prevalence of a global pandemic.
Finding A Travel Insurance Policy That Suits Your Needs
Finding the right travel insurance policy that suits your needs is not hard. Although insurance plan coverage may be limited to state governing policies and eligibility criteria, studying and comparing insurance plans are easily available online at our fingertips.
You are probably reading this because you are a CompareRemit user. And as a money transfer marketplace, we help millions of people around the world like yourself save money on transfer fees and get a higher exchange rate by comparing different money transfer service providers.
So naturally, if we are recommending travel insurance plans that cover COVID19, we insist you use a travel insurance Marketplace like VisitorsCoverage that empowers you to compare different insurance policies thereby helping you with information to purchase the best travel insurance plan that serves your specific needs.
VisitorsCoverage also has licensed customer service reps who can help you if you have questions or doubts, they assist you in finding the best suitable travel insurance plan for you, your family, and your loved ones.
With options to generate a quote online, providing a Toll-Free line for assistance, email in case you prefer email over a call, and what's more, you can even WhatsApp your queries to them. You can opt for their assistance both online and offline.
According to recent data released by the central bank, Mexico received an impressive sum of nearly $5.7 billion in remittances during the month of May, setting a new monthly record. However, analysts caution that the strength of the peso against the dollar may have mitigated this achievement.Since the majority of remittances to Mexico originate from the United States, the value is recorded in dollars. Goldman Sachs analyst Alberto Ramos explains that "a strong peso hurts remittances," referring to the fact that the appreciation of the Mexican currency has an adverse effect on the funds received when converted from dollars to pesos.Interestingly, the peso has emerged as one of the top-performing currencies this year, appreciating over 13% against the U.S. dollar between May 2022 and May of this year.Due to the peso's appreciation, when measured in local currency, remittances actually experienced a 2.2% decline compared to the previous year, as stated by Ramos.Mexican President Andres Manuel Lopez Obrador has consistently highlighted the positive impact of remittances on the country's economy. The funds, primarily originating from the United States, have played a significant role in Mexico's economic growth.In 2022, Mexico recorded a record high of $58.5 billion in remittances from abroad, making it the second-largest recipient country, trailing only behind India.Despite the challenges posed by the "super peso," the dollar value of remittances sent in May increased by nearly 11% compared to the previous year.The latest data for May reveals a substantial jump of almost 14% compared to the previous month, resulting in a total inflow of funds reaching $24.67 billion this year.Notably, this amount surpasses the combined revenue generated by oil and agricultural exports during the same period, as noted by analysts at Mexican brokerage Monex.Analysts at Monex and BBVA attribute part of the May surge to the celebration of Mother's Day, suggesting that around 10% of the increased transactions can be attributed to this commemoration.The number of transactions in May experienced a 7% year-on-year increase, reaching a total of 14.56 million. Furthermore, the average amount per transaction rose by 3% to $391.Goldman Sachs' Ramos emphasizes that the strength of remittances reflects the robust U.S. labor market and visible wage growth, particularly in sectors where Mexican citizens are prominently represented.To compare today's best rates when remitting money to Mexico, use CompareRemit's easy-to-use USD to MXN exchange rate comparison tool!
