After the summer holidays have come to a close, many individuals around the world are left with a handful of wonderful memories and an equally large handful of foreign currency from their travels abroad. Although these exotic currency pieces may prove to be a delightful memento of the previous adventure, many people are left wondering what they can do to reap the value of the money they have brought back with them.
One of the most obvious solutions is simply to take the money back to a currency exchange broker and swap it for domestic currency. That being said, it’s important to evaluate exchange rates closely, just as you did during your time abroad, in order to ensure that you get the best deals possible on the money you are returning. Some experts recommend grouping large sums of foreign currency (if you traveled with friends, for example), and exchanging all of this money at one time, as it is likely that you will all receive a more optimal exchange rate.
It’s also worth noting that some foreign exchange brokers offer a “buy-back” option on leftover currency that will ensure that you receive the equal value (according to current exchange rates, obviously) without losing money in exchange fees. Although these services are much harder to find, it may be worth spending time before your trip researching available buy-back options in your area so that you know exactly who to purchase your currency with initially.
A final option may be to simply hold onto the money you’ve brought back, particularly if you are planning on traveling abroad again soon. Instead of losing fractional amounts of currency with each trade, you can simply keep the money in one currency pair and use it again when you resume your travels at a later point. This is especially recommended for business professionals and other individuals who find themselves “on the go” at regular intervals!
There are, obviously, no perfect solutions for this issue, but with a bit of creative, flexible thinking, you can ensure that you emerge victorious in the battle of the exchange rates. Good luck!