Exchange Unwanted Foreign Coins into Cash

A new trailblazing service offered by UK firm Cash4Coins is helping people turn those unwanted foreign coins and notes back into Sterling.
By: Nick Roberts
 
Nick Roberts
Nick Roberts
April 26, 2011 - PRLog -- For many people left over holiday money such as foreign coins and notes are consigned to the junk drawer or change jar never to see the light of day - And what's more it's estimated that there is over £30 million pounds of unwanted foreign currency in the UK alone.

One of the main reasons for all this surplus currency is that UK banks will not exchange foreign coins back into Sterling and often the rates for low denomination notes is very poor. This is mainly due to the very high costs and logistical problems of counting and repatriating the coinage.

With foreign coins they have to be stock-piled until there is a sufficient quantity to ship back to the country of origin's central bank and because of the weight of the coins the only economical way to transport them is via container ship hence it takes a long time to get re-paid for the currency collected.

This is why so many people have a substantial amount of foreign coins that they've collected over the years.

However, an enterprising British firm called http://www.cash4coins.co.uk is now offering to exchange any foreign coins or notes back into Sterling, regardless of the denomination or if the currency is still legal tender. Nick Roberts, PR Manager for Cash4Coins commented "The service has been a big success and we've helped a lot of people liberate their foreign coins back into useable cash. We get a lot of enquiries from companies who want to donate their foreign coins to charities as well as groups of friends collecting for their local school or club."

It's not all plain sailing though "The man power involved is considerable and as you can imagine there are literally thousands of different coins and denominations from all over the world and with the wear and tear that a coin gets it can be very difficult to tell what some coins are. Unfortunately there is no automated way to do this so it all has to be sorted and counted by hand which is a very arduous process. We then have to stockpile some currencies until we have enough that is viable to ship back to the central bank so we have all the costs of the secure storage."

Exchange rates vary due to the market fluctuations and other factors such as if the currency is still in use or will be accepted by the country of origin. There is more information on exchange rates at: http://www.cash4coins.co.uk/excgange-rates.html

Despite all of the obstacles Cash4Coins have made some headway by streamlining the overheads to make the business profitable "The margins in this business are very small however it's all about volume and we're seeing encouraging trends in the amount of coinage we are buying."

The process of sending the coins is pretty simple - coins are sent to the company via the post. These are then sorted and counted and an offer is e-mailed to the client. If they are happy with the valuation they are paid directly into their bank account. In the event that the customer does not accept the valuation then Cash4Coins will send them back at no charge.

For details of how to send coins and notes to Cash4Coins visit http://www.cash4coins.co.uk/howtosenduscoinsandnotes.html

# # #

Cash 4 Coins exchange unwanted foreign currency back into Sterling. This enterprising UK based business will change any foreign coins or notes into cash. More info can be found at http://www.cash4coins.co.uk

Photo:
https://www.prlog.org/11458618/1
End
Email:***@cash4coins.co.uk Email Verified
Tags:Exchange, Foreign, Coins, Notes, Currency, Euro, Holiday, Money, Coinage
Industry:Banking, Financial, Tourism
Location:England
Account Email Address Verified     Disclaimer     Report Abuse



Like PRLog?
9K2K1K
Click to Share