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Transaction fees hitting travellers hard…and we’re just accepting it

New research released by (TID) Travel Insurance Direct has revealed the extent to which international bank fees and other charges are hurting Australian travellers.


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According to the TID study, which asked how Australians spent their money and what trouble they’d encountered while travelling overseas, one in ten travellers said foreign fees cost them over $100 on their last trip, while a whopping seven in ten said they’d had a problem accessing their funds, been charged exorbitant fees or obtained a bad exchange rate when travelling.


Meanwhile, nearly half (44%) felt they’d had no other choice but to accept bad exchange rates, as no other options were seemingly available.


Interestingly, over half (57%) of Aussies admitted to spending up to 25% more than what they’d planned to spend while away, while one in six (16%) travellers confessed to spending over 25% more than what they’d originally budgeted for on their holidays.


One in eight Australians said they’d lost money through criminal activity when travelling.


“Having no money is a sure fire way to take the fun out of a holiday, but carrying large sums of cash is dangerous,” TID travel safety expert Phil Sylvester said.


“Nor do you want card skimmers getting access to your life’s savings back home. A debit card with a finite sum and the ease of cash is the answer to both of those problems.”


To this end, TID has launched what it says is Australia’s first personalised travel money card, which uses paywave technology and can be used as an Oyster Card on The Tube in London and provide a free fast track upgrade on the London Eye.


Written by: Mark Harada
Published: 4 September 2015

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