Swap unused currency for cash with Bidwedge

New fintech called Bidwedge offers travellers a way of exchanging small amounts of unused currency for cash. Research findings from M&S Bank suggest as much as £3 billion in unused foreign currency is sitting in the drawers of UK households.

Every year, on average, travellers return with £1bn in various denominations in cash, while a similar sum is spent by UK travellers using up currency in their departure airport before returning home.

For larger sums, buyback schemes and even just taking the hit and changing your unused currency at the airport when you get home are options.

But beyond that, and especially for small amounts, there is no easy, cost-effective solution – so the cash more than likely ends up in a drawer.

With Bidwedge, you create a free account, state the amount of currency you have and the fintech will tell you how much you can get for it.

If you agree, you post your currency to Bidwedge and the agreed amount will be paid direct into your bank account.

There are no additional fees, postage is free and all transactions are insured.

Bidwedge is available for euros and US dollars, for transactions as low as 10 euros or $10.

“We aim to make it easy for people to change their unused cash back into sterling,” Bidwedge founder Shon Alam said, adding: “Just imagine how much money you might have stashed away in drawers or plastic currency envelopes.”