Undies, Shoes And Sunscreen Bottles – Kiwis Stashing Travel Cash In Strange Places Despite More Secure Options

• As Kiwis prepare to escape the New Zealand winter, more than two in five (44%) haven’t changed their spending habits when travelling.
• New research shows one in three (33%) of Kiwi travellers* admit to hiding cash in everyday items, like sunscreen bottles, while on holiday at the beach.
• Mastercard has partnered with travel expert and international flight attendant, Bryony Thorpe – who has made payments in over 25 countries - to arm consumers with the best actionable insights to protect their money ahead of their journeys.

As Kiwis prepare to head overseas to chase warmer weather and international events - with resident departures at 93.5% compared to pre-pandemic times** - new research commissioned by Mastercard unveils some of the quirky and outdated methods that Kiwis use to safeguard their money while on holiday.

In fact, the methods used to hide their money are far from conventional. A third (33%) of travellers stash their cash in everyday items while at the beach, like sunscreen bottles; while 19% tuck it inside their shoes in hotel rooms; 12% hide it in their underwear; and 16% admit they would ask someone to keep an eye on it while they take a dip at the beach.

Despite the charm of these unusual hacks, the research also suggests that while consumers enjoy the security and convenience of digital payments when at home, some regress to old modes of payment while travelling abroad, increasing their risk of loss and theft.

“There’s possibly an outdated perception that the way we pay abroad is different from the way we pay at home. As digital payments have evolved and travel has become more accessible, many banks have made using your daily debit or credit card abroad as easy as it is to use at home – while still giving users all the same protections against fraud, scams and loss,” said Mallika Sathi, Vice President, Cyber & Intelligence, Australasia, Mastercard.

“Many of Mastercard’s partners, including fintechs and banks, are innovating in this space by creating travel-centric cards which offer highly competitive exchange rates or multi-currency wallets, along with a swathe of in-app features to give consumers control over their finances when travelling.”

Despite the pace of innovation in the way we pay and get paid at home, Kiwi travellers are stuck in the past when it comes to paying abroad, with more than two in five (44%) saying they haven’t changed their spending habits when travelling. This sees Kiwi travellers returning home with $169 million*** in unspent foreign cash every year, with 71% of those admitting that they do not exchange it back.

“Not only is there no way to reclaim lost funds when paying with cash, but the research suggests that Kiwis do not take action with their foreign currency and exchange it back once they return,” concluded Sathi.

Should Kiwi travellers find themselves in fraudulent territory overseas, Mastercard’s global network safeguards transactions, with its Zero Liability card policy protecting users against loss from unauthorised transactions.

TRAVEL SECURE IN 60 SECONDS

To arm jetsetters with safe payment and travel practices, Mastercard partnered with Bryony Thorpe, a first-class flight attendant who has travelled to 25 countries, to launch a six-part content series on secure travel payments.

Accessible on Mastercard’s YouTube, the series provides practical tips on how to better protect your money while traveling. These include:

1. Find your ride
2. Plan, book and save
3. The three Cs for compromised cards – cancel, call and carry
4. Pack your digital wallet
5. Choose the right currency
6. Keep your cards close

Mastercard is committed to ensuring travellers have safe and stress-free holidays. By leveraging the security and convenience of digital payments, travellers can avoid the hassle and risks associated with cash. For more tips on secure travel payments and to watch the educational series, visit Mastercard’s YouTube channel.

*Research based on New Zealanders who have travelled overseas within the past 12 months.

**Source Mastercard Economics Institute.

***More than half (53%) of Kiwi travellers are coming back home from an international holiday with foreign currency, with 71% not exchanging it when they’re home.

© Scoop Media