Visa Report: Australians Prefer Apps for Overseas Remittances
06/25/2024
Visa, a world leader in digital payments, has released the results of its Money Travels: 2024 Digital Remittances Adoption Report with Australians citing special occasions (32%), unexpected need (31%), and humanitarian aid (15%) as the top drivers for sending money overseas.
The Money Travels: 2024 Digital Remittances Adoption Report examines how consumers send money abroad, diving into the rates, methods, and reasons for sending and receiving payments. The survey included 5,000 Australians.
Digital remittances continue to be the preferred method amongst surveyed Australians, with over two thirds (67%) of Aussies using digital apps to send money. Australians are most likely to send money to the United States (23%) or the United Kingdom (21%).
The need for fast, easy, and secure payments has never been more important, with close to half of Australian respondents (47%) having sent money abroad in 2023. However, the impact of economic challenges is also evident, with only 27% of respondents expecting to send money abroad in the next 12 months.
Security continues to be a key differentiator for payment methods, with digital methods cited as the most secure method for both sending and receiving. Sending money by cheque or cash was perceived as the least secure, especially when sent by mail or courier.
“Australians have always been early adopters when it comes to technology, as is demonstrated by our preference for digital applications to move money globally,” said Ben Adams, Head of Commercial & Money Movement Solutions, Visa Australia, New Zealand and South Pacific.
“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.”
For more information and for the full report, please visit: Money Travels: 2024 Digital Remittances Adoption Report | Visa Direct | Visa
Survey Methodology
This survey 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.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.