New research from ALL, Accor’s booking platform and loyalty programme, 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 costs 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.
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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 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 admitting 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%).
Introducing the World’s Best Exchange Rate
Base on the results from the study and the vision of travel of ALL, making life and travel simpler and more responsible, ALL is launching pop-up currency exchange booths across our three major cities. Offering Australians ‘the World’s Best Exchange Rate’, the pop-up opens the opportunity to exchange their loose change foreign currency for the chance to win a holiday at various locations across the Pacific, including Sydney, Melbourne, Brisbane, Queenstown and more.
All the currency exchanged will be donated to the Domestic Violence Collective charity, and Aussies who can’t make it down still have the chance to win exciting holiday prizes by signing up to ALL.com and https://all.accor.com/a/en/offers/meapac/worlds-best-exchange-rate.html.
WHAT YOU NEED TO KNOW:
SYDNEY: World Square
- 12&13 November 2024
- 8:00AM to 6:00PM (AEDT)
MELBOURNE: State Library Victoria
- 19&20 November 2024
- 9:00AM to 6:00PM (AEDT)
BRISBANE: Queen Street Mall
- 28&29 November 2024
- 9:00AM to 6:00PM (AEST)
Discover the ALL End of Year Offer for more exciting holiday deals for all the travellers in you
Adding to the excitement, ALL is launching its End of Year Offer, giving travellers the chance to plan their next adventure for less. Travellers can enjoy up to 15% off stays of two nights or more across Australia, with members of ALL receiving an additional 5% off and Accor Plus members saving an extra 10%.
The offer is available to book from 11 November 2024 to 15 January 2025, for stays between 14 November 2024 and 27 April 2025.
From luxury to economy, Accor operates 18 international brands and 350+ hotels across Australia, including Sofitel, MGallery, Art Series, Pullman, Swissôtel, Mövenpick, Grand Mercure, Peppers, The Sebel, Mantra, Handwritten Collection, Novotel, TRIBE, Mercure, BreakFree, ibis, ibis Styles and ibis budget.
