UK households could be sitting on a goldmine worth £2.7 billion, holiday money expert FairFX reveals
FairFX statistics show the nation’s 34.8 million holidaymakers bring home an average of £78 worth of foreign currency each after every holiday, adding up to a collective annual amount of £2.7 billion which is often put away in drawers and left unspent.
Equivalent to 6% of the average £1400 spending money holidaymakers take on a trip with them according to FairFX own data analysis, the additional £78 would cover the cost of a meal out or excursion. Regular travelers who have failed to use leftover currency could find they are sat on a not inconsiderable sum, perhaps enough to use as a deposit for another trip.
To make it easier to access their leftover currency, has announced that customers using it’s Everywhere Card (a prepaid foreign currency card loaded with Sterling and providing local currency in any country) will now be able to spend any unused balance on their card Fee Free in the UK at point of sales.
For those that choose to take cash when they travel, FairFX has also launched a buy-back service for its Travel Cash customers.
Ian Strafford-Taylor, CEO of FairFX, said: “The collective value of unused holiday currency in the UK is a massive sum, and would come in very handy if people were able to spend it in the UK, especially as the festive season approaches and consumer spending tends to increase.
“That’s why we’re scrapping the fee to spend at point of sales on our Everywhere Card, meaning our customers can tap into that leftover money, and spend remaining balance in shops and restaurants without incurring any charges.
“Holidaymakers without an Everywhere Card or cash from FairFX looking to make use of leftover foreign currency in the UK need to be aware of some of the poor buy back rates being offered to ensure they don’t end up short-changed. If they’re unlikely to use it themselves on a future trip, selling it on to a friend or family members might prove a better option. Those whose budgeting means they have only a small amount of currency left might decide to pass it on to a charitable organization – many accept donations of foreign currency coins.”