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49% of Brits stash leftover holiday cash for next trip

Florida BeachWhen it comes to the choice between splurging or saving on holiday, most Brits would choose the latter option. However, no matter how many holiday extras UK travellers indulge in they are bound to head home with a few euros, dollars or other bits of foreign currency jingling around in their holiday suitcases.

Now new research from ICE (International Currency Exchange) has revealed that rather than heading straight to the nearest currency exchange counter with their spare travel cash, almost half (49%) of holidaying Brits are opting to stow away their foreign notes and coins for their next overseas trip.

Further figures from the research also revealed a number of other ways that Brits put their leftover holiday cash to good use. This included the following:

  • Convert it when I arrive home - 32%
  • Spend it at the airport - 32%
  • Spend it on drinks or a meal - 18%
  • Buy gifts for family/friends - 16%
  • Use it to tip staff - 12%
  • Give it to charity

When it comes to how much of their travel spending pot remains in their wallets after the holiday of the dreams, ICE’s research revealed that just over two-thirds (66%) of holidaying Brits have £50 left to play with.

Koko Sarkari, chief operating officer for ICE, suggested one reason why some Brits abroad are reluctant to exchange their remaining holiday cash.

“If exchange rates were favourable when the currency was first ordered and another trip is on the cards, you can understand why you wouldn't rush to convert leftover holiday money back into Sterling.

“But with almost half of us hoarding foreign cash, the hassle factor probably plays a big part in the decision not to convert it back.”

Research released earlier this year by peer-to-peer lender Zopa also offered an insight into £2.92 billion of foreign currency left unspent in UK homes. It revealed the top leftover holiday currencies to be:

  1. Euros – 79%
  2. US dollars – 43%
  3. Canadian dollars / Swiss Francs – 7%
  4. Australian dollars – 6%
  5. Thai Baht – 5%

Brits can also save on their travel spending by taking out budget travel insurance.

Date Created: 14 October 2014

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