A survey by Debenhams Personal Finance has revealed that £2.1 billion worth of foreign currency is sitting in drawers and jars in households around the UK. The study found that the average person in Britain owns £59.40 in currency left over from their holidays.
Mike Hazell of Debenhams Finance said there was a massive amount of foreign cash just lying about waiting to be exchanged for sterling.
The retailer has launched a Buyback Giftcard that can be used by customers who want to change left over travel money back into pounds. Those who choose to spend that money in store will receive an extra 10 per cent on top of the value put onto the card.
According to the Debenhams research the average Brit waits until they have at least £84.50 in foreign cash before bothering to convert it back into sterling. In London this amount rises to a not insignificant £120.70.
The study also found that women were less likely than men to bother exchanging their spare holiday cash and that one in five people never even bother. The euro is the most common currency to be lying about a person’s home followed by the dollar and the Egyptian pound.