Monday, November 11, 2024 Study Uncovers Australians’ Foreign Currency Habits, Motivations, and Cash Preferences as International Travel Booms. A recent study by ALL, Accor’s booking platform and loyalty program, reveals that Australians are collectively holding onto an estimated $1.04 billion AUD in unused foreign currency.
Nearly 7 in 10 (68%) of those who have traveled internationally admit to having leftover holiday money stashed away at home. Conducted this month among 1,001 Australians with overseas travel experience, the survey found that 1 in 7 (14%) have at least $300 AUD in foreign currency left over from their travels, while around a third (34%) have set aside an amount equivalent to $49 AUD. The appeal of international travel remains strong, even amid rising costs.
Despite rising living costs, Australians are still eagerly traveling abroad, with 59% venturing overseas in the past year, and this number jumps to 71% among those aged 18-34. Interestingly, a substantial 97% of Australians prefer carrying physical cash in the local currency while traveling, despite the convenience of cashless travel cards. Savvy travelers choose cash to avoid international transaction fees (43%) and to facilitate small purchases, like local market shopping (60%), food and beverages (68%), and other minor expenses (73%).
Australians also show generosity, with 43% carrying cash specifically for tipping locals. When it comes to currency exchange, traditional methods remain dominant: 5.
