“You break that $20 or 20 pound note and then you get a few smaller notes and coins that end up in a drawer or a jar,” said Mario Van Poppel, owner and founder of LeftoverCurrency.com, which helps people cash in their foreign currencies. “But there are lots of creative things people can do with banknotes and coins.”
Instead of throwing cash into your junk drawer, you can always extract the value from the remaining notes and coins for your own use – or for a greater cause.
Paula Twidale, Senior Vice President of AAA Travel, warns against sitting on foreign cash for too long. Over time it may become obsolete. Last January, Croatia replaced the kuna, its national currency, with the euro. In 2016, India abolished all 500 and 1,000 rupee notes and introduced a 2,000 denomination, which it withdrew last year.
To minimize monetary losses, switch to cash payments a few days before your departure. Hand out tips to hotel and restaurant staff and drop a few coins into the instrument cases of buskers. Upon check-out, pay part (or all) of the hotel bill in bank notes. Take taxis that accept bills.
Unfortunately, when it comes to foreign currencies, ATMs don't work both ways. You can withdraw cash from ATMs abroad, but you cannot deposit the bills into your account.
However, you can sell unused banknotes to banks and exchange specialists.
Twidale recommends selling any remaining foreign currency at your departure airport or upon landing in the United States. The convenience and expediency will make up for the less-than-stellar commission rate and fees.
On a recent weekday morning, I carried two quart freezer bags filled with more than two dozen foreign currencies to a Bank of America branch in Washington. The cashier inspected each note for year, face value and condition. He rejected more than he accepted; “Out of circulation” was a common refrain. I won $112 with legal tender from Peru, England, Canada and Jamaica. For the Turkish lira, my bank only takes the 20 note, which brought me the modest sum of 58 cents.
After visiting the bank, I tried my luck elsewhere.
Marc Broder, owner of Foreign currency exchange treasure in Washington, D.C., said about 40 percent of its transactions involve trading in U.S. dollars. Although it handles around 90 currencies, it can't accept every note that slides across its desk. Many are obsolete or have no value, such as my Republic of Ireland pound note, Pakistani rupees and Argentine pesos, which he says “weren't even worth a penny”. However, he will accept these artifacts as a donation; he distributes them to collectors and children.
Many banks offer a similar service to their customers. They will generally repurchase strong foreign currencies, but pass on weak or defunct currencies. (Strong currencies are stable; weak currencies are volatile.)
Companies that specialize in coins and collectibles often buy foreign money, although the payment is usually less than what you would receive from a bank or currency exchange. On the other hand, these stores often buy obscure or expired notes and coins that are impossible to unload.
In my quest to rid myself of foreign cash, I went Capitol Coin and Stamp Co.., a DC collectibles store that has been in business for over 60 years. The owner, Nelson Whitman, poured the coins onto a small mat covered with dark fabric. “All these old things have no value,” he said. “It’s obsolete.”
But not completely useless. He mined about $11 worth of British coins and offered to pay me 10 cents per note, which he would sell for 20 cents each. He filled out a bill for $7.50 and paid me in cash.
Savvy online sellers can try their luck on eBay or through Facebook groups such as Coin Collection Buy Sell Trade Ask.
To determine a list price, Broder recommended using Google Lens. He demonstrated this by taking a photo of my Algerian 1,000 dinar bill and finding a similar bill listed on eBay for $13, almost twice its face value.
Call a Remaining Currency Specialist
If you still have a lot of money left, you can hire a company that specializes in finding repositories of unused or unwanted currencies.
Van Poppel, LeftoverCurrency.com, said its office in Datchet, outside London, receives parcels full of foreign notes and coins daily. Its staff will send the money to entities that might buy or accept it, such as national banks. His team also receives requests from movie studios looking for vintage coins to use as movie props.
“If it’s a period drama set in the 1970s, the movie studio will need the currency of that era,” he said. “The real thing is always better for the actors.”
Van Poppel said currency returns could be disappointing, but sometimes money is not the goal.
“We have people sending very small quantities, less than the cost of sending,” he said. “We ask them why, and they tell us they're glad it's helpful. It doesn't get thrown away and they have clean cupboards.
Charities and other donations
In airports around the world, travelers can deposit their remaining currency into donation boxes – or, more often, giant globes – designated for charity. On some international carriers, flight attendants collect change from passengers. The money goes to nonprofits dedicated to causes like childhood hunger and community programs.
Through Help Alliance, a non-profit organization founded by employees of the Lufthansa Group, travelers can bring foreign currency on long-haul flights operated by Lufthansa, Austrian Airlines, Edelweiss Air, Brussels Airlines, Eurowings or Condor. Passengers can also donate at German airports.
Since 1991, UNICEF has worked with airlines on its Change for good initiative. It accepts foreign currency through its airline industry partners as well as individual contributions sent by mail or dropped off in person. Oxfam International, which has subsidiaries in nearly two dozen countries, runs a similar program.
THE Humane Society of the United States accepts cash and coin donations in foreign currencies.
You can also try contacting local schools or libraries to donate your currency, which educators can use for classes, art projects, or exhibitions.
Finally, if friends or family members have an upcoming trip abroad, give them your spare change.
