Every person who returns from a foreign trip – business or pleasure – brings back with him two things – memories stacked in his brain cells and unused foreign currencies in his wallet. Most of these coins and banknotes make their way back home, as their owners forget to exchange them in time. Have you recently discovered a lot of forgotten (read obsolete) foreign money in your drawer and don’t know what to do with them?
Our first advice is, do not treat them as worthless. You will be surprised to know that they are much more than a few pieces of papers – they can fetch you hundreds of dollars or even more. In fact, some old banknotes can be worth anywhere from $10 to $10,000. Three factors— the note’s condition, denomination, and the bank that had issued it – determine their values in the current international currency market.
So, if you have a drawer full of old foreign currency, sell them. You can divide all your foreign currencies into two broad categories – the notes that retain the status of legal tender and those without that prestige. You can no longer use the second type of buying goods and services. You can sell them to collectors, though. The currencies that are old but not obsolete can be redeemed at the issuing bank.
Start by Sorting
If you have money from more than one country, sort them according to their origin countries. Now, check with the central bank that issued the currency to find out whether the currency in question is still in use in the issuing country or not.
If you come to know that the issuing bank has gone out of operation, you can safely assume that the bills have surely lost their status as a legal tender.
Know Its Worth
Now that you know which of the foreign bills still have their monetary value, it’s time to inquire how much the cash is worth. Many financial institutions allow you to check online; all you need to do is simply input the amount of foreign currency and the country of its origin and their currency converter system will immediately tell you the dollar value you can expect to get for the foreign money. Since exchange rates vary quite frequently, inquire on the date that you plan to convert the money into dollars.
Find the Places Where You Can Convert Them
Take the foreign money to your local bank for the exchange. If you have an upcoming trip, take the bills to the currency exchange booth of the airport. However, expect to find these booths only after crossing the security checkpoints.
Sell Your Obsolete Currencies
Contact some local currency dealers and renowned coin collectors in your area to see if any would be interested in purchasing your old coins and banknotes. If yes, start negotiating a fair price. You can find a currency dealer easily by using the Internet.
Always prefer a local store over a faraway one. However, before you rush to their store, first, confirm that they are interested in buying the currency that you want to sell. You can also sell those out-of- circulation currencies on ebay.com.
You can place your sales bid after registering with the site, and you can sell them with a few clicks of the mouse from the privacy of your home.
If you have a drawer full of foreign bills and coins, don’t worry. We have just told you how to sell your old foreign currency to get money that you can spend. Even if the currencies have lost their legal tender status, you can still turn them into cash.