Research reveals Australians’ unspent foreign currency habits, motivations, and travel cash preferences amid rising international travel interest.
New research from ALL, Accor’s booking platform and loyalty program, reveals Australians are sitting on a potential $1.04 billion AUD in unspent foreign currency, with almost 7-in-10 (68%) international travellers admitting to having leftover holiday money tucked away at home.
The national study, conducted earlier this month among 1001 Australians who have travelled overseas, revealed that 1-in-7 (14%) are holding onto at least $300 AUD in foreign currency since returning from abroad, while a third (34%) have the equivalent of $49 AUD squirreled away.
The lure of international travel continues, despite cost-biting
Despite ‘Cozzie Livs’, plenty of Australians are embracing international travel with the majority (59%) having travelled abroad in the past 12 months – rising to 71% among those aged 18-34.
A surprising 97% of Australians are still opting to carry physical cash in the destination currency when travelling abroad, despite the plethora of cashless travel money cards available. Money-savvy Aussies are carrying cash to avoid international card transaction fees (43%), as well as trips to the local market (60%), food and drink purchases (68%) and other small purchases (73%). Aussies are also a generous bunch, with 2-in-5 (43%) admitting that they carry cash to tip locals.
When it comes to how we exchange our money, traditional currency exchange methods remain most popular, with 56% of Australians visiting currency exchange stores and 38% heading to their local bank. Surprisingly, even the digital native generations (Gen Z and Millennials) prefer traditional banking (35%) over apps (19%) for acquiring their holiday money.
Accor Pacific Chief Operating Officer PM&E, Adrian Williams, said: “As Australia’s largest hotel operator, we’ve witnessed firsthand the remarkable resurgence in international travel, particularly among younger Australians. While we’re seeing such a strong appetite for global travel, we’re also seeing millions in foreign currency sitting idle in homes across the country. Through the World’s Best Exchange Rate, we’re giving Australians a simple way to transform their unused travel money into something meaningful – with every dollar exchanged to go directly to the Domestic Violence Collective, supporting their vital work for those impacted by domestic violence. It’s a meaningful way to put idle travel money to good use while celebrating our spirit for exploration.”
Don’t dream it’s over: the real reasons we’re holding onto our foreign currency
It seems we’re a sentimental bunch when it comes to our travel money – in fact, nearly half (49%) of Australians traveling abroad admit to holding onto leftover foreign currency after a trip, hoping they will use it when returning to that country.
One in five (20%) admit to keeping hold of their foreign currency as a ‘travel souvenir’, with this rising to 32% of the younger generation (18 – 39-year-olds).
Meanwhile, one quarter (26%) of Australians traveling abroad admit they hold foreign currency as it’s just too much effort to exchange.
The top five most popular currencies to hold onto were USD (37%), Euro (33%), Singapore Dollar (21%), the British Pound (20%) and NZ dollar (20%).
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
