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New research from ALL, Accor’s booking platform and loyalty programme, reveals Kiwis are sitting on a potential $299 million in unspent foreign currency, with nearly two thirds (64 per cent) 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 per cent) of those holding foreign currency are keeping up to $49 in leftover foreign currency since returning abroad, while 17 per cent have between $100 and $199 squirreled away.
The lure of international travel continues for younger Kiwis, despite costs biting
Despite the rising appeal of international travel, many Kiwis remain cautious, with only 44 per cent of those surveyed having travelled abroad in the past year.
However, younger Kiwis are leading the charge, with 55 per cent of travellers aged 18-34 reporting overseas trips in the past 12 months.
92 per cent 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 per cent), and more than a third (38 per cent) say they use cash to avoid international card transaction fees. In addition, more than half (57 per cent) say 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,” says 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.”
Don’t dream it’s over: the real reasons we’re holding onto our foreign currency
It seems we’re a sentimental bunch when it comes to our travel money – in fact, half of Kiwis (50 per cent) report holding onto foreign currency in the hope of using it when they return to the same country, while 18 per cent keep foreign currency as a souvenir.
Meanwhile, one quarter (27 per cent) 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 per cent stashing it in drawers, 25 per cent in containers, and 9 per cent in their passport holders – suggesting that even small amounts of foreign cash continue to carry value, whether for practical or sentimental reasons.
Introducing the ‘World’s Best Exchange Rate’ by ALL
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. Donation is not necessary to participate in the prize draw and Kiwis who can make it down have the chance to win exciting holiday prizes by signing up to ALL.com.
Click here for more information.
The research was conducted by Pure Profile on behalf of ALL between October 18-23, 2024.
Nationally representative sample of 250 respondents across New Zealand, split 51 per cent female and 49 per cent male.
The figure of NZ$299 million in unspent foreign currency is based on survey data applied to the estimated 2.25 million New Zealand adults who have travelled internationally, using passport-holding data and estimated travel frequency.
