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It’s not uncommon to return from a trip abroad with leftover cash — dollars, euros, or other currencies. In fact, leftover foreign currency brought back to the UK after the holidays is now worth an estimated £2.7 billion.1
This article includes tips, suggestions, and general information. We recommend that you always do your own research and consider getting independent tax, financial, and legal advice before making any important decision.
There are cost-effective ways to exchange leftover foreign currency so that money doesn't have to sit idle. From traditional exchange methods to sending money digitally, this article will provide options for making the most of leftover currency.
There are a few different ways to convert leftover currency to pounds. Common locations for exchanging foreign currency include banks, currency exchange bureaus, and even airports. However, it's a good idea to research and compare the rates offered by different places. Some may charge a flat fee, while others include the fee in the exchange rate itself. Currency exchange bureaus at airports, for example, often have less favourable rates and higher fees.
Converting leftover foreign currency back to pounds isn't the only option. From saving it for a future trip to donating it to a good cause, here are some alternative ways to use leftover currency.
One option is to hold onto leftover currency if there’s a chance of returning to the same country. This can help avoid exchange rate fees and the hassle of converting money twice. Plus, keeping currency might prove beneficial if exchange rates become more favourable over time, allowing for better purchasing power during future travels.
Another option is to pass along the leftover currency to friends or family who are planning to travel to the same destination.
For those who don’t plan on using the leftover currency again, donating it to charity is a meaningful way to give back. Many charities accept donations in foreign currencies, allowing those leftover funds to be put to good use. For instance, PayPal allows foreign currency donations* through its platform for a simple way to contribute to meaningful causes.
A little planning before a trip can help reduce the amount of leftover currency afterward. One strategy is to exchange a small amount of currency before leaving to avoid the unfavourable rates often found at airport exchange counters. Estimating how much foreign currency will be needed during the trip can also reduce leftover amounts and potential losses.
Instead of relying solely on cash, travellers can use prepaid travel cards to avoid being stuck with leftover currency. Using a debit card abroad can with better exchange rates than cash transactions and can help users keep track of their spending more easily during travel.
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