Study highlights world's biggest travel spenders
Muslim travellers are expected to be among the biggest spending holidaymakers in the world over the next few years.
A new study conducted by halal travel specialist Crescentrating and US-based firm DinarStandard has indicated that the growing affluence of Muslims in the Middle East will become all the more apparent in the near future, AFP reports.
It showed that people who hold these particular beliefs will shell out US$192 billion ($183 billion) a year when travelling abroad by 2020.
With such huge figures being thrown around, it is little wonder that tourism chiefs in Australia are so keen to attract more wealthy travellers to the country.
Tourism representatives in Queensland have been encouraging holidaymakers to head to the Gold Coast during Ramadan and they said the region has a long history of welcoming Middle Eastern visitors.
"July and August are busy times at the Gold Coast Islamic Centre in Arundel, a densely populated suburb of Gold Coast in Queensland, Australia," a spokesperson stated.
On the other side of the coin, there are also plenty of opportunities for Aussies to head in the opposite direction and spend some time in the Middle East.
Places like Abu Dhabi and Dubai have become increasingly popular in recent years – especially among people who have plenty of overseas travel money to spend.
Dubai in particular has built up a solid reputation for being a playground for the rich and famous, but Aussies don't have to be loaded to visit such places – you just have to be savvy.
By searching for the best exchange rates online, you can ensure you are getting as much Emirati dirham as possible. At the moment, one Aussie dollar will get you 3.8 AED in return and it is definitely worth keeping an eye on the currency markets in case there are sudden fluctuations.
In order to safeguard yourself against this, it is worth purchasing a travel credit card that locks in the current exchange rate.
Have a question about travel money? Ask the money gurus at Mozo Answers.