Underwear, shoes and sunscreen bottles: Where Kiwis stash their cash on holiday overseas

Many Kiwis still think cash is king when overseas on holiday. Photo / 123RF

A Mastercard survey has found New Zealanders are exposing themselves to being ripped off on overseas holidays because of where they hide cash while relaxing.

The survey of more than 700 travellers also found Kiwis come home with $169 million in loose change every year and 71 per cent of them don’t exchange it when they’re back here.

Stats NZ figures out today will show the strong post-pandemic recovery in overseas travel continuing and Mastercard says there are more secure and strategic ways of taking spending money on holiday.

Mallika Sathi, vice president, cyber and intelligence for Australasia told the Business Herald that although Kiwis were tech savvy when it came to managing money at home, since borders re-opened two years ago there had been a swing back to taking cash abroad.

“There’s possibly an outdated perception that the way we pay abroad is different from the way we pay at home.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,” she said.

They are susceptible to having cash stolen when they’re in unfamiliar places. The survey found 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% said they would ask someone to keep an eye on it while they take a dip at the beach.

Sathi said the $169m sitting around in wallets or the bottom of drawers was wasted for most people Difficulty finding a currency exchange to swap more obscure notes was a problem.

“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,” she said.

Mastercard is listed on the New York Stock Exchange and last year had revenue of more than US$25b ($40b). With Visa it has been at the centre of a multi-billion dollar class action in the US over mechant swipe fees.

The company says its cards are accepted in 100 million locations around the world in 150 currencies.

Sathi said Mastercard safeguards transactions, with its zero liability card policy protecting users against loss from unauthorised transactions.

It has partnered with Bryony Thorpe, a flight attendant who has travelled to 25 countries, to launch a six-part series on secure travel payments including how to find the best deal on travel, the “three Cs” for compromised cards (cancel, call and carry), choosing the right currency and packing a digital wallet.

The New Zealand research was done for Mastercard by Pureprofile between May 29 and June 4 with 750 New Zealand respondents who have travelled overseas in the past year.

Grant Bradley has been working at the Herald since 1993. He is the Business Herald’s deputy editor and covers aviation and tourism.