Over $1B in Leftover Foreign Currency Piles Up in U.K.
Erica Berardi August 31, 2015
British holidaymakers forget foreign cash to the tune of nearly £665 million.
Forgotten foreign cash is gathering dust in British homes with holidaymakers keeping an average of £55.25 in leftover foreign currency in their possession, a figure which adds up to more than £663 million countrywide, according to a study released last week by Visa Europe.
Researchers polled 2,000 people and found two in five Britons, or 39 percent, fail to convert unused foreign currency after traveling abroad. The average respondent had around £55.25 in U.S. dollars, euros, yen or rupees at home. One in six respondents, or 16 percent, said they have at least £75 in leftover currency.
Thirty percent of British travelers who are stuck with foreign cash admit to spending unused currency at the airport.
“Our research suggests that as a nation, we have accumulated £663 million (over $1 billion) of foreign currency in our homes — hard-earned money which could be better put to use or donated to charity,” said Visa Europe Managing Director U.K. & Ireland Kevin Jenkins. “And for those anxious to use every last Dollar or Dirham, a frenzied episode of ‘squanderlust’ frequently means unnecessary airport spending.”
Visa Europe said the results should encourage travelers to do some research into local pricing before they go abroad, that way they can better gauge how much foreign currency they’ll need.
[Photo: iStock]
"Visa Europe said the results should encourage travelers to do some research into local pricing before they go abroad, that way they can better gauge how much foreign currency they’ll need." What a goofy comment. Local pricing does not affect how much foreign currency you'll need; local pricing combined with how many places do no t accept your credit card does. And this is a credit card processing company which is making this silly advice! What would me much more useful is if Visa Europe had a site where I could check local Visa credit card acceptance percentages. But probably they don't want to advertise where that's poorer, right? So instead of giving useful advice to those who only need cash where credit cards aren't accepted, they give advice which assumes everything is being paid for with local cash. ... Anyway, I have way more than that of cash sitting around from countries I intend to go back to. I don't have spare cash sitting around from countries that I have no plans to go back to. (And for currency purposes, I'm treating the Eurozone like a "country" here, even though of course it isn't just one country.) Why should I turn in unused Euros when I know I'll be going back to Eurozone countries many times?