Australian travellers have more than a billion dollars of unspent foreign cash languishing at the bottom of the backpacks and money belts.
New research from hospitality group Accor found almost 70 percent of international travellers admitted to having leftover holiday money tucked away at home.
Accor Pacific Chief Operating Officer Adrian Williams said the national study, found 14 percent of returned travellers were holding onto at least AUD$300 in foreign currency since returning from abroad, while a third (34 percent) had the equivalent of AUD$49 squirrelled away, with the combined total potentially AUD$1.04 billion.
Mr Williams said 97 percent of Australians were still opting to carry physical cash in the destination currency when travelling abroad, despite many cashless travel money cards available.
He said Aussies were carrying cash to avoid international card transaction fees (43 percent), as well as trips to the local market (60 percent), food and drink purchases (68 percent) and other small purchases (73 percent).
“Aussies are also a generous bunch, with two-in-five (43 percent) admitting that they carry cash to tip locals.”
Mr Williams said Australians were also sentimental, with nearly half (49 percent) admitting to holding onto leftover foreign currency after a trip, hoping they would use it when returning to that country.
“One in five admit to keeping hold of their foreign currency as a ‘travel souvenir’, with this rising to 32 percent of the younger generation (18 to 39-year-olds).
He said one quarter (26 percent) of Australians travelling abroad admitted they held foreign currency as it was just too much effort to exchange.
