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How to sell unwanted currency back?
2020 has seen an unprecedented number of travel-plans and holidays cancelled. In turn many holidaymakers may now find themselves with unwanted currency as a result of this. For some this could present the dilemma of whether to convert the currency back to pounds or hang on to the travel money until a later date.
In an article written last month for the Daily Express our CEO Paul Brewer discussed the potential risks around not selling the currency back, with future economic factors causing a change in the exchange rate.
Mr Brewer warned: “Even if you do plan to use the travel money in the future, the changing exchange rate means you could be losing out if the value of the currency falls dramatically.”
What are the options when it comes to selling currency back?
For some travellers they may only be aware of the more conventional choices such as the post office or other bureau de changes based on the high street, when it comes to converting back left-over currency. While these currency buyback services are seen as the most convenient option, the currency rates are often inferior to alternatives out there in the market. Switching to an online provider such as Currency Online Group could save you up to 10% on your unused travel money.
Below is an example illustration:
Currency Online Group Buyback Service vs High St
Illustration based on live rates @ 10:30am on 4th December 2020
*Includes the cost of insured Royal Mail Special Delivery Postage
How do I place a currency buyback order?
ü Fill out the form via the link below and click the ‘place order’ button
ü Print the order form to place in with the currency you are sending back. If you are unable to print the order then a cover letter detailing the order number and currency amounts, will suffice
ü Use Royal Mail Special Delivery and one of their free ‘Special Delivery’ tamper-proof envelopes and post to the address shown on the screen
ü Currency Online Group will transfer the funds to your bank account within 3 days of us confirming receipt of your order.
Things to note regarding the currency buyback service:
· Currency Online Group do not accept coins as part of the currency buyback service
· Each Royal Mail Special Delivery package is insured for up to £2,500, so a larger order will need to be sent in multiple packages
FASHION AND TEXTILE INDUSTRY – HOW TO MANAGE CURRENCY EXCHANGE
Reducing costs on international payment in the fashion and textile industry
Fashion is a global industry that is fast-paced and dominated by ever-changing trends and consumers, making it one of the most, if not the most competitive out there.
With Brexit due to take place at the end of 2020, there will be changes in the rules around import/export across the globe. This, in turn, means your currency exchange partner will be key in ensuring you are mitigating FX risk and keeping costs as low as possible.
How the fashion industry is affected by currency exchange?
The fashion industry works at least one season ahead making it more difficult to deal with currency fluctuations, set pricing and work out profit models. As well as this the industry is calling for more sustainability and better working conditions in some areas of the sector, putting pressure on those businesses as to where they source their materials and manufacturing, in turn potentially increasing costs.
With a vast number of fashion businesses sourcing suppliers and labour from the international market, changes in the currency market can be crucial to the profits of a company.
The likelihood is that you will be paying suppliers from various countries at different times of the year so to ensure you are getting the most from your money it is imperative that you have a currency expert on hand to help deal with fluctuations and changes in the foreign exchange market.
What can Currency Online Group do to help you mitigate FX risk?
Here at Currency Online Group we are able to provide you with an international payments account where you have complete control and 24/7 access over any overseas transaction your company needs to make.
Alternatively, one of our currency experts can assist you in monitoring and discussing ways of how to limit risk in the foreign exchange market.
If you need to make regular or recurring international payments, we can offer bespoke solutions such as a forward contract, which allows you to lock in a prevailing exchange rate for up to 2 years. (A deposit may be required for this service.)
As another option you may know the rate that you wish to achieve and are therefore able to do a market order, setting the desired rate for your international payment. Your currency expert will then trade at the rate should the market hit that point.
Currency Online Group already works with many companies within the fashion industry and provides great rates, no transfer fees, reducing currency exchange costs and maximising profit.
Want to know more or have a chat about how Currency Online Group can help your fashion empire then please contact our Director of International Payments Kaya Niedenthal to discuss things further or get a no obligation quote.
0208 050 1546
© Currency Online Group
19th August 2020