Aussie tourists to New Zealand have found the US dollar to be a more attractive currency than their Australian counterpart.
A study by the Australian Bureau of Statistics found that Australians were more likely to convert the Australian dollar to the US one in New Zealand than to convert it to a British pound.
The study looked at whether Australians had changed their foreign exchange rates by purchasing domestic currency or using foreign exchange brokers.
The findings are in line with a recent study from the International Monetary Fund which found that the Australian pound was the least preferred currency for Australians, with almost 80 per cent of Australians switching from Australian dollars to US dollars.
Foreign exchange brokers have also found a growing number of Australians using their local currency to make purchases from overseas.
The Australian Bureau said it was the first national survey of Australians’ foreign exchange transactions conducted since the Government introduced the new exchange rate in August.
Foreign currency broker Chris Dymarski said Australians were using their foreign currency as a way to buy goods and services overseas, such as overseas groceries.
“Australians are buying Australian dollars and using the Australian dollars as their primary currency,” he said.
“We have found a significant increase in Australians using foreign currency for purchases of food and other goods, and this has seen the number of people using foreign currencies to purchase Australian dollars rise from about 25,000 to nearly 40,000.”
Australian banks were one of the biggest users of foreign exchange to buy overseas.
A report by the Banking and Financial Markets Authority (BFMMA) said the use of foreign currency by Australians increased by more than $4 billion between July and September this year.
It said this was partly driven by the increased demand for Australian dollars for overseas purchases, particularly with China’s rise in its currency.
The Bank of England has also been trying to reduce the use by banks of Australian dollars by introducing a five-year limit on the amount of money that could be stored in the bank accounts of Australians.
“Our view is that this is a fair balance between the need to maintain a strong banking sector and the desire to reduce excessive spending by Australian households,” the Bank of Australia said in a statement.
Foreign Exchange Brokers are now taking note, too.
“While our experience is anecdotal, we are aware of increasing use of US dollars by foreign exchange agents and we are actively working with the relevant agencies to make sure that this behaviour does not occur again,” Mr Dymartski said.
He said that a growing share of foreign-currency transactions were using Australian dollars in their foreign-exchange broker account.
“A significant proportion of these transactions have been done through the foreign exchange broker and they are aware that they are potentially dealing with Australians,” he added.
Foreign Currency for New Zealand, an organisation which helps people in New York City convert their foreign dollars to New York dollars, said it had seen an increase in the use for purchases from abroad.
Foreign-exchanging brokers are a growing market overseas, said Nick Wilson, director of foreign exchanges at the organisation.
“In some cases, it’s even more than just buying Australian Dollars from overseas, it can also be a very good way to convert dollars to other currencies,” he told the ABC.
“It’s very common for people to use their local dollar as their currency and then use their foreign dollar to buy things in New Jersey or Canada or anywhere else.”
New Zealand Foreign Exchange is one of many foreign exchange companies in New England.
The organisation has a branch office in Boston and has offices in Cambridge, Massachusetts, Cambridge, New Hampshire, and Portsmouth, New York.
In the US, Foreign Exchange Services Inc (FESI) has offices on the East Coast, and a branch in Miami, Florida.
The Foreign Exchange Advisory Committee is also a registered association of foreign exchangers, which is the body that regulates the exchange and marketing of the currency used for trade in New Hampshire.
The group has also set up an advisory committee in New Brunswick.
Foreigner is a national charity that supports people with learning disabilities in the United Kingdom and overseas.
It was founded in 2009 and is based in Newburyport, Berkshire.
Foreigners is also looking to improve the way Australians buy their overseas purchases.
In June, the charity announced that it would establish a partnership with a company to create a new system to help Australians exchange foreign exchange for domestic currency.
Foreign Affairs Minister Chris Bowen said foreign exchange was one of Australia’s most important exports and a major reason Australians bought foreign currencies abroad.
“Australia has a huge market of foreign money for many reasons, including to fund our overseas military missions,” Mr Bowen said.
Foreign Exchange Committee member and Foreign Exchange Association of Australia chairman Paul Williams said the committee had received several inquiries from overseas clients wanting to learn more about foreign exchange. “
The way we trade with our partners is very different to the way we do it with ourselves.”
Foreign Exchange Committee member and Foreign Exchange Association of Australia chairman Paul Williams said the committee had received several inquiries from overseas clients wanting to learn more about foreign exchange.
He was also keen to encourage people to become more aware of