You CAN cash in on your unused foreign coins and notes, even defunct currencies
With the long summer holidays over and the kids heading back to school, that handful of foreign notes and coins as a lingering reminder of their summer travels. Depending on where you changed up your money before heading off, you might have a limited time in which to exchange the notes at the same value that you first exchanged them. But what if you have missed the deadline? Or what if the majority of that money is in loose change? Banks and traditional Bureaux de Change won’t accept coins, no matter the value. Most of us add them to the ever growing stash in a jar, drawer or piggy bank and write off the money. “It's part of the fun of travel” some people say. “It's an interesting reminder of when you had to work out if that pretty memento was the ultimate bargain or a really expensive mistake”, say others. But looking at that jam jar it probably doesn’t even look like “proper’ money to you.
You’re not alone. According to research there's an estimated £1.8billion of leftover foreign currency just gathering dust in the UK's 27.1million households. You might query why, with that amount of money hidden away, it isn’t easier to just exchange the coins and notes back again? It was that exact thinking that planted the seed for the Fourex world money exchange kiosks founders Oliver du Toit and Jeff Paterson.
The UN currently recognises 180 currencies around the globe, not including those no longer in circulation such as Austrian Schillings, Deutsche Marks and Irish Punts. But whether you travel for the love of it or for business, you often end up with all sorts of odds and ends. Oliver and Jeff had an idea, a kiosk that would allow you to combine all these leftover currencies to get your ‘lost’ money ‘back in a simple, immediate way that didn’t require mailing off your funds or travelling back to each country to exchange your currency.
Fourex kiosks require no pre-sorting and are an easy, self-service option that puts you back in control of your money. Kiosks are located in easy to access sites such as London Underground stations and shopping centres, making exchanging your money as easy as popping out to buy milk or post a letter. You might wonder how these little yellow boxes are able to offer a service the banks don’t though?
If you look at the Fourex online exchange calculator you will see there are different exchange rates for notes and coins and herein lies the secret;
Exchanging coins requires shipping those coins back to the relevant Central Bank. Sorting and shipping costs for coins are far higher than notes. While notes can be traded in the local forex market, coins need to be stored for long periods before it becomes viable to ship them to their country of origin, and this is why exchange rates are different. But it is this additional effort that means Fourex kiosks offer a service rarely found elsewhere. And because Fourex has relationships with the Central Banks of these countries, even out-of-circulation or defunct currencies can be exchanged.
So, we are waging war on forgotten funds, missing moola and leftover lolly. It's time to take up arms in the Money Exchange Revolution and take back what is rightfully yours. Instead of reminding you of holidays past, that money could be funding future travels... Don’t let another year’s holiday funds gather dust, click on Find a Kiosk and try it for yourself!