Friday, 27 April 2012 15:32

Spending up overseas, but card theft, currency rates concern

By

Currency specialists, OzForex, which recently entered the travel market with its own pre-paid travel card, says a majority of Australians say they will spend more money overseas while the Australian dollar remains high.

Research commissioned by OzForex and undertaken by Galaxy, reveals that 68 percent of those Australians interviewed say they will take advantage of the high dollar to spend more while travelling overseas.

But while Australians jet off overseas, the vast majority are still stressing about exchange rates and fees, as well as the security of their money. According to Galaxy, 87 percent were worried about theft and loss, even though 17 percent prefer to take cash than cards on holiday, including younger and more frequent travellers.

And, although 83 percent worry about transaction costs, the majority still use credit cards when they travel despite the higher fees that these incur, with just 14 percent using pre-paid multicurrency travel money cards, which OzForex says are specifically designed as a 'convenient and safer option for those travelling overseas.'

OzForex CEO Neil Helm says it's worth taking advantage of the high Australian dollar and that certain global destinations are the cheapest they've been for decades, with Europe at the top of the list, and he points out that three years ago in April 2009, $1 Australian would buy you 0.55 Euros, while today it buys you 0.79 Euros, an increase of more than 43 percent.  "From Paris to Berlin, that's a massive jump in your spending power.  Travellers can thank a lack of confidence in the Euro as a result of problems in Greece, Spain, Portugal and other European countries for the bump."

According to the Galaxy research, in second place comes the US, where you get 42 percent more for your money - three years ago $1 Australian bought 72 US cents, now it buys well over $1US.  The third best value is found in the UK, where the Australian dollar is still up an enormous 33% on the pound.

And, Helm says that closer to home, Thailand is also excellent value.  'In 2009, you'd get about 25 baht for your dollar. Today, you'll net about 32 - a rise of almost 24%.'

Key Galaxy research findings:

'¢    48% find bank transaction fees hard to understand

'¢    83% worry about exchange rates and fees overseas

'¢    14% currently use pre-paid cards

'¢    91% would find a pre-paid card with locked-in rates useful

'¢    68% say the strong dollar will make them spend more


BACK TO HOME PAGE

NEW OFFER - ITWIRE LAUNCHES PROMOTIONAL NEWS & CONTENT

Recently iTWire remodelled and relaunched how we approach "Sponsored Content" and this is now referred to as "Promotional News and Content”.

This repositioning of our promotional stories has come about due to customer focus groups and their feedback from PR firms, bloggers and advertising firms.

Your Promotional story will be prominently displayed on the Home Page.

We will also provide you with a second post that will be displayed on every page on the right hand side for at least 6 weeks and also it will appear for 4 weeks in the newsletter every day that goes to 75,000 readers twice daily.

POST YOUR NEWS ON ITWIRE NOW!

INVITE DENODO EXECUTIVE VIRTUAL ROUNDTABLE 9/7/20 1:30 PM AEST

CLOUD ADOPTION AND CHALLENGES

Denodo, the leader in data virtualisation, has announced a debate-style three-part Experts Roundtable Series, with the first event to be hosted in the APAC region.

The round table will feature high-level executives and thought leaders from some of the region’s most influential organisations.

They will debate the latest trends in cloud adoption and technologies altering the data management industry.

The debate will centre on the recently-published Denodo 2020 Global Cloud Survey.

To discover more and register for the event, please click the button below.

REGISTER HERE!

BACK TO HOME PAGE
Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

BACK TO HOME PAGE

Webinars & Events

VENDOR NEWS

REVIEWS

Comments