Studies have found that every year Brits are left with households full of foreign currency brought back from their last holiday. The Daily Mail has stated that new research suggests “up to £390 million in overseas currency is currently languishing – in jars, in the bottom of kitchen drawers, lost in tattered envelopes or gathering dust in small clusters at back of the spare room – unspent around the UK”.
Although currencies such as the euro will be inevitably re-used the following year, there are a vast number of currencies less widely used which may ultimately go to waste. Despite this, the majority of Brits still opt to exchange large amounts of currency before travel and carry this cash around with them when abroad. By contrast, the likes of currency cards and travellers cheques are far less popular.
The main reason could be the cost of actually withdrawing cash whilst abroad, with some banks charging extortionate fees to do so and supplying poor exchange rates. Because of these factors, many people feel that by exchanging cash before travel, they are consequently saving money. With households on average neglecting around £40 of extra currency per trip however, are you really saving anything at all?
If you’re a holiday hoarder, why not dig it out and get it spent on your next On the Beach holiday!
