New Research: Australians potentially have up to $1.04 billion in leftover foreign currency as international travel boom continues
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Sydney – 11 November 2024: 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 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 squirrelled 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.
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 Millennial's) prefer traditional banking (35%) over apps (19%) for acquiring their holiday money.
Adrian Williams, Accor Pacific Chief Operating Officer PM&E says, “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 travelling 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 travelling 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
Based 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/worldsbest-exchange-rate.html.
WHAT YOU NEED TO KNOW:
- SYDNEY: World Square
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- 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.
Visit https://all.accor.com/a/en/offers/meapac/members-private-sale.html.
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ABOUT THE RESEARCH
The research was conducted by Pure Profile on behalf of ALL between 11 and 15 October 2024. Nationally representative sample of 1001 respondents across Australia, split 51% female and 49% male.
*The figure of AUD 1.04 billion in unspent foreign currency is based on survey data applied to the estimated 7.81 million Australian adults who have travelled internationally, with assumptions drawn from the adult population holding passports and travel frequency.
ABOUT ALL
ALL is a booking platform and loyalty program embodying the Accor promise during and beyond the hotel stay.
Through the ALL.com website and app, customers can access an unrivalled choice of stays from more than 45 Accor brands in 110 countries, always at the best price.
The ALL loyalty program gives members access to a wide range of rewards, services and experiences,
along with over 100 renowned partners. ALL supports its members daily, enabling them to live their passions with over 2,000 events worldwide each year: local activities, chef masterclasses, major sports tournaments and the most eagerly awaited concerts.
ALL is the loyalty program preferred by travellers.
Discover ALL
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