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Money Woes Giving Aussies Holiday Headache

August 30, 2019 Financial No Comments Email Email

Heading overseas isn’t always all sunshine and beaches for Aussie travellers with new Mastercard research revealing one third experience money woes while abroad.

According to the research, almost one in 10 have been left out of pocket every time they go away, with the average traveller losing out on around $500 due to poor budgeting, unknown transaction fees and lost and stolen cash.

Despite our love for heading overseas, when it comes to holiday cash over a quarter (26 per cent) return home with ‘travel money regret’.

Common reasons include:

  • Lack of understanding of currency conversions (39 per cent)
  • Getting caught in holiday mode (31 per cent)
  • Not tracking spending (24 per cent)
  • Poor planning (25 per cent)

From cash lost to theft and unexpected booking fees, we’re a nation prone to financial woes while overseas. While over a third (37 per cent) admit to being balanced with their spending overseas; shockingly, one in 10 (10 per cent) are impulsive and reckless. Despite such mishaps being a common occurrence for 31 per cent of travellers, 41 per cent still run the risk of travelling only with cash.

A popular destination for Aussie travellers, Asia is also the most common for money woes (43 per cent) followed closely by the UK (11 per cent) and the US (10 per cent).

“Every traveller wants to enjoy their holidays but sometimes money mishaps can happen and are at times unavoidable. With a little bit of knowledge, there are some great ways to outsmart travel money, such as a prepaid travel card,” says Richard Wormald, division president, Mastercard Australasia.

“We’d encourage everyone to take the time to look into the different options available to them, such as the Cash Passport Platinum Mastercard card that can be used just like a credit or debit card overseas, only with your own prepaid funds. Travellers get the security of a separate card and spend can be tracked and managed online, anywhere, any time. With 11 currencies and locked-in rates it also helps avoid getting stung with currency fluctuations while away,” added Mr. Wormald.

While 16 per cent of Aussies organise their travel money as soon as their overseas trip is booked in a bid to avoid the unexpected, one in five (20 per cent) are leaving it down to the wire, only a week before travel. Alarmingly, a handful (3 per cent) are arranging their travel money while at the airport.

For travelers who want the flexibility to lock in their rates with no further fees on spending that currency while overseas, they can head to Suncorp, BOQ, Helloworld Travel, Greater Bank, People’s Choice to purchase a Cash Passport. Alternatively head online to https://www.cashpassport.com.au/.

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