What to do with old foreign currency?

If you have some leftover foreign currency from your last trip outside of the UK, don’t get rid of it just yet. Those coins and banknotes are far from useless and you could potentially even profit from them.

Although you might not be able to pay with some old foreign currency on your next holiday, there are still some things you could do with it. Read our guide and find out what your best options are.

Things to consider first with your old foreign currency

Before deciding what to do with your old foreign currency, you should determine whether it’s still in circulation. If it’s not in use anymore, there’s likely a market for that money. Many people buy discontinued currency and create their own collections.

If you already know that the currency is not in use anymore, check if you’re in possession of a collector’s note. Rare banknotes and coins can be sold for a pretty penny.

As for cash that’s still in circulation, make sure it’s not ripped or damaged in any way. If it’s in good condition, it can definitely be used for paying or exchanged to pounds.

What to do with old foreign currency?

Here are some ideas for what you could do with your old foreign currency:

Use it on your next trip

The first solution is to simply save your money and wait until your next holiday to that country. Even if it’s a small amount of cash, it can come in handy for tips, vending machines and small purchases in general.

While you’re waiting for your trip, keep an eye on the value of that currency. It could end up getting you much more or much less than it did on your previous visit.

Give it as a gift

If you have a loved one who appreciates unique souvenirs, gifting them some foreign currency after your trip is a creative idea. If you also wrap it or make a funny card to go along with it, your gift will surely be memorable.

You could also give it to someone you know is travelling to a country where that currency is used. They will surely appreciate the gesture.

Sell it online

Some old banknotes and coins can be a real treat for numismatists and money aficionados. You should search through online marketplaces and specialised websites to find the right buyers.

If you’re in possession of some rare or discontinued currency, you might even want to consult an expert to get an estimate of its value.

Save it and wait for it to become a collectible

Speaking of rare currency, another option involves thinking long-term and saving that money for the future. Over time, it might become rare and possibly even a valuable antique item.

There’s always a chance that old currency will gain value in the right communities. If you’re not eager to get rid of it or spend it right away, this could be a good idea.

Frame it

Who says money can’t be used for home decor? If you don’t know what to do with old foreign currency, framing it and hanging it on your walls could add a nice touch to your space.

This is a great DIY idea, especially if you have some damaged bills or rusty coins that have no value.

Put it in your travel journal

If you’ve also hopped on the trend of journaling and scrapbooking, some old foreign currency could be a perfect addition to your project. This is a great way to keep track of your memories and most exciting travel adventures.

You could write about each trip chronologically or dedicate entire sections to different countries you’ve visited. Either way, stapling or glueing foreign cash into your journal will transport you back to that holiday and remind you of all the fun you had.

Start a collection

It’s never too late or too early to pick up a new hobby. Collecting money and becoming an amateur numismatist is an exciting way to explore the history and culture of different nations.

Starting your own foreign currency collection can also introduce you to a whole community of people who share the same passion.

Donate to charity

Many charities and fundraising platforms accept old foreign currency donations. For example, the Royal National Institute of Blind People takes all foreign coins and banknotes, no matter how old they are.¹

UNICEF also has their Change for Good programme in partnership with different airlines. The airline staff collects unused currency from their passengers and helps different causes around the world.²

Exchange it

If you have a decent amount of old foreign currency on hand and you don’t plan on travelling to that country anytime soon, you could exchange it to pounds. When it comes to exchange rates, it’s important to look at all available options, since this can make a big difference.

If you find a good deal, you could even exchange it for the currency of the country you’re visiting next. This way you’ll be prepared for any initial expenses upon arrival.

Where to exchange old foreign currency?

Banks, credit unions and bureaux de change all provide old foreign currency exchange services. It’s not hard to find these facilities, especially if you’re exchanging currency in London or any other large UK city.

You should do some research beforehand so that you find the best exchange rates. Although it may be tempting and convenient, make sure you don’t exchange currency at the airport, since you won’t get a good deal.

Will banks take damaged or discontinued foreign currency?

The Bank of England only exchanges banknotes that they’ve issued, not foreign currency. However, you could try contacting the banknote issuer in the country whose currency you have and see whether they do exchanges. Sometimes it’s even possible to send the discontinued currency by post, so make sure you check your options.³

If you want to avoid having leftover foreign currency in the future, consider getting a Wise card for your next trip from the money services provider Wise. It allows you to spend like a local in 150+ countries worldwide by converting your pounds to local currency at the mid-market exchange rate whenever you spend, only adding a small, transparent currency conversion fee.

You can also make 2 withdrawals of up to 200 GBP each month for free which can come in handy should you need instant cash on your travels.

Sign up with Wise today 💰

Sources used:

Sources last checked on date: 20-May-2024