Travelers holding on to foreign currency
Dumping holiday currency at airports slows
By UK CreditCards.com
The practice of "currency dumping" has become less popular among holidaymakers due to the recession, new data show.
According to Santander Cards, the amount of foreign currency spent by returning UK travellers at airports hit £1bn in September 2007.
However, by May 2009, the credit card provider said that this total had declined to just £378m.
Santander Cards suggested that the fall was caused by recession-hit customers saving their leftover foreign cash for their next holiday, rather than spending it all at once.
Analysis from the firm also showed that its own Zero credit card, which does not charge extra for either overseas transactions or cash withdrawals, represented a lower-cost option for these holidaymakers.
"It's not surprising that non-essential spending at the airport has fallen dramatically in the last 12 months," Callum Gibson, director at Santander Cards, said.
Published: 10 July 2009
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