New York, 27/05/2023 – Taptap Send, the innovative mobile money transfer application, is proud to announce its partnership with leading remittance solution provider CompareRemit.com. With a focus on empowering immigrants, Taptap Send simplifies the process of sending money back home to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal.Sending money across borders has long been a complex and expensive endeavor for immigrants supporting their families and loved ones. Taptap Send was developed to address these challenges, providing a user-friendly mobile application that streamlines and optimizes the money transfer process, all through the convenience of a smartphone.Taptap Send offers a range of features designed to enhance the experience for immigrants sending funds back home:Competitive Rates and No Transfer Fees: Taptap Send leverages technology to streamline operations, resulting in more affordable transfers compared to traditional methods.Mobile Accessibility: The Taptap Send mobile application ensures users can initiate money transfers anytime, anywhere.Transparent Pricing: Users are provided with upfront information on exchange rates, allowing them to make informed decisions and have a clear understanding of the total cost of the transfer.Taptap Send aims to break down the barriers faced by immigrants when sending money back home, enabling them to provide vital support to their families and communities with ease and efficiency.Through its partnership with CompareRemit.com, Taptap Send further expands its reach and impact, offering immigrants a comprehensive range of remittance solutions tailored to their specific needs and requirements.To learn more about Taptap Send and explore the various money transfer options available for sending funds to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal, please visit the Taptap Send website.About Taptap Send:Taptap Send is a mobile money transfer service that simplifies and enhances the process of sending funds internationally. Designed with immigrants in mind, Taptap Send offers a user-friendly mobile application that empowers users to initiate money transfers conveniently and affordably, providing vital support to their families and loved ones across borders.Media Contact:Name: Anthony JacobTitle: Head of Growth, South AsiaEmail: [email protected]
US Dollar's Current State as a CurrencyThe United States dollar has been the dominant currency in the world for decades, and its importance is reflected in its widespread use in international trade and investment. Despite facing several challenges over the past few years, the dollar remains a popular currency for global transactions.One of the main reasons for the US dollar's popularity is its perceived stability and strength. The US economy is one of the largest and most diversified in the world, with a stable political system and strong institutions. As a result, the US dollar is often considered a safe haven currency, particularly in times of economic uncertainty.However, the US dollar has also faced several challenges in recent years, including a high debt-to-GDP ratio, trade tensions with other countries, and a changing global economic landscape. These factors have led some to question whether the US dollar will continue to hold up against other currencies over the next few years.Forecast for the US Dollar Against Other CurrenciesJPMorgan's PerspectiveJPMorgan, one of the world's leading financial institutions, believes that the US dollar is likely to maintain its strength against other currencies over the next 1-2 years. According to a report by the bank, currency volatility is expected to remain high in the near term, which could lead to fluctuations in exchange rates. However, the report notes that the relative strength of the US economy compared to other major economies is likely to keep the US dollar strong.The report highlights several factors that could contribute to the strength of the US dollar, including the Federal Reserve's commitment to maintaining a stable inflation rate and ongoing fiscal stimulus measures by the US government. JPMorgan also notes that the US dollar's status as the world's reserve currency gives it a significant advantage in global trade and investment.Forbes' PredictionsWhile JPMorgan is optimistic about the US dollar's prospects, Forbes has a more mixed view. The business magazine predicts that the US dollar may weaken against the Indian rupee over the next year, citing factors such as the US-China trade war and a rising Indian economy. However, Forbes notes that the Philippine peso and Mexican peso are likely to remain relatively stable against the US dollar, given the strength of their respective economies.Forbes also points out that the US dollar's status as the world's reserve currency has been in decline in recent years. While the US dollar is still the most widely held currency in the world, its share of global reserves has been decreasing in recent years, partly due to the rise of emerging market economies. This trend could have significant implications for the US dollar's role in global trade and investment in the long term.Investing.com's PerspectiveInvesting.com, a leading financial news and analysis website, takes a different view of the US dollar's prospects. The website argues that the US dollar is unlikely to collapse, despite concerns over the country's debt levels and other economic challenges. The report notes that the US dollar remains the world's most widely held currency and is likely to remain so for the foreseeable future.Investing.com also points out that the US dollar has several advantages over other currencies, including its liquidity and the depth of the US financial markets. The website notes that the US dollar's strength is not solely dependent on the performance of the US economy, but also on factors such as geopolitical developments and the policies of other major central banks.Importance of Staying InformedRegardless of the outcome, it's important for those involved in international trade and investment to stay informed about the latest developments in currency markets and to consider the potential risks and opportunities associated with different currencies.For example, individuals and businesses that frequently transfer money across borders may want to monitor exchange rates and fees to ensure that they are getting the best deal.To see today's best exchange rates and providers for sending money online, use CompareRemit's online comparison tool today!