CHM launches unique currency buy back comparison service

We are delighted to announce the launch of our brand new and exclusive currency buy back comparison service. If you have any unspent foreign currency, let us show you the best currency buy back deals on the market (even if it’s out of circulation!).

Ten years ago if you returned from holiday with a wallet full of leftover currency you could almost guarantee to lose money when exchanging it back into British pounds. For a long time the banks and a few select high street brokers held a near-monopoly on the exchange of unused currency back into Sterling. Even today many high street suppliers such as the Post Office will only buy back currency that they originally sold you in the first place – and you’ll need to provide a receipt as proof of purchase before they’ll hand over any money. A few larger currency suppliers now offer a ‘buy back guarantee’ where they promise to buy back any unused currency from you when you return from holiday, but these deals can lock you in to uncompetitive buy back rates and some even charge a fee for the privilege of selling back to them.

Currency suppliers themselves have also been feeling the pinch as banks increase the business charges for supplying currency in wholesale. This has led to a fortunate situation where many online currency suppliers are now snapping up unused currency sold to them over the internet with no proof of purchase required and at much better rates than the banks and high street providers. The reasons are simple: firstly they can sell the currency they buy from one customer directly on to another, cutting out the middlemen (the banks) and passing the savings on to you. Secondly their overheads are much lower than traditional high street brokers which means they can afford to offer better deals. This perfect storm is great news for anyone looking to sell leftover currency and has created a new niche “currency buy back” market that is breaking the banks’ traditional monopoly over the exchange of currency back into Sterling.

So where are these deals?

Because the currency buy back market is still relatively new there is no standardised process for selling your currency back online. Most suppliers require you to fill out a ‘buy back’ form which you then include with your currency when you post it to them. The process varies from supplier to supplier, as do the buy back rates they offer, but the end goal is to send your currency to them by post (or in person if you live nearby) so they can make a payment directly into your bank account.

We’ve made the process of searching for a supplier really simple with our unique currency buy back comparison system. Just tell us which currency(ies) you want to sell and how much you have and we’ll show you at the click of a button who is offering the best deals. We even take care of the ordering process for you – you can fill out a buy back form on our website and post your currency directly to the buyer without ever visiting their site. We’ll keep you updated every step of the way and email you further instructions on what to do next as soon as you’ve submitted your order. We are the only website in the UK to offer a dedicated currency buy back comparison service due to our unique links with currency brokers across the country.

Lower is better when it comes to selling

Bear in mind that when you are selling currency; the lower the exchange rate means the more money you’ll receive. This can seem counter-intuitive so it’s best explained using an example:

Say you have €300 to sell and there are two suppliers offering to buy. Supplier A has a buy back rate of 1.20 and Supplier B has a lower buy back rate of 1.10. The amount of money you’d receive from each supplier is:

Supplier A: €300 / 1.20 = £250
Supplier B: €300 / 1.10 = £273

So in this case supplier B which has a lower buy back rate gives you more money. Our comparison system takes this into account so you just need to tell us how much currency you want to sell and we’ll automatically calculate the money offered by each supplier.

To see how much your leftover currency is worth, click here to compare today’s latest buy back rates.

Posted by Dan Morley

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2 Replies to “CHM launches unique currency buy back comparison service”

  1. Hi Umair,

    The buy back exchange rate can be a little confusing because the lower the rate, the better the deal. This is easiest to explain using an example.

    Say you want to sell $100 back into £. Supplier A offers a buy back rate of 1.1 and Supplier B offers a buy back rate of 1.2. Here’s the amount of £ you would receive from each supplier:

    Supplier A: $100 / 1.1 = £90.91
    Supplier B: $100 / 1.2 = £83.33

    So in this case, Supplier A who offers the lowest rate of 1.1 gives you more £ than supplier B who offers a higher rate.

    I hope this makes sense, but if you have any other questions or would like another example please let me know and I’ll be happy to help.

    Kind regards,

    Dan Morley

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