Australians favour digital apps for overseas remittances

Visa has released the findings of its Money Travels: 2024 Digital Remittance Adoption Report, which explores how consumers send money abroad.

The global survey, which included 5,000 Australian participants, revealed several key insights into the behaviour and preferences of Australians regarding overseas remittances.

The report identifies that special occasions, unexpected needs, and humanitarian aid are the primary drivers for Australians sending money abroad. Specifically, special occasions accounted for 32% of remittance reasons, unexpected needs made up 31%, while humanitarian aid represented 15%.

Digital remittances emerged as the preferred method among surveyed Australians. Over two-thirds (67%) of respondents indicated they use digital apps to send money overseas. Notably, Australians are most likely to send money to the United States (23%) and the United Kingdom (21%).

The necessity for fast, easy, and secure methods of payment was underscored, with nearly half (47%) of Australian respondents having sent money abroad in 2023. However, economic challenges appear to have impacted future expectations, as only 27% of respondents plan to send money abroad in the next 12 months, the report showed.

Security was highlighted as a significant concern in the report, with digital methods being cited as the most secure for both sending and receiving money. Conversely, sending money by cheque or cash was perceived as the least secure option, especially when dispatched via mail or courier.

Ben Adams, Head of Commercial & Money Movement Solutions at Visa Australia, New Zealand, and the South Pacific, remarked on the findings, stating, "Australians have always been early adopters when it comes to technology, as is demonstrated by our preference for digital applications to move money globally."

Adams further commented, "In Australia, we've already got fast, seamless digital ways to pay when we're shopping in-store or online.

"But when it comes to sending or receiving money internationally, there is still opportunity to simplify the process and make secure, digital, global remittances," he said.

The survey for the Money Travels: 2024 Digital Remittance Adoption Report was conducted by Morning Consult during December 2023 to March 2024 with a sample size of 40,000+ remittance senders and receivers across North America, Europe, Latin America, the Middle East, and Asia Pacific. The interviews were conducted online and includes 5,000 Australia respondents who are weighted based on census estimates for age, race/ethnicity, gender, education and region. Visa is a specialist in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories.