Foreign cash left unspent by travellers

By UK CreditCards.com

Foreign cash left unspentThe widespread squandering of foreign currency left over from holidays by travellers was exposed Oct. 2 by Santander Cards.

Around £1.78bn has been left unspent this year, with 3% of holidaymakers either doing "nothing" with the cash or throwing it away.

Meanwhile, 62% were found to be saving the leftover money in order to spend it on future holidays and 8% were simply giving the cash to others.

The problem was also revealed to be very widespread, with 71% of people who had holidayed abroad in the past year returning home with unused money.

Callum Gibson, director at Santander Cards, said: "While it's not surprising that Britons are returning from foreign holidays with some leftover spending money, the incredible amount of unused foreign currency floating around the nation's homes is quite unexpected."

In response to this apparent wastage of funds, Santander Cards advised travellers to use credit cards for larger holiday purchases and to "carry only small amounts of cash" while overseas.

However, the cost-effectiveness of this approach is determined by the foreign currency fees levied by individual providers.

Many firms charge extra for overseas foreign transactions and cash withdrawals.ADNFCR-2308-ID-19390783-ADNFCR

Published: 5 October 2009