It’s not unusual to have leftover cash from your trips abroad, but what should do with your leftover currency once you’re home? What’s the most cost-effective way to convert it back into pounds? Are there any other options you should consider? Here’s everything you need to know.
Can you convert leftover currency back into pounds?
You may have spent time finding the best exchange rate on your travel money before your travels, but what do you do with your leftover euros, dollars, yen or baht when you return? One option is to switch them back to pounds.
The good news is this is relatively easy to do using currency buy back. In essence, foreign exchanges, online websites, the post office, supermarkets or financial institutions offer to buy your cash back from you.
Depending on which currency buy back service you use, you simply return the money in person or by post.
How to get the best exchange rate when selling foreign currency
It’s important to shop around when deciding how to get the best deal on travel money and the same is true with currency buy back. To get started, search online for currency buy back schemes and see who’s got the best rates. Some companies will even let you set alerts if there’s a certain price you want.
Often, online websites offer better rates than you’ll get at banks or the post office, but there’s a catch – you need to send your currency to them, which can be pricey, especially if you’re sending lots of coins.
If you have a lot of leftover money, it might be worth spending on the postage, but for smaller amounts, you’re probably better off going with a lower rate at your nearest in-person exchange.
You can also compare the best currency buy back rates on sites like Money.co.uk.
Can I sell back discontinued leftover currency?
It depends on which institution you use. Some online sites take discontinued notes while others even allow you to send back mixed notes and coins from a range of currencies.
On the other hand, institutions like banks, the Post Office, supermarkets and any foreign exchanges are unlikely to take discontinued currencies, as they cannot sell them to other travellers.
Do you lose money exchanging currency back into pounds
Typically, you won’t pay any fees or commission with currency buy back, but that doesn’t mean you won’t lose out financially.
Because exchange rates are fluid, you may receive less money than you paid for the currency. Of course, you don’t need to exchange money immediately, so you can hold on for a more favourable rate.
What is guaranteed buy back?
This service allows you to sell your foreign currency back at the rate you paid when you first exchanged it. However, you’ll typically have to pay for the privilege, which could cost as much as £4.
Can I do currency buy back at the airport?
There are often currency exchanges at the airport, which means you should be able to find somewhere to offload any leftover coins or notes, but you’re unlikely to get the best rate.
In fact, it’s usually significantly more expensive to use airport money exchanges, so if you’ve got an option near your home or work it might be better to hang on.
That said, if you don’t have a convenient outlet nearby, or think you won’t get around to exchanging your money once you get back, then doing it at the airport could be a good option.
Alternatives to currency buy back
Of course, you don’t have to convert your money into pounds. Other options might make more financial sense.
Keep the currency for your next trip
If you’re a frequent flyer or if you’re likely to visit a country that uses the currency in the near future, it might be worth keeping it. That way, you won’t be stung by exchange rates, and you’ll have some cash available for your next holiday or business trip.
Sell the currency to friends or family
If you know people who will be travelling to a destination that uses your leftover holiday money, ask them if they want to buy it. You can work out a reasonable rate, which will save you both hassle and remove any commission or fees they might otherwise have paid.
Donate the money to charity
Lots of charities have schemes where you can donate foreign notes and coins, along with out-of-date currency. For instance, the Royal British Legion accepts donations through its partnership with Sainsbury’s Travel Money Bureaux.
You can also donate foreign currency at any Oxfam branch or via Oxfam’s postal scheme.
The Royal National Institute of Blind People will send you a box to collect foreign coins in and you can send it back for free. It says every box that’s filled and returned could be worth £50 on average for the charity.
Other charities with schemes include:
Age UK
Midlands Air Ambulance Charity
Pancreatic Cancer Action
Emmaus UK
Women and Children First
St Margaret’s Hospice
If you have a favourite charity, it’s worth checking online or giving them a call to find out if they accept leftover travel money.
