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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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Retirement

Aussies stash cash to avoid international transaction fees

By Stephanie Aikins

November 29 2018
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Retirement

Aussies stash cash to avoid international transaction fees

By Stephanie Aikins
November 29 2018

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

By Stephanie Aikins

November 29 2018
Share

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.

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