It’s been a while since we’ve been able to think about travelling abroad. But now that international travel is back on the agenda following the UK’s green travel list reveal, some eager Brits have already started planning their getaways.
Part of holiday planning is figuring out how much money to take with you to cover your expenses abroad and possibly even convert some money. But before you do any of this, did you know that more than half of Brits (63%) have some foreign currency stashed away at home? This means you may already have all or at least some of the foreign currency and holiday money you might need!
Leftover foreign currency stats
We surveyed more than 2,000 people across the UK and learned that Brits have an average of £49.56 in foreign currency somewhere in their homes. The top foreign currencies kept are euros (68%) followed by US dollars (31%).
Overall, we found that as many as 17.5 million Brits are holding onto a whopping total of £867 million collectively in foreign currency. Check out more of the interesting findings below including where Brits are most likely to stash their leftover travel money.
What are the benefits of travelling with Monese?
From our research, we also discovered that the majority of people (58%) always buy foreign currency before they travel, with 22% believing that you can’t possibly travel abroad without any foreign currency in cash.
While it may be useful to have a small amount of foreign currency in cash for small purchases like bus tickets or snacks, taking large amounts of cash away with you is a risky way to travel (only 17% of survey participants said they were worried about carrying lots of cash around on holiday). If your cash is lost or stolen, it’s gone for good.
Keep your money safe
Putting money on your Monese card is the safest way to go! Via the app, you’re in complete control of your money and account. So if you happen to lose your card while abroad, not to worry! Because your money is still safe. You can easily lock your card straight from your app and your account and money stay protected.
Dual account to keep your travel money separate
With Monese, you can also open a secondary account so you can budget for your holiday, add in the exact amount of money you’d like to spend while abroad and keep your travel money separate. This way, you also secure the exchange rate and protect yourself from currency fluctuations while on holiday. And if you run low, easily move money instantly from your primacy account.
Forget about bank charges
Thirteen per cent of participants also worried about charges associated with using a bank card while abroad. But with Monese, this is something you’ll never have to worry about.
When you spend abroad using your Monese card, you’ll still benefit from the wholesale currency exchange rate. You also get generous allowances on ATM withdrawals worldwide so you have easy access to cash when you need it. And if you need a little more, you can easily upgrade your plan for higher allowances and downgrade after your travels! We never tie you to anything so you’re free to choose the best plan for you at any time.
Instant spending notifications
So if you’re planning on going away soon, remember: don’t go without your Monese card! You’ll get instant notifications as you spend so you can easily keep track of your money and in your app, we’ll even show you the wholesale exchange rate of your transaction so you know what you’ve spent in the local currency.
What’s the first place on your travel bucket list? Let us know where you’re headed on Facebook, Twitter, Instagram or email us at email@example.com. For even more travel tips, check out our other blog posts.
Survey of 2,005 UK adults completed in May 2021. The 17.5 million figure was based on 63% of respondents in the survey saying they have some foreign currency at home. We calculated what 63% of 27.8 million is (this is the number of UK households — recent data from the ONS). This came out at 17,514,000. To get the £867 million figure we did 17,514,000 x£49.56 (which was the average value figure from the survey).
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