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Australians may be holding onto more than $1 billion in unspent foreign currency from their overseas holidays.
A new survey from global hotel group Accor reveals Australians may be sitting on A$1.04 billion in unspent foreign currency.
Accord says almost seven out of 10 (68 per cents) travellers have admitted to leftover holiday money tucked away at home.
The top five most popular currencies to hold onto were the US dollar (37 per cent of respondents), the Euro (33 per cent), Singapore dollar (21 per cent), British Pound (20 per cent) and the NZ dollar (20 per cent).
Adrian Williams, Accor Pacific Chief Operating Officer, says they have witnessed firsthand a 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,” he says.
The national study conducted earlier this month revealed that one in seven of travellers (or 14 per cent) are holding onto at least A$300 in foreign currency while a third (34 per cent) have the equivalent of A$49 saved.
The survey also found that nearly half (49 per cent) of respondents admit holding onto leftover foreign currency hoping to use it on a return trip to that country.
One in five (20 per cent) admitted to holding onto the currency as a ‘travel souvenir’, up to 32 per cent for younger respondents (18-39 years-olds).
One quarter (26 percent) admitted they found it too much effort to exchange the foreign currency back.
A majority (59 per cent) of survey respondents had travelled overseas in the last 12 months, up to 71 per cent for those aged 18-34 years-old.
Despite cashless travel cards, 97 per cent of Australians still carried cash in the destination currency to avoid international transaction fees (43 per cent), trips to the local market (60 per cent), food and drink purchases (68 per cent) and other small purchases (73 per cent).
