By This Is Money. Travellers with leftover holiday money often face a dilemma when trying to sell back their unused currency. Those who want to sell back the currency are often faced with poor rates of exchange and a lack of transparency when they try to compare the deals. In , a plunge in sterling against major currencies such as the euro and dollar have left holidaymakers squeezed, and getting far less bang for their pound compared to previous years.
If you have currency that you didn't use on holiday then make sure you don't lose out when selling it back. Many will return with currency that they want to sell - but, the rates and commission tend to leave holidaymakers vastly out of pocket.
With rates already at record lows, travellers may be surprised at just how little they may get back. So, how can you make the most of your holiday spending money if you bring some back and resist blowing it all on toblerones at the airport-duty free?
Below we reveal the best way to trade in your unwanted holiday cash and share some other ideas of what to do with it. The easiest and cheapest way to exchange your travel cash is to sell it to a friend or family at the same rate you bought it for.
Ask friends and family if anyone they know is going on holiday and needs some currency. Not only will you be able to get the same rate that you bought it for your friend will get a good deal as you're both cutting out any commission and fees you might be charged. This is probably most useful for widely used currency, like dollars or euros.
You never know the currency markets might even move in your favour and your euros or dollars could end up worth more in pounds by the time you go. Using services such as these can save you a substantial amount if you need larger sums of currency or regularly move money, perhaps for a family or home abroad. Unfortunately, for smaller sums remaining from holidays you are unlikely to get such keen rates but you should check them to know what your benchmark should be.
You'll need to shop around — ask how many pounds you can expect to get back in exchange for your currency. This is where it gets difficult, as many of the popular currency providers fail to list on their websites how much they will buy back currency for. The only online comparison service that lists where you can sell back is Moneysavingexpert's TravelMaxMoney — it lists the rates and terms for you.
It might be worth downloading a currency conversion app such as XE Currency which will help you keep track of currency fluctuations to see when you will get the best conversion rate.
Alternatively, if you think that you are likely to end up with some cash left over in euros then you could buy them from a firm that offers a 'buy back' scheme. Travelex, Sainsbury's, Moneycorp, Post Office and the Currency Club all offer this services - where they will buy back your currency sometimes at the rate you bought it at — but this can come at an extra charge and you will have to have bought it from them in the first place.
When shopping around for your currency you should check the terms and conditions of these deals to see if it's worth getting your money from one that offers to buy it back commission-free. Many may overestimate how much currency they needed for a trip - and are left with leftover cash for a country they might not visit again. If you've been on holiday with friends and family and there are more than a few of you who have leftover currency you might be able to get a better exchange rate when you sell it back by clubbing together.
However, with minor currencies you may not get as attractive a rate. For example, Gambian currency is more difficult to resell compared to euros, which will sell out straight away. If you're feeling particularly flush you could always donate your leftover holiday money to charity.
Not only will you have that warm glow from your summer tan but you'll also get that fuzzy feeling by doing a good deed. Most major charities are more than happy to get donations of foreign currency and many will accept it in their high street stores.
For more information on donating currency to charity read this Ask an Expert question and answer. One firm, Fourex, set up in , has a number of currency exchange machines across the country which accepts different currencies, including extinct ones. These, in turn, can be converted into pounds, dollars and euros - or donated to charity.
It says it doesn't charge commission or fees, but before pouring in currency, make sure you have checked what exchange rate it is going to give you - and that it compares well to the alternatives listed above. You can find your nearest one on its website. Halifax's Clarity Credit Card charges no fees on overseas purchases and withdrawals - but remember interest will be applied immediately, so make sure to pay off holiday spends quickly. Plus its pays 1. Santander's Zero Credit Card offers fee-free overseas spending and cash withdrawals.
There is no annual fee but remember to clear the amount quickly as interest of It offers highly competitive exchange rates, no foreign transaction fees and low cash withdrawal charges abroad. Metro Bank lets you use your debit card for free in Europe for both spending and cash withdrawals. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. By posting your comment you agree to our house rules.
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