Travelex reveals that Australians rely on cash for abroad payments

According to the study’s data, approximately 52% of respondents confirmed that they still use cash as their primary method of foreign currency, either withdrawn at the destination or airport or purchased before travel, showcasing that there is a resilient market for travel cash. Moreover, the group using cash as their main form of travel currency was under 25 years old, amounting to 62% of all respondents and being higher than any other age group.

Most Australians (87%) stated that they plan how they spend their funds overseas in advance of their trip. The respondents were divided into three subcategories, with 51% of them planning a month or more before their vacation, 26% a few weeks before, and only 10% planning a few days before their travel. The research showed that pre-planners were also the most positive with their FX experience, with 64% of those who took foreign cash that they purchased before travelling being satisfied or very satisfied with their experience. By contrast, the most dissatisfied customers were those who bought cash at the airport, withdrew cash at their location, or used their credit card, due to costs and fees, as well as unexpected bank charges.

Travelex’s research also underlined the difference between pre-travel and during-travel behaviour, with most customers being price-driven and knowledge-focused before their vacations. However, their behaviour shifts during their travels, with budgeting becoming less important in favour of enjoyment. Moreover, if they run out of funds during a trip, most travellers choose to exchange more money, instead of staying within their preset budget. When deciding on a digital FX product, customers tend to value transparency, with 84% confirming that they would prefer the overseas spending to be converted into its AUD equivalent. Also, 71% of customers stated that they would favour to have the ability to exchange and hold foreign currency until they needed it, while 64% would want to order foreign cash in-app and pick up the funds at their destination.

With its operations based in Australia, Travelex provides FX products, solutions, and services, working across the entire value chain of the FX industry in more than 20 countries. The company developed an expanding network of ATMs and stores in international airports, transport hubs, shopping malls, and city centres. Moreover, Travelex built a growing online and mobile FX platform, while also processing and delivering foreign currency orders for banks, travel agencies, supermarkets, and hotels worldwide.