Wise research reveals Irish consumer spending habits this Valentine’s Day

Wise, the international money account, is harnessing the power of long-distance payments to bring people together and keep them connected this Valentine’s and Galentines weekend. Wise surveyed 1,000 Irish consumers and found that:

• 60% of Irish people plan on splurging this Valentine’s Day. Of those splurging, they plan to spend at least €80 this Valentine’s weekend wooing their partners and/or treating their friends

• Couples jetting off to romantic locations are set to spend over €400 this Valentine’s on their romantic getaway

• Almost 4 in 10 (40%) of Irish people are in long-distance relationships/friendships and of those, 7% plan to travel to spend Valentine’s with their loved one

• One in 10 (10%) plan to only spend €20 or less on Valentine’s classics like flowers or chocolate, perhaps saving funds to focus on travel plans.

• 16% of those who said they were in a long-distance relationship/friendship send their loved ones money at least once a month

Roisin Levine, Head of Partnerships, UK & Europe at Wise said:

“International couples don’t want to be on the back foot when it comes to money, especially on Valentine’s Day.

If your partner is living in or is from a different country to you, it can be tricky. They will likely have a foreign bank account and will get paid in another currency, causing stress for you both when you want to send a bunch of flowers or a card this year. 

A lot of people aren’t aware that most of these transactions will be more expensive due to hidden fees tacked on by banks when sending or spending money abroad. 

Using a tool like Wise can limit the impact of these fees and ensure that the time you spend with loved ones abroad this Valentine’s / Galentine’s Day is focused on the things that really matter.”

With thousands of Irish citizens emigrating (64,000 in 2023) and living abroad in countries like Australia, Canada and the US, digital payment providers like Wise have proved essential for long-distance couples and friends who want to easily transfer money, spend in their loved ones’ currency or split bills when travelling together.

Of those Irish people surveyed who are in long-distance relationships:

• 26% of couples believe that digital banking makes it easier to send secure, cross-border payments to loved ones

• 25% of those in a long-distance couple state it makes online purchases in different currencies easier and allows them to send orders directly to their long-distance partners and friends

• 22% say it allows them to send money in their currency instantly at a fair price

• 16% state it allows them to more easily split bills when booking flights, accommodation or travel with friends or their partner

• 15% state it allows them to easily save together through digital features like Vaults, Pockets and Jars

Roisin Levine, Head of Partnerships, UK & Europe at Wise added:

“And not all international relationships are romantic. This is true for family and friends, too. Splitting dinner and drinks can end up costing the friend or family member visiting you from abroad a lot more money in hidden fees. It’s important to make sure your loved ones always pay for a meal in the local currency”. 

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