Two in five Australian travellers (42%) continue to cling to outdated money habits when travelling overseas, according to Mastercard’s latest research. Aussies are slow to adopt new currency options despite embracing the security and convenience of digital payments at home and having access to many digital travel money cards on the market.
Mastercard found almost half of Aussie travellers (42%) revert to old spending habits and return home from overseas trips with a whopping AUD$853 million in unspent foreign currency.
What’s more, 68 per cent admit to not exchanging international currency back into Australian dollars when they return.
The research suggests while Aussies readily use digital payments at home, some regress to outdated modes of payment while travelling overseas, increasing the risk of loss and theft.
Mastercard Australasia Vice President of Cyber & Intelligence Mallika Sathi said: “There’s possibly an outdated perception that the way we pay abroad is different from the way we pay at home.”
“As digital payments have evolved and travel has become more accessible, many banks have made using your daily debit or credit card abroad as easy as it is to use at home while still giving users all the same protections against fraud, scams and loss.”
Sathi noted that many fintech companies and banks now offer innovative travel-centric card solutions with competitive exchange rates or multi-currency wallets and in-app features to give consumers control over their finances when travelling.
“Indeed, despite the pace of innovation in the way we pay and get paid at home, Aussies are stuck in the past when it comes to paying abroad,” she said.
“Not only is there no way to reclaim lost funds when paying with cash, but the research suggests that Aussies do not take action with their foreign currency and exchange it back once they return.”
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