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£1.78bn of holiday money 'unspent'

posted : MONDAY, 2ND NOVEMBER 2009 18:19:26 GMT comments : 8
- Search: foreign currency holidaymakers

British holidaymakers have returned home with 1.78 billion pounds worth of unspent foreign currency this year
British holidaymakers have returned home with 1.78 billion pounds worth of unspent foreign currency this year

British holidaymakers have returned home with £1.78 billion worth of unspent foreign currency this year.

As many as 71% who have taken trips abroad have come back with foreign money, a survey by Santander Cards showed.

The average amount brought back per person was £61, with 62% of those with unspent money holding on to it for their next trip.

As many as 8% gave the unspent money away - with 3% donating it to charity and 5% to friends.

While 1% wait for favourable exchange rates before converting their money to sterling, 3% do nothing with it, thus leading to a total of £29.8 million going to waste.

The survey, of 2,003 British adults, also showed that 62% had been on holiday this year and - of these - nearly half had been abroad.

The average spending per person on a main holiday has been £1,079, or £31.4 billion in total.

Santander Cards director Callum Gibson said: "While it's not surprising that Britons are returning from foreign holidays with some leftover spending money, the incredible amount of unused foreign currency floating around the nation's homes is quite unexpected."

    cj
    Monday, 2 November 2009 22:13:16 GMT

    good luck to the ones holding the currency to trade at a better rate, however as gordon brown has fixed this one pound = one euro so he can smoothly switch us to the euro without a national referendum, paving the way for his buddy blair to get the eu presidency, it seems unlikely that the foreign currency will ever rise.

    fedup!
    Monday, 2 November 2009 19:22:23 GMT

    its all down to gordon brown ....and why in this country we have to put up with what we are dealt i dont know.!.... what a mess gordon open your eyes and give up!!!!!! and whilst we are all on our knees "IF THATS NOT ENOUGH " the man carries on collecting revenues any way he can by taxing us all on our last pleasures ...holiday flights ! does he think the public will say "ohwell" lets carry on flying ...people just wont go and he will bring more mess and mysery to the public and companies!!!

    Stephen
    Monday, 2 November 2009 16:42:37 GMT

    Agree with Larry Boy .... Gordon Brown ' The Iron Chancellor ' has bankrupted the country ... hence the decline of the pound . He sold all the gold reserves off too at a fraction of today's value . S simple tax and spend chencellor ... and the biggest boom and bust in living memory . If the boom years were down to him alone as he always said and not the world economy ...he cannot have it both ways now ... it's either all down to him or the boom was not his if you follow ...

    larry boy
    Monday, 2 November 2009 15:42:23 GMT

    with the £ =1 euro why bother changing it back. the £ has lost a third of its vaue thanks to good ole gordon brown ie the iron chancellor,who with blair has ruined this country!

    Colin Dingley
    Monday, 2 November 2009 15:32:29 GMT

    Most people hang on to their leftover currency to use it the following year - saves the hassle of changing it then repurchasing the for the next holiday,I had my credit card cloned in Majorca and £700 ripped from my account, my daughter had a similar thing happen in Tenerife.I believe it is now far safer to take cash abroad than use credit cards in restaurants and foreign atm machines.

    Cheque Station
    Monday, 2 November 2009 14:32:53 GMT

    It makes sense to take a PrePay Mastercard with you, You load up the card before you go, and can use it almost anywhere in the world. It works the same as a credit card and you have a secure chip and pin. You can pay for good and services and also withdraw money from almost any cash machines, there are also no nasty bills to pay once you are home, and no currency to change back up to sterling.... Get one by visiting www.prepaymastercard.co.uk

    Cheque Station
    Monday, 2 November 2009 14:30:18 GMT

    It makes sense to take a PrePay Mastercard with you, You load up the car before you go, and can use it almost anywhere in the world. It works the same a s a credit card and you have a secure chip and pin. You can pay for good and services and also withdraw money from almost any cash machines.... Get one by visiting www.prepaymastercard.co.uk

    B Mindel
    Monday, 2 November 2009 12:25:43 GMT

    It amazes me that people waste their money this way. They have already bought the currency at an unfavourable rate, and probably paid commission, and when they sell it back it is again at a much worse rate. Far better to use debit or credit cards whenever possible outside the Sterling zone, and keep minimal cash for emergencies and things like taxi fares!

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