Brits store £170mn foreign currency

A staggering 170 millions of pounds worth of foreign currency lies dormant in people’s drawers across the country, according to a recent survey carried out by online travel and leisure giant lastminute.com.
With more Britons than ever taking several breaks a year, it would seem many are now choosing to hang on to their currency rather than exchange it upon their return.  This not only means they have spending money to hand, but also saves them paying the often pricey exchange rates and commissions.

An amazing four out of ten people polled told lastminute.com they have up to £35 in Euros lying at the bottom of their sock drawer, whilst 11% revealed they had more than £35 worth of Euros.

However, the weakness of the dollar means that holiday makers are not hanging on to them as much, with only 11% surveyed hanging on to between 1 and 50 dollars and 14% keeping more than fifty dollars.

Almost 20% of lastminute.com’s customers also collect other lesser used currencies such as the Moroccan Dirham and the Thai Baht as these are also considered as souvenirs.

John Bevan, Managing Director at lastminute.com UK said “This trend demonstrates that Britons are taking more trips per year than ever before. It is indeed more convenient and better value to keep foreign currencies for forthcoming trips. The fact that 11% keep more than 50 euros and that 14% have more than 50 dollars at home is a proof of this, a few years ago when people came back from trips abroad with a fairly large sum of money they would rush to the foreign exchange to get pounds back, now they don’t.”
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