Are you dreaming of your next holiday abroad? It’s hard not to: The world becomes more accessible everyday and there are plenty of attractive destinations to choose from! But each time that you decide to travel abroad, you are likely to come back with a wallet full of foreign currency. In average, most people keep the equivalent of $150 of foreign currency that they generally have put in a jar and forgotten about! Have you ever considered managing your foreign currencies in a better way? If this is the case, here’s what you could do with it!
Save It Wisely: It Could Be A Financial Operation
There is no denying it: People tend to save the foreign currency from their holiday abroad. However, if you decide to save it, you could save it directly within a bank institution via a FCFD. The Foreign Currency Fixed Deposit is a fixed investment method in which you choose to deposit a specific sum of money with an agreed upon time and interest rate. This might sound a little complex, so do make sure to read what banks advise to understand more about foreign currency fixed deposit requirements and benefits. Often, people choose the FCFD to pay for their child’s education overseas or in preparation of a business venture. However, it is also perfectly relevant when you just want to let your foreign currency work for you as an investment. Currently the most common currencies used for FCFD are the Dollar, the Euro, the British Pound, the Japanese Yen, and the Swiss Francs, but they are other to explore!
Keep It In Saving Jars For Next Time
If you are a regular traveler, it probably is more productive for you to save your foreign currencies in a jar and keep it until your next holiday. Often, people tend to forget about it because the jar is kept out of sight, at the bottom of a drawer or at the back of the cupboard. Maybe it’s time to bring it forward and make it unforgettable! Use your best DIY skills to design your saving money jar for foreign currencies. Don’t be shy on the colors or the labeling, especially if you keep more than one type of currencies. In the end what matters is that you remember to take it out of the jar when you next need it. So prepare your Euro and GB Pound jars for your next holidays!
Exchange It Back Again
The problem with leftover foreign currencies is that people don’t try to shop around for the best possible rate when they want to exchange it back. You need to compare the best buyback rates, or even buying a buy-back guarantee at the bureau de change as this will guarantee that you can sell your leftover currency at the same rate than the one you bought it at. However, this is only possible for notes, as bureaux de change don’t accept coins. If you have coins left you can try to donate them at your local charity as they are happy to accumulate donations in foreign currencies.