HawkInsight

  • Contact Us
  • App
  • English

How to deal with unused foreign currency?

According to new research from financial market analysts, Britons have hoarded more than £3.8 billion worth of unused foreign currency, equivalent to £57 per person in the country.。

According to new research from financial market analysts, Britons have hoarded more than £3.8 billion worth of unused foreign currency, equivalent to £57 per person in the country.。

The analysis, which tallies the average amount of foreign currency taken home by holidaymakers, shows that £3,807,984,041 is currently unused.。Given that the average weekly food cost per household is 61.£90, equivalent to the amount of foreign currency that can cover a family's food costs for almost a week。

未使用的外国货币

This is where the funds are currently deposited:

英国未使用外币地图

Most of the unused cash, pictured, is in England, totalling £3,207,104,290。The South East of England was the largest holder of foreign currency, at £523,614,730, or £9,086,274 residents each holding 57.62 pounds。

Scotland holds a total of £329,284,822, Wales £163,719,682 and Northern Ireland £107,875,248。

The calculation is based on the average amount of money taken home by each family traveler 60.£66, average number of holidays per year 1.9 and the country's current population data。

The following table breaks down each specific area:

英国各区域未使用外币表

Why hold foreign currency?

Collecting and holding foreign currency is really fun, different materials, different designs and exchange rates, foreign currency can make you a millionaire immediately on the right day。Foreign currency also contains the pleasure of travel - many people like to keep it as a souvenir after the trip.。

Tom Bourlet is a travel blogger for Spaghetti Traveller。He said:

"The reason we keep the money when we come home from vacation may seem strange to some, but usually it's to go out again sometime in the future."。"

"We always say we will go back to the places of our dreams, but usually head to new places.。There is also the inevitable frustration that banks can only exchange paper money, so they end up with a lot of coins left.。The euro reduces the number of coins, but I like unique designs such as Spanish peseta coins with holes.。"

What to do with unused cash?

The options for how to deal with unused cash generally fall into three categories:

  1. Reserved for future travel

Especially if you hold a common currency such as US dollars or euros, it may be worthwhile to keep it for your next trip, rather than through exchange rates that are unstable。

  1. converted into pounds sterling

The conversion of foreign currency into pounds sterling can be done through the foreign exchange bureau, but it is worth noting that the value of your cash is likely to be based on your choice.cash it inTime and change。

  1. through foreign exchange investment

The practice of converting foreign currencies for appreciation is common, but not very stable。In general, if you trade major currency pairs such as the US dollar and the euro, you can predict possible changes in value through technology, while if you hold foreign currency pairs such as TRY (Turkish lira) or HUF (Hungarian forint), their value may be higher because they may change according to political and economic changes.。

The methodology behind the study

The study utilized a number of data sets to calculate the value of foreign currency currently held by UK residents。It is based on the following:

  • The population of the UK is 66,650,000
    UK residents take an average of 1 vacation per year.9 times
    The average value of foreign currency brought home by UK tourists per holiday is 60 per household..66 pounds
    The average family size in the UK is 2.

Therefore, the result of the calculation is:

  • Number
    Multiply by 1.9 (Holidays)
    Multiply by 60.£66 (money brought back)
    Divide by 2 (considering average household size)

Regionalization of data based on population data for each region of the UK。

·Original

Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.