Foreign currency exchange: what to do with your unspent euros, dollars and lire

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Foreign currency exchange is a hot topic on everyone’s mind as travel restrictions remain in place around the world.

If your overseas vacation plans have left you with money tied up in euros, dollars, or lire, we’ve got expert advice on what you can do to get the most out of your money.

Cambridgeshire residents have nearly £ 38million in unspent foreign currency

A new study from financial analysts AskTraders shows residents of Cambridgeshire alone have nearly £ 38million of unspent foreign currency in their drawers or wallets, which works out to around £ 58 per person.

The study also broke down the data for each part of Cambridgeshire, showing that Huntingdonshire is the area with the most foreign exchange with over £ 10.2million, followed by South Cambridgeshire and Cambridge.

East Cambridgeshire is estimated to have the least, however, at just over £ 5.1million. In total, Cambridgeshire is expected to have £ 37.6million in foreign cash.

  1. Huntingdonshire: £ 10,255,474
  2. South Cambridgeshire: £ 9,167,649
  3. Cambridge: £ 7,191,734
  4. Fenland: £ 5,869,310
  5. East Cambridgeshire: £ 5,177,210

Nationally, Cambridgeshire ranks 25th for remaining travel money with Norfolk 14th. London has the highest total of foreign cash remaining at over £ 516million, followed by the West Midlands at £ 168.7million and Greater Manchester at £ 163.4million.

The data is based on the average currency taken home by travelers of around £ 60 per household, the average number of vacations taken per year of 1.9 and the county’s current population figures.

Foreign currency exchange – what to do with leftover euros

Nigel Frith, Senior Financial Analyst at AskTraders, shared his advice on trading foreign currencies for British pounds.

Regarding the remaining euros, Nigel said: “With the easing of travel restrictions across Europe, it’s worth saving your euros for your next trip.

“Even if you don’t plan on going on vacation until next year, sitting and waiting rather than trading your money is the safest game.”

As restrictions on travel across Europe ease, the United States still faces a tough battle against the coronavirus, as cases across the country have reached more than 4 million.

Exchange dollars

So whether you’re heading to Route 66 or planning a family trip to Walt Disney World in Orlando, what should you do with the dollars you’ve bought in anticipation?

“Although the exchange rate is not as high as it was in March, it was fairly stable last month,” Nigel said.

“Now is definitely not a bad time to redeem your money, especially with travel restrictions to America still being very strict. That said, keeping it wouldn’t hurt either.”

Another option with your remaining currency is to think about trading and investing.

Currency exchange: lire and more

Nigel explained, “Investing through forex trading is also an option for people who want to maximize the potential of their foreign currency.

“Generally speaking, if you are trading major currency pairs like USD and EUR, likely changes in value can be predicted using technology, while if you are holding exotic currency pairs like TRY (Turkish lira ) or HUF (Hungarian Forint), they are more likely to change based on political and economic changes.


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