Retirement
Aussies stash cash to avoid international transaction fees
Aussies are going to great lengths to avoid international exchange rates, including keeping cash on their person despite safety warnings.
Aussies stash cash to avoid international transaction fees
Aussies are going to great lengths to avoid international exchange rates, including keeping cash on their person despite safety warnings.
According to new research released by HSBC bank, nine in 10 Australians (91 per cent) admit to withdrawing foreign currency in advance and stashing it on their person.
This is despite the Australian Department of Foreign Affairs and Trade reporting assistance for robbery, theft and/or the loss of valuables as one of the most common requests to consulates.
Amongst those withdrawing in volume, the primary incentive is to avoid being slapped with foreign transaction fees each time they withdraw.
Cash withdrawals at local ATMs are still preferred to other forms of payment, however, with two-thirds of Australians choosing to withdraw rather than convert significant sums of cash at currency exchanges.
Credit card or debit card is the second most popular form of payment, although many Australians (47 per cent) remain unaware that the exchange rate is often applied when using a credit card overseas.
Barnaby Jenkins, head of transactional banking products at HSBC, said he was concerned by this high percentage, as Australians appear to focus their attentions on travel and accommodation details over keeping track of their finances.
“They’re looking for smart ways to spend and save. But, unfortunately, this careful planning doesn’t extend to their finances – with many unaware of the international transaction and foreign exchange fees that could be stacking up,” he said.
Regardless of their choice of payment, Australians are impressively security-savvy when it comes to travelling.
Eighty-nine per cent say they carry additional copies of their credit card information in case of emergency, with four and five keeping these important details locked tight in their room safe.
Over half (56 per cent) admit to sporting concealed money belts to protect their cash and cards, while many profess to “multi-stashing”, or hiding their valuables on different parts of their person.
RELATED ARTICLES
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
Retirement Planning
Simplified retirement advice: Key to overcoming behavioural biases, experts say
In a bid to enhance retirement outcomes for Australians, a recent whitepaper by Industry Fund Services, in collaboration with Challenger, has highlighted the importance of simplifying retirement ...Read more
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
Retirement Planning
The downsizer dividend: how Australia’s ageing shift will reshape property, finance and AI strategy
Downsizing is moving from a personal milestone to a system-level lever for Australia’s housing market. As policymakers court reforms and agents eye fresh listings, the real profit pools will accrue to ...Read more
Retirement Planning
Half of Australians financially insecure about retirement as AMP launches new initiative
In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of ...Read more
Retirement Planning
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative ...Read more
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
Retirement Planning
Simplified retirement advice: Key to overcoming behavioural biases, experts say
In a bid to enhance retirement outcomes for Australians, a recent whitepaper by Industry Fund Services, in collaboration with Challenger, has highlighted the importance of simplifying retirement ...Read more
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
Retirement Planning
The downsizer dividend: how Australia’s ageing shift will reshape property, finance and AI strategy
Downsizing is moving from a personal milestone to a system-level lever for Australia’s housing market. As policymakers court reforms and agents eye fresh listings, the real profit pools will accrue to ...Read more
Retirement Planning
Half of Australians financially insecure about retirement as AMP launches new initiative
In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of ...Read more
Retirement Planning
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative ...Read more
