Travel often involves costs that Romanians don’t factor in from the start: from exchanging currency on the spot at an unfavourable rate to medical expenses or roadside assistance services paid out of pocket. A study conducted for ING Bank Romania shows that 66% of Romanians have ended up paying more than necessary on a trip due to financial improvisations.

Some of these unexpected situations result in expenses that must be covered out of pocket while traveling, when they are harder to anticipate and manage. Data from the study conducted by Frappe Digital for ING Bank shows that 30% of respondents paid for medical procedures or treatments not covered by insurance, and 10% incurred costs for unplanned roadside assistance. For parents, the pressure can be even greater: when it comes to these types of costs, they are nearly twice as likely to cover them out of their own pockets.

“When traveling, we often encounter what we call “financial improvisations”, situations where you have to make decisions on the spot, whether it’s about currency exchange, a medical issue, or other unexpected costs. These are moments that are sometimes part of the travel experience and can affect both your budget and the comfort of your vacation. With ING More and ING Extra, we wanted to offer benefits tailored to such situations, so that customers have useful solutions at their fingertips when they travel,” said Roxana Petria, Head of the Daily Banking Tribe at ING Bank Romania. 

The study shows that currency exchange remains one of the most common financial transactions associated with travel, with more than half of Romanians exchanging currency at least occasionally. At the same time, nearly one in five respondents says that, in the past year, they faced costs they hadn’t anticipated when they needed to exchange currency. The ability to check exchange rates in advance and take advantage of favourable exchange terms can help travellers better manage their travel budget, a need that is also addressed by ING’s checking account packages, which include access to favourable exchange rates.

When traveling abroad, payment habits remain divided:

• 30% choose to pay directly with their card and use automatic currency conversion;
• 1 in 4 exchanges currency right before departure, which exposes them more to exchange rate fluctuations;
• 19% exchange currency online and then use their card for payments.

Differences also emerge across generations. Young people (ages 18–29) use online currency exchange and card payments in foreign currency more often, while respondents between the ages of 45 and 65 prefer direct card payments and automatic currency conversion. Regardless of the methods used, the study’s data suggest that frequent use of foreign currency goes hand in hand with a higher level of financial organization: these respondents are more likely to have an emergency fund, health insurance, or to purchase travel insurance before departure.

Differences also emerge in how Romanians view travel insurance. One in five has never purchased such a policy, and the percentage rises among young people: 33% of those aged 18 to 29 say they have never sought this type of coverage. On the other hand, 42% purchase insurance every time they travel abroad, with those aged 45 to 65 being the most consistent: nearly half of them purchase insurance every time.

The main reason Romanians do not always purchase travel insurance is not the cost, but a low perception of risk. One-third of respondents say they have not encountered serious problems while traveling and have managed without it, while 23% do not consider insurance necessary.