What Options To Consider For Exchanging Leftover Foreign Currency

09 April of 2015

Have you been on a vacation or a business trip and come home with some leftover foreign currency? A lot of people find themselves in this position. After all, it is always better to overestimate the amount of holiday cash you will need, as opposed to underestimating it.

However, unfortunately many people end up wasting the money they have leftover, as it simply resides in a jar or at the back of their drawer. We don’t want this to happen to you. Instead, we want you to make the most of the money you have left. Otherwise, you may have well spent it whilst on the vacation.

Keeping that in mind, read on to discover more about the six different options you have at your disposal for exchanging leftover foreign currency.

1. Sell Your Currency Back

    – There is only one place to begin and this is with selling back the foreign currency. This is typically the best option to go for, as you will get the most value. If you want to sell your currency back, there is a specific procedure that is worth following. Firstly, you should spend time looking online for the best travel money company to sell your currency to. Don’t merely go for the first company you lay your eyes on or take a trip to your nearest branch. If you do this, then you’re almost certain to suffer from a bad deal. Instead, take your time to locate a company with a lot of experience, a good reputation and low commission. You should also make sure the company allows you to secure online rates. This means that the rate you are quoted online is the rate you will benefit from when you go to your nearest branch to exchange the currency. Unfortunately, there are a lot of businesses that do not operate in this manner and therefore individuals go to the branch only to suffer from a much worse deal. So, once you have found a company that ticks all of the boxes, enter your details and see what deal you are being offered. If you are happy, and the rate is secured, finish the application process and arrange a date for you to come into the branch and sell your currency. It is as simple as that.

2. Save The Money For A Future Vacation

    – If the first option does not appeal to you, or you are planning to visit that location again in the near future, you should consider saving the money for a later date. If you have a travel jar or wallet, put the money in there and you can use it for an upcoming vacation. This is evidently not something that is suitable for all circumstances, as you may have no intention of going back to the place in question again. However, when it comes to popular and widely used currencies, such as the euro, you may find it more worthwhile to simply hold onto your money.

3. Donate To Charity

    – Have you considered donating the extra cash to charity? If the leftover money you have is an amount of excess cash you did not expect, then donating it to charity is a lovely idea. You of course, don’t have to donate the whole amount – just a sum that you can afford. In addition to this, you will find that a lot of travel companies only except currency in notes. Therefore, if you have any coins left, you may as well give them to charity, as you are not going to have many other options at your disposal. Plus, needless to say, it is always nice and rewarding to give to others, especially if you weren’t counting on having the money yourself anyway.

4. Convert Into An Alternative Currency

    – This point also involves selling the currency you have left. However, instead of selling it for UK pounds, why not sell it for an alternative currency? Do you have a holiday planned for this year or next? If so, you may wish to exchange your leftover currency and get some currency for your next holiday. It all really depends on what is going to be more worthwhile. Will you get more value if you exchange the currency for UK pounds? Or, is it going to be more beneficial to actually change the existing currency to another foreign currency for future use? Assess the rates carefully and find the best deal. After all, you will need to exchange funds in the future for your next holiday, so it may pay to do it now rather than wait.

5. Sell It To A Friend Or Family Member

    – In addition to the points that have already been mentioned, another option that is definitely worth considering is selling the currency to a friend or family member. Do you know anyone that is planning on visiting the destination you have just got back from? Maybe you can ask your friends and family members to check around just in case they know someone. You will then be able to sell the currency with ease.

6. Make The Most Of Airport Shopping

    – If you only have the equivalent of £20 or so left in your holiday currency, why not treat yourself to a gift in the airport instead? A lot of people don’t feel it’s worth going to a travel money branch to exchange a sum that is so little. You may as well end your holiday in style and purchase a nice bottle of alcohol or a beautiful bottle of perfume. Nowadays, most airports have a great selection of shops to choose from and airlines will allow you to purchase on the plane in several currencies. Instead of buying a gift you may simply wish to use the money to get a snack and drink on the plane if they are not included in your travel package.

When you consider all of the points that have been mentioned in this post, you can see that you do indeed have various different solutions at your disposal if you find yourself coming home with leftover foreign currency. There is no right or wrong answer regarding the best solution for you. Everyone finds themselves in a different situation and thus, it depends on a whole host of variable factors. For instance, if you are going to visit the destination again, if you are going somewhere different later in the year, if your family or friends are going on holiday to the place you have been and so on and so forth.

Nevertheless, you should definitely consider the option of selling back your currency, whether you are going to get UK pounds or another currency entirely. This is the best way to guarantee that you get the most for the money you have remaining. If you have time on your side, you can always wait until the exchange rate is at a level you are happy with. A lot of companies will give you the option to set an alert, meaning you will be informed every time the rate reaches a number you wish to exchange your cash at. All in all, if you go for one of the points that have been talked about, you can make best use of your leftover currency.

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