Hanging on to holiday money – why UK tourists stash GBP 900 million in foreign cash
UK tourists will be returning with more than just a suntan this year, according to the Post Office®, which estimates that GBP920 million in leftover holiday cash will be brought home.
Many people are not doing anything with their leftover foreign cash, with 33 million (87.4 per cent) admitting to leaving it in the sock drawer or biscuit tin.
And we are bringing back more holiday pocket money than ever – an average of GBP27.78 per person, which is almost two thirds (63 per cent) more than in 2004 (GBP17.35).
Kevin McAdam, Head of Travel Services at the Post Office®, said: “It’s easy to stash your leftover foreign notes and coins in a drawer when you get home from your travels and forget about it. But with one in five of us claiming to bring back GBP50 or more, it’s shocking to discover that so much money is being wasted.”
The Post Office® found that people fail to change back their foreign cash because they simply forget about it (seven per cent). And a quarter (25.6 per cent) don’t think they have enough to make changing it back to pounds worthwhile, despite nearly one in five (18.9 per cent) bringing home the equivalent of GBP50 or more.
Kevin McAdam said: “It’s quick and easy to change your currency back and well worth it considering how much people are now bringing home. The best buy-back deals can be found at independent high-street providers offering 0% commission, such as the Post Office®.
“If holidaymakers are planning more than one trip this year, they should consider taking a pre-paid currency card. The Post Office® Travel Money Card can be loaded with Sterling, euros or US Dollars and used on holiday at millions of ATMs and shops. It’s re-loadable and valid for two years so it’s easy to save and reuse any leftover money for the next trip.”
The Post Office® is the largest bureau de change provider in the UK offering commission-free deals on 78 different currencies, Travellers’ Cheques and a great new pre-paid Travel Money Card. Customers can buy currency over the counter at 2,300 “on-demand” Post Office® branches. All 14,300 Post Office® branches offer a next-day currency collection service.
Ends
For further information please contact:
Cohn & Wolfe
Joanna Agnew
020 7331 5466
[email protected]
Post Office Ltd
Hayley Fowell
020 7250 2417
[email protected]
Notes to Editors
Research carried out by Experian in May 2006. Results are weighted to the profile of all UK adults. Experian is a member of the British Polling Council and abides by its rules. Further information at www.experian.co.uk
The Post Office® only accepts foreign notes for buy-back transcations but it recommends that customers consider donating any leftover foreign coins to one of the various charities that accept them.
About Post Office® travel services
Post Office® travel services provides great value travel insurance, commission-free foreign currency, a passport application Check & Send service, passport photos, international money transfers, holiday phone cards, EHIC application forms and an EHIC Check & Send service, and huge savings on car-hire and pre-booked holiday extras.
The Post Office® is the largest bureau de change provider in the UK with more than 25% market share, offering over 78 different currencies with 0% commission on all foreign currency and Travellers’ Cheques transactions.
