New Zealand travellers have almost NZD $300 million in unspent foreign currency untouched according to recent data by Accor.
New research from ALL, Accor’s booking platform and loyalty programme, reveals Kiwis are sitting on a potential NZD $299 million in unspent foreign currency, with nearly two thirds (64 percent) of international travellers admitting to having leftover holiday money tucked away at home.
The national study, conducted earlier this month among 250 New Zealanders who have travelled overseas, revealed that almost half (47 percent) of those holding foreign currency are keeping up to NZD $49 in leftover foreign currency since returning abroad, while 17 percent have between NZD $100 and $199 squirreled away.
Despite the rising appeal of international travel, many Kiwis remain cautious, with only 44 percent of those surveyed having travelled abroad in the past year. However, younger Kiwis are leading the charge, with 55 percent of travellers aged 18-34 reporting overseas trips in the last 12 months.
Ninety-two percent of Kiwis 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 Kiwis are carrying cash primarily for smaller purchases such as food and drinks (67 percent), and over a third (38 percent) said they use cash to avoid international card transaction fees. In addition, more than half (57 percent) said they hold cash specifically for spending at local markets.
“As New Zealand’s largest hotel operator, we’ve witnessed a resurgence in international travel, particularly with young Kiwis, and it’s eye-opening just how much foreign currency is left unused after a trip,” said Accor Pacific Chief Operating Officer PM&E, Adrian Williams.
“Through the World’s Best Exchange Rate, we’re helping Kiwis think differently about putting those spare dollars to good use – every dollar donated will go directly to Cure Kids, supporting vital research for big breakthroughs in child health."
It seems Kiwis are a sentimental bunch when it comes to our travel money – in fact, half of the population (50 percent) report holding onto foreign currency in the hope of using it when they return to the same country, while 18 percent keep foreign currency as a souvenir.
Meanwhile, one quarter (27 percent) of Kiwis travelling abroad find the amount too small to bother exchanging, so it simply stays tucked away.
New Zealanders tend to keep their leftover currency close at hand, with 43 percent stashing it in drawers, 25 percent in containers, and nine percent in their passport holders - suggesting that even small amounts of foreign cash continue to carry value, whether for practical or sentimental reasons.
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 a pop-up “currency exchange” booth in Auckland. Offering Kiwis’ ‘The World’s Best Exchange Rate’, the pop up opens the opportunity to donate their loose change foreign currency and/or the opportunity to exchange their details by signing up to ALL for the chance to win a holiday at various locations across the Pacific, including Sydney, Melbourne, Brisbane, Port Douglas, Queenstown, Fiji and more.
All currency donated will go to the Cure Kids charity.
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