MoneyGram Reports A 207% Growth In Its July Year-Over-Year Cross-Border Transaction

Going into 2024, we learned many lessons from COVID. While borders have reopened and life has gone back to practically how it was before, the desire to reconnect with loved ones and explore new destinations grows stronger. However, amidst the excitement of travel, it's crucial not to overlook the importance of securing adequate travel insurance, especially in the context of COVID-19. In this comprehensive guide, we'll explore the significance of travel insurance, highlight key considerations for finding policies that cover COVID-19, and provide actionable tips for selecting the right coverage to suit your needs.   The Importance of Travel Insurance in the Post-COVID-19 EraDespite the easing of travel restrictions and the gradual return to normalcy, the lessons learned during the COVID-19 pandemic have highlighted the necessity of travel insurance. While the threat of the virus may be diminishing, unexpected medical emergencies, trip cancellations, and disruptions remain a strong possibility. Travel insurance serves as a safety net, offering financial protection and peace of mind for travelers facing unforeseen circumstances, including those related to COVID-19.Understanding COVID-19 Coverage OptionsIn response to the pandemic, many travel insurance providers have adapted their policies to include coverage for COVID-19-related risks.There are two types of travel insurance you can opt for when looking for travel insurance, both covering different situations: travel medical insurance and trip insurance.  Travel Insurance: Provides comprehensive coverage for a range of travel-related emergencies, including medical expenses such as for hospitalization or medication for new injuries or illnesses that occur during one’s travels. It also typically includes benefits such as emergency medical evacuation and lost luggage reimbursement.In response to the pandemic, many travel insurance providers have modified their policies to address COVID-19-related risks. That is why some travel medical policies now include coverage of medical treatment expenses incurred due to COVID-19 during travel (if COVID was contracted during travel). Trip Insurance: Focuses specifically on protecting the financial investment made in a single trip. It typically covers expenses such as trip cancellations, interruptions, or delays, offering reimbursement for non-refundable expenses in case of unforeseen events.Similar to travel medical insurance policies, in response to the pandemic, many trip insurance providers have modified their policies to address COVID-19-related risks.  That is why some trip insurance policies now include coverage for cancellations or interruptions due to contracting COVID-19 prior to travel.Additionally, some policies offer "Cancel For Any Reason" (CFAR) coverage, providing flexibility for travelers to cancel their trip for any reason, albeit with eligibility requirements and time-sensitive limitations.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.Finding the Best Travel Insurance for COVID-19When selecting a travel insurance policy that covers COVID-19, here are some key features to look for in your travel insurance plan:Comprehensive Coverage: Look for policies that offer comprehensive coverage for COVID-19-related expenses, including medical treatment, quarantine accommodation, and trip interruption or cancellation due to the virus.COVID-19 Testing Coverage: Verify whether the policy includes coverage for COVID-19 testing required for travel purposes. Some insurers may cover the cost of testing as part of their COVID-19-related benefits.Quarantine Expenses: Ensure that the policy provides coverage for quarantine-related expenses, such as accommodation and meals, in the event that you're required to quarantine while traveling due to COVID-19 exposure.Trip Cancellation/Interruption: Opt for policies that offer robust coverage for trip cancellation or interruption caused by COVID-19-related issues, such as illness or travel advisories.Emergency Medical Coverage: Verify that the policy provides adequate coverage for emergency medical expenses related to COVID-19, including hospitalization, doctor visits, and medication.Pre-Existing Conditions: If you have pre-existing medical conditions, most comprehensive coverage plans will not include pre-existing medical conditions, but there are still some that do. Read up on whether or not the policy covers COVID-19 treatment for these conditions, as some insurers may have specific exclusions.Finding the Right Travel Insurance PolicyNavigating the plethora of travel insurance options can be overwhelming, but utilizing online travel insurance marketplaces simplifies the process. Platforms like VisitorsCoverage empower travelers to compare different policies, generate quotes, and access award-winning customer service representatives for assistance. By leveraging these resources, travelers can confidently select a policy tailored to their needs and providing comprehensive coverage for COVID-19-related risks.As travel has resumed in full swing, it is easy to feel like you don’t need to worry about COVID-19 anymore, but it is always good to prioritize your safety and financial protection. COVID-19 may have reshaped the travel landscape, but with the right travel insurance policy, travelers can navigate uncertainties with confidence. Whether embarking on a leisurely vacation, business trip, or family visit, investing in travel insurance offers peace of mind and ensures preparedness for any travel-related emergencies, pandemic or otherwise. Safe travels!

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]