A new study has found that Australian travellers are sitting on a stash of unspent foreign currency, worth a whopping $1.04 billion. That’s a lot of unclaimed holiday cash.
The recent survey by Accor’s ALL loyalty program found that nearly seven in ten (68%) Aussie international travellers have leftover money from their trips, with one in seven (14%) holding onto at least $300 from past trips and a third (34%) the equivalent of $49.
Despite the cost of living crunch, Aussies aren’t shying away from overseas travel, with three in five (59 per cent) Australians travelling abroad in the past year.
This figure jumps to nearly three in four (71 per cent) among 18–34-year-olds, the study found. And while many are embracing cashless travel, a surprising number of Aussies still prefer to carry physical cash for things like tipping (43% of those polled), market visits (60%), food (68%) and small purchases (73%), even though many of these transactions can now be conducted digitally or with cashless travel money cards.
According to the study, almost every Australian traveller (97% of those surveyed) prefers to carry at least some local currency.
“As Australia’s largest hotel operator, we’ve witnessed firsthand the remarkable resurgence in international travel, particularly among younger Australians,” Accor Pacific Chief Operating Officer PM&E, Adrian Williams, said.
“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.”
When it’s time to exchange, most Aussies go traditional, with most (56%) visiting currency exchange stores and many (38%) using their local banks. Even Gen Z and Millennials prefer traditional banking (35%) over mobile apps (19%) for holiday cash. This highlights Australians’ reliance on familiar options for handling travel money.
When it comes to why we’re holding on to so much of our foreign currency, one in five keep it as a “travel souvenir”, rising to one in three (32%) for younger travellers (18–39 years). For some (26%), it’s simply too much hassle to exchange. The top saved currencies are US dollars (37%), Euros (33%), Singapore dollars (21%), British pounds (20%) and NZ dollars (20%).
With these findings in mind, Accor’s ALL is launching pop-up currency exchanges in Sydney, Melbourne and Brisbane, offering Australians “the World’s Best Exchange Rate”. By exchanging money, travellers can enter a draw to win a holiday to various destinations in the Pacific. All funds go to charity while those who can’t attend can enter online at ALL.com.
The research, commissioned by ALL and conducted by Pure Profile from 11–15 October 2024, surveyed 1,001 Australians (51% female, 49% male).
