Media Release: 18 June 2018
The image of the laid back Aussie doesn’t always apply when holidays are concerned it seems, with our travellers proving to be meticulous planners, new research has shown.
A report by currency exchange experts Travel Money Oz has shown that the vast majority of travellers (64%) booked their flights more than three months in advance while around half also arranged passports and accommodation more than three months before jetting off.
When it comes to spending money, while some travellers were organised well before departure, around one third of travellers get theirs sorted only one to two weeks before leaving. Around 50% exchange all the cash they needed in Australia prior to leaving while just over one third of travellers exchange some cash in Australia and some at their destination.
Travel Money Oz customers were most likely to book most elements of their holiday further in advance than average, the research showed. The most important factors travellers considered when organising foreign currency were low fees and commissions as well as competitive exchange rates.
General Manager of Travel Money Group, Kelly Spencer, said given the high level of planning Australians put into their holidays, it was a little surprising so many were leaving their currency until the last minute.
“We would recommend keeping an eye on currency fluctuations in the months leading up to departure as an essential part of any holiday budget plan. As our research shows, most travellers book their flights and accommodation months in advance but leave their currency until weeks and even days before departure, meaning they have to take what they can get."
“We know exchange rates can fluctuate a lot, so it’s worthwhile keeping an eye on the exchange rate so you can purchase in advance while the exchange rate is in your favour. Travellers embarking on a winter holiday later this month, for example, could be potentially hundreds of dollars better off depending on when they purchased their cash"
“Based on USD rates from our web store if you purchased A$2,500 worth of USD three months ago, you'd get around $1915USD. Purchasing around the middle of June, you would have achieved approximately $1815USD by comparison - a difference of $100USD” Mrs Spencer said.
“And if you if you happened to hit the AUD-USD rate high in January, you'd be taking off with around $1927USD in your pocket.
“This isn't to say that you should purchase your cash three months in advance as that's a guaranteed better rate, but that rates can change, so it’s in your best interests to keep an eye on them.
“Speak to an expert and look to lock in your currency with a travel money card when you feel the rate is favourable for you. You could get an additional night’s accommodation or meal out from the difference of your rate,’’ she said.
Media enquiries to Kelly Spencer, General Manager, Travel Money Group: 0434 608 415