Foreign Currency – The Hottest Hotspots

If you’re thinking of buying a property abroad, retiring abroad or just going on holiday, you’ll want your money to go far. And yet, it seems us Brits simply aren’t clued up about foreign currency. So much so, that one report suggested British holidaymakers returned with £1.78bn of unspent foreign currency in 2009.

£1.78bn of foreign currency
Around 71% of people who travel abroad come back with foreign currency according to a recent survey. Although it isn’t always easy to judge how much foreign currency to buy before travelling, the report suggested that although 1% waits for favourable currency exchange rates before converting their foreign currency into sterling, 3% did nothing with it. The survey said this equates to around a staggering £29.8 million going to waste.

Unspent foreign currency
And the research found the average budget abroad for Brits on holiday was high – at around £1,079 per person. And the average amount of foreign currency the holidaymakers brought home with them stood at £61. The majority of holidaymakers held onto their foreign currency – around 62% with the idea that they’ll hold onto it for their next trip abroad. But 8% gave their unspent foreign currency away, the majority (5%) giving it to friends and 3% donating unspent foreign currency to charity.

Holiday Hotspots
The survey calculated from a survey of over 2,000 adults that the British population spent around £31.4 billion in 2009. The amount of unused foreign currency is remarkable however and many charities have prompted holidaymakers to consider donating the unused currency rather than leaving it unused in drawers. For those who like to make sure their money goes far abroad, choosing destinations with favourable foreign currency exchange rates can make all the difference. Figures from The Post Office showed Jamaica, Egypt and Dubai were amongst the best travel destinations for Brits who wanted to take advantage of changing exchange rates in 2009. Although the British economy has struggled, because some countries’ economies are in worse shape, their currencies have fallen in value compared with the pound, making them more affordable holiday destinations.

The Cheapest Destinations
As well as monitoring foreign currency exchange rates, The Post Office compared the price of goods for holidaymakers, including a meal out, beer, coffee and postcard. It emerged that Bulgaria, Thailand and Hungary were the cheapest destinations with the goods costing less than £40 compared to £71.12 in France. It found Hungary to offer unbeatable value for a city break as its foreign currency was worth over 9% less than a year ago. The most expensive country was Brazil.

Foreign Currency from Crown Currency Exchange
You can check out exchange rates and order your foreign currency well in advance when you shop with Crown Currency Exchange. As independent currency brokers, we constantly update our exchange rates in order to give you the best possible service. We’ll deliver your foreign currency to your door and we can deal with holiday spending amounts from £300 to £10,000. Contact us online today or call 0800 612 7273 for a quote.

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