South Africans are spending more abroad according to data released by Capitec. Between March and August this year, Capitec clients made 1,9 million international card payments, representing an increase of 24% compared with the same period last year.
The bank’s data shows that its clients spent R1 billion internationally, with two distinct travel patterns: frequent, lower-cost trips across the region, or fewer, higher-value long-haul journeys to countries outside Africa.
Neighbouring countries, including Lesotho, Botswana, Eswatini, Namibia, Mozambique and Zimbabwe, featured prominently in transaction data, with Botswana recording the highest regional spend at R70 million.
Among long-haul destinations, US and UK were in the lead with total spend of R97 million and R68 million, respectively.
Capitec’s card payment data revealed that the majority of transactions were made by clients aged 35 to 44, followed by those within the 25 to 34 age group.
“Most international card activity comes from clients who are at the point in their lives where they can enjoy either group vacations or the high-value trips they’ve been saving up for. Currency conversion rates and transaction fees have a massive impact on how people experience their travel abroad,” said Francois Viviers, Group Executive: Marketing and Communications at Capitec.
The bank’s data showed that clients were increasingly confident in making direct payments at merchants, with international card usage almost evenly split between point-of-sale transactions and ATM withdrawals.
