As schools across the UK are 6 weeks into the new academic year, many families will be looking for a mini October half-term break. However, travellers may not be aware of the staggering amount of money that goes to waste every year due to left over foreign currency that has the potential to be used for future travel plans. We are a nation of currency hoarders – a staggering £819 million of foreign currency is nestled in coin-jars and piggy banks nationwide. By the time families return from their holidays, they will be £2.5bn out of pocket before even considering the cost of flights, transfers, accommodation, or even spending money.
WeSwap, the world’s first peer-to-peer travel money, provider has conducted nationally representative research from a sample of over 2,000 UK adults to reveal that an average of £90 in excess currency is brought back to the UK from each trip. With this is mind, WeSwap shows what holidaymakers could do with the money we bring back from our travels if we were to not stash it in kitchen draws to be forgotten:
- 60% of travellers – 27.1 million – over budget on the amount of cash taken for spending money on holiday
- A total of £2.5billion in foreign currency comes home with us unused
- 65% – 29 million – of us say we’re currently hoarding excess currency from previous trips abroad
- 31% of us – 9.6 million – store excess currency in piggy-banks, coin jars and boxes under the bed
- Totted up, £819m worth of currency is sitting at home in piggy-banks, coin jars and boxes under the bed right now
Britain’s favourite ways to use our leftover £90 are:
- 27% – 12 million – of us save our spare currency for our next trip
- 19% – 9 million – spend at duty free
- 10% buy gifts or souvenirs – Regional food specialties, fridge magnets, Toblerones, chocolates for the office and novelty souvenirs are top favourites
- Only 9% currently change it back
- 6% keep the currency as a souvenir, give it to friends or just leave in the hotel room
As the October half-term approaches, many families will want to make the most of the break and search for some winter sun. This is, however, an expensive time of year where people feel the need to tighten their belts in order to save as much as possible. WeSwap has put together a list of destinations that you could go to for £90 to less this October:
- Dublin, Ireland from £20
- Toulouse, France from £24
- Bologna, Italy from £25
- Stockholm, Sweden from £36
- Berlin, Germany from £48
CEO of WeSwap, Jared Jesner said: “Holidays are more often than not the biggest event of the year for British families, however, there are many hidden costs that arise when abroad which many holidaymakers may not think about – and this can prove to be costly. Our research confirms that a huge amount of money goes to waste every year, but holidaymakers – especially those who are going away for the October half-term – should rest assured that there are ways to ensure their hard earned money stretches as far as possible. For example, buy back services allow customers to return excess currency and swap it back into pounds – this is particularly useful as the pound’s value has been so inconsistent recently. Swapping holiday currency back to Sterling may get you more money than you first thought.
Also, it is worth bearing in mind that it is best to find free ATMs while abroad. You can also avoid further charges by withdrawing more money less often. And if an ATM or merchant asks if you want to be charged in the local currency, always say yes.”
