More bang for your buck in 2013

26 May 2013

Australian holidaymakers are getting a much better deal on a range of currencies compared with a decade ago thanks to the power of the Aussie dollar, analysis by National Australia Bank has revealed.

The Aussie dollar will get you 38 per cent more UK pound for your buck, 35 per cent more against the US dollar and almost 35 per cent more Hong Kong Dollars compared to ten years ago.

The dollar has also experienced significant gains against the currencies of Europe, Japan, Canada, Singapore, Thailand and New Zealand – which remains the hottest destination for Australian tourists, according to the Australian Bureau of Statistics.

Currencies ranked against the purchasing power of the Australian Dollar over the past ten years (%), 2 May 2013
1 UK 38.3
2 USA 35.1
3 Hong Kong 34.8
4 Euro 26.8
5 Japan 26.3
6 Canada 11.0
7 Singapore 9.0
8 Thailand 7.5
9 NZ 6.6

Ray Attrill, Head of Foreign Exchange Strategy for National Australia Bank said while global currency markets had been less volatile in the past year than in prior years, the Australian dollar had made some significant gains against a range of currencies over the past decade.

“These gains are very good news for royalists who are travelling to the UK in July for the Queen’s Coronation Festival and the well anticipated birth of the royal baby.

“Aussies shopping up a storm in the Big Apple will also be getting a better deal in 2013,” said Attrill.

Michael Shurlin, NAB General Manager Everyday Banking Consumer and Cards said with record numbers of Australians travelling overseas, Aussies should consider locking in exchange rates before they travel.

“Locking in exchange rates will provide you with greater certainty while you’re overseas and make it easier for you to manage your money quickly and securely.

“NAB Traveller Card allows customers to lock in rates for up to ten currencies and pay like a local when you’re there,” said Mr Shurlin.

Unlike other travel cards of the major banks, NAB does not charge customers fees for using ATMs overseas.

Australians can use NAB Traveller Card at over 35 million MasterCard locations worldwide and feel comfortable that their money is safe with the added security against card fraud through chip and PIN protection.

Customers who take out a new NAB Traveller Card before 31 May 2013 and load with a minimum of AU$50 on the Card will automatically be entered for a chance to win a trip for two around the world.

NAB will also waive the initial load fee on all new NAB Traveller Cards until 31 May 2013.

NAB Traveller Card is available to new and existing NAB customers. Customers can visit a NAB Branch for more information.

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Dianne Sarantakos
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Fiona Macrae
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