Brits holding a fortune in foreign cash
BRITS have leftover foreign cash from holidays abroad which could amount to a whopping total of £3.5bn, according to estimates.
Over half of holidaymakers are holding currency averaging £155 each from past trips. Almost one-in-five forgot they had it, but 72% are storing for a future trip. Around 85% of the foreign cash is euros, while 25% is US dollars.
Post Office Travel Money commissioned a survey of more than 2,000 people across the UK in February, which found that more than two in five
(42%) people have leftover currency.
Nick
Boden, Head of Post
Office Travel
Money, which accounts for one-in-four
UK currency transactions said: “Our research shows that there are billions of pounds worth of foreign cash hidden away at home so now might be the time to check how much you have.
“If it turns out to be currency for Australia, New Zealand, Norway or Sweden and you are not planning to travel to these countries in the forseeable future, now might be the time to change it back into sterling.
“These have risen in value against sterling, and you will get more cash back. “Equally, if you are planning a holiday abroad when the rules allow, it is worth considering destinations where sterling has risen most in value.
“The pound is worth over seven per cent more against the euro than a year ago, but other currencies have weakened more. “The Turkish lira is down by over 37% and Caribbean currencies have weakened by 18-28%.
“There will be big gains too in popular long haul destinations like Kenya, Mauritius and Dubai.”