Aussies have $1bn of unspent foreign currency stashed away at home

Aussies have more than $1b of unspent foreign currency stashed away at home, and a new initiative aims to put it to good use.

Australians have more than $1b of unspent foreign currency stashed away at home, new research reveals.

Accommodation provider Accor found almost 70 per cent of international travellers have leftover holiday money and are now giving Australians the chance to exchange their unspent money for the world’s best rate.

All foreign currency that is exchanged will then be donated to the Domestic Violence Collective.

Hospitality provider Accor will offer Australians in Sydney, Melbourne and Brisbane the ‘world’s best exchange rate’ for their foreign currency, which will then be donated to the Domestic Violence Collective. Picture: NewsWire / Nicholas Eagar

The survey found about 14 per cent of Australian who travelled overseas come home with at least $300 in foreign currency, while 34 per cent returned with $49.

Almost all Australians carried cash when they travelled abroad, with the majority using money to buy small items, food and drinks and for trips to the market.

Almost half of Australian travellers held onto leftover foreign currency hoping they would return to the country, 20 per cent kept the money as a souvenir of their trip, and 26 per cent held onto it because it was too much effort to exchange.

The US dollar is the most common currency Australians hold onto after an international trip. Picture: Nicholas Eagar

The most common currencies Australians hold onto are the US dollar (37 per cent), the euro (33 per cent), Singapore dollar (21 per cent), the British pound (20 per cent) and New Zealand dollar (20 per cent).

Despite cost-of-living pressures, the survey found 59 per cent of Australians have travelled overseas in the last 12 months, and 71 per cent of travellers were aged between 18 and 34.

Accor Pacific chief operating officer Adrian Williams said the company had witnessed first hand the remarkable resurgence in international travel, particularly among younger Australians.

Accor Pacific chief operating officer Adrian Williams said there had been a resurgence in international travel, especially among Australians aged 18 to 34. Picture: Nicholas Eagar

“While we’re seeing such strong appetite for global travel, we’re also seeing millions in foreign currency sitting idle in homes across the country,” he said.

“Through the World’s Best Exchange Rate, we’re giving Australians a simple way to transform their unused travel money into something meaningful – with every dollar exchanged to go directly to the Domestic Violence Collective, supporting their vital work for those impacted by domestic violence.

“It’s a meaningful way to put idle travel money to good use while celebrating our spirit for exploration.”

The World’s Best Exchange Rate pop-up stores will be located at World Square in Sydney on Tuesday and Wednesday before heading to the State Library Victoria on November 19 and 20, then the Queen Street Mall in Brisbane on November 28 and 29.

Originally published as Aussies have $1bn of unspent foreign currency stashed away at home