Australians spent $138 million in avoidable foreign transaction fees on food and dining purchases last year

• Aussies who travelled overseas in the past twelve months are spending, on average, 20% of their total travel budgets on food and dining
• These Aussies spent an average of $1,477 on food and dining, which equates to an approximate spend of over $12 billion nationwide, showing that the culinary tourism trend is truly on the rise
• 88% of Aussie travellers have said they’d be willing to sacrifice spending on other costs to have more budget for food and dining when overseas 

New research from ING reveals that while three in four (75%) Aussie travellers consider local food and cuisine within their top 5 key factors (second to only budget/costs 78%) when planning an international holiday, they spent a staggering $138 million on international transaction fees on their food and dining purchases in the past 12 months.  

This comes as those who have travelled overseas for leisure in the past 12 months admit to dedicating 20% of their total travel budget to food and dining experiences – that’s an average of $1,477 per traveller, and a collective overseas culinary spend estimated at over $12 billion nationwide.  

Australians are increasingly prioritising memorable food and dining experiences when travelling, with 88% willing to cut back on other aspects of overseas travel (e.g., shopping, experiences) to make room in their budget for culinary delights. However, despite these conscious choices, many are still unknowingly chipping away at their travel budgets through international transaction fees, which cost travellers an average of $82.28 each in the last year.  

It appears that for many, the culinary experience on international holidays isn’t just about eating, but also about capturing and potentially sharing memories. A significant 81% of travellers admit to taking food photos to capture their foodie adventures. This dedication extends to their wallets: those who took any pictures of their food on their last international holiday were significantly more likely (90%) than those who didn’t (77%) to say they’d sacrifice other spending to boost their food and dining budget.  

Dina Kotsopoulos, Head of Daily Banking at ING comments on the report findings: 

“Our new research shows Aussies are increasingly prioritising food and dining experiences when they travel, but it’s a shame to see that they’ve been left $138 million out of pocket due to international transaction fees on these purchases in the last twelve months. 

“That’s why we’ve partnered with Catherine Zhang of TuCha, LA, this weekend in Surry Hills, to bring Sydneysiders a taste of her viral desserts from LA without having to leave home.

“ING’s Orange Everyday debit card offers international transaction fee rebates to help Aussies travel a little sweeter when it comes to their finances. On average, eligible ING customers have saved an average of $87[i] per year on international transaction fees, which is almost 9 Aperol Spritzes in Italy!

“We encourage Aussies to confirm with their banks what fees they might be subject to while on holiday, ahead of time, so they can fully enjoy their global food adventures without unexpected costs.” 

Dina’s budget-savvy travel tips for Aussies abroad: 

1. Plan ahead: Understand your travel budget and how much you intend to spend on dining and experiences. 
2. Eat like a local: Skip tourist traps and try local eateries or street food – it can be cheaper and more authentic. Visit local markets for fresh, affordable meals and snacks.
3. Check your bank’s fees: Be aware of any international transaction fees your bank charges on overseas purchases. 
4. Consider your options: Explore banking products that allow eligible customers to not incur international transaction fees.
5. Stay vigilant: Be aware of common scams, especially when making online purchases or using unfamiliar payment methods abroad. 

[i] *This number is illustrative only and can change depending on your personal situation, like meeting eligibility for the international fee rebated and the value and number of international transactions you make. We used the median rebates received by Orange Everyday and Orange One customers who met eligibility and got rebates on the international transaction fee of 3% (the standard international transaction fee ING charges) between May 2023 and April 2024 when using their Orange Everyday or Orange One card. It doesn’t consider the frequency or value of individual transactions which varied between customers or the number of times each customer met eligibility conditions.