Holidays to foreign countries all require Britons to spend in a different currency to the pound. Many travellers choose to withdraw cash ahead of a holiday in order to have easy spending money. Savvy globetrotters may choose to buy travel money when the exchange rate is favourable. However, what should holidaymakers do when they return from a trip away and have money left over?
Currency expert Rob Stross at WeSwap, a peer-to-peer currency exchange service, has shared his advice to Britons.
“Holidays are more often than not the biggest event of the year for British families,” Stross told Express.co.uk.
“However, there are many hidden costs that arise when abroad which many holidaymakers may not think about – and this can prove to be costly.
“Our research confirms that a huge amount of money goes to waste every year, but holidaymakers should rest assured that there are ways to ensure their hard-earned money stretches as far as possible.”
Stross reveals that buy-back services could prove a boon to Britons hoping to avoid wasting money.
“Buyback services allow customers to return excess currency and swap it back into pounds,” he said.
“This is particularly useful as the pound’s value has been so inconsistent recently.
“Swapping holiday currency back to Sterling may get you more money than you first thought.”
According to WeSwap’s research, only nine per cent of Brits change back their leftover currency, resulting in Brits being £2.5billion out of pocket for the upcoming summer holiday.
Their statistics showed £819million worth of foreign currency is currently in kitchen drawers and piggy banks across the nation.
On average British holidaymakers bring back £90 in foreign currency from each trip – which if swapped back into pounds, could buy households the following over a week’s worth of groceries for the whole family (average cost of a family food shop costs £60.60 according to ONS statistics).
Stross added: “With the exchange rate fluctuating so much recently due to Brexit, travellers returning may be able to get more from their money they have done recently, so it is worthwhile looking at your options when you return to make sure you’re not sat on a small fortune.”
The currency expert also explained the importance of being careful when it comes to withdrawing money while abroad.
“It is worth bearing in mind that it is best to find free ATMs while abroad,” he said. “You can also avoid further charges by withdrawing more money less often. If an ATM or merchant asks if you want to be charged in the local currency, always say yes.
“It is important to note that there are more and more countries working towards living in a cashless society, but Britons must remember there are still many countries both in Europe and the rest of the world that are still predominately cash-based, so having cash is vital for some destinations.
“With this needs to come a degree of budgeting to ensure that you have don’t get caught and aren’t charge extortionate rates for getting cash out of the hole in the wall.
“When withdrawing cash abroad, ATMs could charge you up to five per cent for every transaction.
“So it is worth noting when going abroad which countries use cash more frequently and which use card in order to avoid paying unnecessary fees on ATM withdrawals of POS transactions.
“This way, holidaymakers can budget for their summer holidays effectively and spend wisely.”
