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Brits Over Estimate Holiday Money Needs By GBP1.78 Billion

Fri, 09 Oct 2009

UK holidaymakers are over-estimating their travel spending needs and returning with over £1.5 billion in unused foreign currency, according to a new research by Santander Cards .

A survey by the credit card provider found that 62 per cent of Brits have been on holiday this year, with nearly half (48 per cent) travelling overseas for their break .

Of those holidaying abroad, nearly three quarters (71 per cent) came home with unspent foreign cash – an average of £61 per holidaymaker - meaning that Britons collectively brought back a colossal £1.78 billion in overseas currency from their trips abroad this year.

According to the research, 62 per cent said they held on to the remaining money for their next holiday, 23 per cent converted it back into sterling and 8 per cent decided to give it away to charity or friends.

A further one per cent of holidaymakers said they "currency speculate", waiting until conversion rates are more favourable before exchanging their leftover holiday cash, while three per cent either throw it away or forget about it, wasting a staggering £29.8 million.

Callum Gibson, director of 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."

"When on holiday abroad, it's often more cost efficient for holidaymakers to carry only small amounts of cash."
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