Even though many of us may not have been away for a while, Welsh holidaymakers could be sitting on millions in leftover foreign currency. In fact, across the entire UK the total is a recession-busting £150m .
Research has discovered that nearly half of all holidaymakers usually come home with around £50 worth of unused foreign cash and 75% of us just dump it in a bedroom drawer or a piggy bank. A Foreign Exchange Survey carried out by travel agencies found that 41% of those who went on a package holiday all brought back £50 each, it would be worth £150m which could be saved or spent to help our ailing economy. And while the same people might watch the pennies at home, they will splash the cash when abroad – regardless of the state of the economy.
Welsh Love a Souvenir
Well over half of Welsh holiday makers said they spend whatever they like once they get away and don’t bother to budget – which is great news for an industry that says it will take years to get back on its feet after the travel restrictions. With more than a third of respondents confessing they did not save for their holiday spending money – with most spending whatever they fancied on meals and days out, closely followed by wine and beer.
Welsh abroad also love to treat themselves to a few souvenirs with jewellery – often diamond rings and watches – weighing in at the top end of the market, as well as ornaments, furniture and handbags. Holidaymakers also love to bring back a special memento for family and friends, with stuffed donkeys easily topping the worst souvenir league table. Other tacky favourites include fridge magnets, sombreros, stuffed camels and local wines and spirits.
Simple Ways to Save and Budget
There are however some really simple ways customers can save and budget, to stay in the relaxed holiday vibe as long as possible and have no nasty credit card surprises when returning home. This includes using prepaid currency cards rather than relying on credit or debit cards.
These can be used just like a debit or credit card but head off your hidden holiday fees – and give you a better exchange rate. They are ideal for people who want to keep control of their finances while abroad as you simply load them with your required currency before you go and use them to pay for goods and services and at ATMs on holiday. And with identity fraud a common feature of everyday life, prepaid cards are completely secure as there’s no way that anyone can access your details as the cards are not linked to your bank account and are pin-protected.