"Let's Go on an Overseas Trip"... Card Overseas Usage Amount Soars 32% Year-on-Year

Incheon Airport Departure Hall Photo by Yonhap News

As demand for overseas travel, which had slowed due to COVID-19, surged significantly, the amount spent by South Koreans using cards abroad in the third quarter increased by more than 32% compared to a year earlier.

According to the overseas card usage performance of residents in the third quarter announced by the Bank of Korea on the 29th, the amount spent by South Koreans using cards (credit, check, debit) overseas was $3.81 billion, an increase of 32.6% compared to the same period last year ($2.88 billion).

Compared to the second quarter of this year ($3.66 billion), it increased by 4.1%.

The Bank of Korea explained that the increase in overseas card usage was "mainly due to the rise in the number of domestic travelers abroad following the easing of COVID-19 related entry restrictions in various countries around the world."

The number of domestic travelers abroad was 944,000 in the second quarter but more than doubled to 1,996,000 in the third quarter.

However, as the won-dollar exchange rate rose from an average of 1,259.6 won in the second quarter to 1,338.0 won in the third quarter, the amount spent on overseas direct purchases via online shopping decreased.

According to the Bank of Korea, the amount spent on overseas direct purchases through online shopping shrank by 5.5%, from $1.03 billion in the second quarter to $980 million in the third quarter.

The Bank of Korea explained, "Due to the decrease in overseas direct purchases via online shopping and other factors, the increase in overseas card usage was limited compared to the rise in the number of travelers abroad."

This content was produced with the assistance of AI translation services.