1000 Singaporean adults were surveyed by OnePoll on behalf of Skyscanner in March 2013. Skyscanner is a leading global travel search site providing instant online comparisons for millions of flights plus hotels and car hire.
SINGAPORE – New research by Singapore-based global travel search site Skyscanner has found that a staggering $247 million of foreign currency is lying unused in Singaporean homes, ranging from Malaysian Ringgit to British Pounds.
1000 Singaporean travellers took part in the research and were asked if they had leftover foreign currency at home and, if so, how much they thought it was worth. The study found that holidaymakers comeback with more than just souvenirs: on average, Singaporeans had an estimated $177 dollars of foreign coins and notes lying at home unused.
Overall, a huge 98% of Singaporean travellers said they return from holiday with leftover foreign cash with 54% stating that they believed the cash to be worth $100 or more. 14% of travellers thought they had $50-$100 while the remainder had smaller amounts ranging from $5 to $50. Only 2% said they had no leftover foreign currency at home.
Ira Noviani, Skyscanner Marketing Manager for Singapore said: “As the August holidays approach us, many travellers may choose to spend the last of their holiday cash at the airport, but it’s clear that not everyone has time to do so. In fact, many Singaporeans may prefer instead to hold onto their cash for their next trip.”
How much leftover holiday cash do Singaporeans have lying around at home? According to government statistics 1.4m Singapore residents aged 15 or over travel aboard each year. The Singaporean dollar has recently hit a 15-year high against the Malaysian ringgit, making it even cheaper for Singaporeans to shop in Malaysia.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
