How to Sell Currency Online – Currency Buy Back Guide

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At Compare Holiday Money we offer a currency buy back comparison service so you can sell your leftover or unwanted currency online to the best buyer. This detailed guide offers step-by-step instructions on how the buy-back process works and how to sell your currency online from start to finish.

Finding a buyer

The first step to selling your currency back online is to find a buyer. Use our unique buy back comparison service for a breakdown of the deals currently on offer, and pick the best buyer to suit your requirements – this could simply be the buyer offering the most cash, the highest rated buyer or a buyer that lives near you (tip: click on a buyer’s logo to see their address). For your security and peace of mind we only compare companies who are based right here in the UK and are registered with HMRC and the FCA for the trading of currency so you can be sure that you are dealing with a reputable and trustworthy business.

Once you’ve found a buyer, click ‘Sell Now’ and follow the instructions on-screen to place your order. Depending on the buyer you may either be redirect to their website to place your order, or you will be redirected to our online buyback form. In both cases the process is the same.

Placing an order

Placing an order simply involves filling in a buyback form which you can either do online, or download and print depending on the buyer. We need a few details from you in order to process your order including details about the currency(ies) you are selling and the bank details you would like the payment to be sent to. Complete the form by following the instructions on screen, then submit your order. At this point you’ll be emailed a copy of your completed order form and the buyer will also get a copy so they know to expect your order. You’ll be asked to print your completed form or write your order number on a piece of paper if you don’t have access to a printer.

A note on “Know Your Customer” (KYC) compliance

In some cases you may be asked to provide additional documents with your order. All licenced currency brokers are required by law to keep records of their customers for anti-money laundering purposes and to help combat against theft and fraud, and if your order exceeds a certain value you may be asked to provide one or more of the following documents:

  • Over £2,500 – A copy of your passport or driver’s licence
  • Over £5,000 – A copy of your passport or driver’s licence and a recent utility bill
  • Over £9,000 – A copy of your passport or driver’s licence, a recent utility bill and proof of the source of your currency

If you are asked to provide any of these documents you can scan or photograph them and either include them with your currency when you post it or email them to the address given. Any documents you provide will be held strictly in accordance with the Data Protection Act and will only be used for the necessary KYC checks to confirm your identity. If your total order value falls below these amounts you do not need to provide any additional documents.

Posting your currency

You can either post your currency to the buyer, or take it in person if you live near by. We recommend you post your currency using Royal Mail Special Delivery which is a Next Working Day service that is fully trackable and requires a signature upon receipt by the buyer. Packages sent by Special Delivery are guaranteed and insured for their full value by Royal Mail, so in the unlikely event your currency doesn’t arrive you will be fully reimbursed by Royal Mail. Each package can be insured for up to £2,500 (we recommend you split larger orders into multiple packages) and costs between £5-15 depending on the value.

You will need to print your completed order form (or write you order number on a piece of paper if you don’t have access to a printer) and include that with your currency when you post it so the buyer knows where the order has come from. You can package your currency up however you like, but please make sure it is secure and durable enough to survive transit in the post. We recommend you use one of the plastic Polythese envelopes available at all Post Office stores as these are particularly strong, but if in doubt just ask a member of staff at the Post Office to check your package to make sure it is suitable and they will be happy to advise.

We often get asked by customers with a small amount of currency whether they can send it by regular First Class post instead of Special Delivery because the postage costs can sometimes outweigh the savings by selling online. The answer is “yes”, you can send your currency any way you like but it’s important to remember that it’s your responsibility to ensure your currency is sent securely and you have no proof of postage or insurance if your currency goes missing in the post. For this reason we always recommend you play it safe and use Special Delivery.

Getting paid

Our buyers have a quick turnaround time and aim to pay you within three working days from the date they received your currency. In most cases you’ll be paid by Bank Transfer directly into the bank account you nominated on your buy back form, and if there are no reasons to contact you the buyer will go ahead and make the payment so if you haven’t heard anything it’s worth checking your account before contacting them. In the event that you haven’t heard anything or received any payment from the buyer after three working days, their contact details can be found on your order form and their customer services team will be happy to update you on the status of your payment.

It’s worth noting that the exchange rates will probably have changed between the time you place your order and time the buyer receives your currency. In most cases this is not a problem; the buyer will simply honour the rate you received at the time you placed your order. In rare cases where there has been an exceptionally drastic change in exchange rates or if you take a considerable number of days to post your currency, the buyer may offer you a different rate once they actually receive your order. You do not have to accept this rate and the buyer will return the full amount of currency to you, minus a small return postage charge. Thankfully this is very uncommon, but we recommend you post your currency as soon as possible after placing your order to ensure your order arrives promptly.

Frequently asked questions

Can I sell coins? Yes, but only certain buyers will accept them and you may be offered a lower rate because of the added cost of processing coins. If you sell coins to a buyer, the buyer has to exchange them at their bank and the banks charge a fee for this service which is passed on to you. Please contact us with details of any coins you want to sell so we can advise you on the best options.

Do you accept old / out-of-circulation currency? Yes. We have buyers who will accept old and out-of-circulation currency, even if they are not on our list. We are currently building a separate section of our website to deal with these requests, so for now please contact us with any details and we’ll answer you privately.

I live outside of the UK. Can I still send you my currency? Unfortunately no. UK Law prohibits the processing of currency sent from overseas because for money laundering purposes so regrettably we cannot accept orders from outside of the UK. If however your currency it stored in an overseas bank account we can arrange for it to be transferred to another account (foreign or British) at highly competitive rates. See our money transfers page for more information.

Thank you for reading this guide, We hope that you found it useful and if you have any questions or comments related to selling your currency either drop us a comment below or contact us for more information.

Posted by Dan Morley

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Dan is the co-founder and Technical Director of Compare Holiday Money.

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