Did you know that you can take your leftover foreign currency such as Euros of GB pounds, and deposit the bills into your bank ATM? It will accept them and convert the amount into US dollars as a cash deposit! No longer have to figure out who to 'sell' your leftover money to! Now if I could only get my bank to do the same for withdrawals so I don't have to 'buy' my money!
I don't understand how you can do this. To enter the amount being deposited, how do you enter 120 euro? Or 75 GB pounds? How does the ATM know you are depositing euro and not dollars? And even if this foreign currency deposit is ever possible, I shudder to think the rate the bank would charge for this convenience.
Which bank allows this, Jean-Paul?
I think the OP means depositing it in ATM in the country where EUR or GBP is the legal tender. Interesting idea. If you have spare 20 note, might give it a try, just to see what happens. You may never see it again, and I do not know what the recourse would be if it never showed up in your account. But in theory, it might work. If you can withdraw EUR from your (USD) bank account, why wouldn't the reverse transaction work?
You can't deposit currency into a bank in Europe unless you have an account there, so please don't try it. I'm pretty sure the option to deposit will not even come up. I would suggest checking with your bank before trying it back home. I've never heard of this, but it's theoretically possible. There may be a fee or they may not give you a good exchange rate, but it may be the same rate they give you if you take it to a teller (which could be good or bad).
The poster says "your bank ATM", so I think he means his home bank.
I don't understand what the difference is between this and handing the money over at the counter. I presume the same exchange rate and charges would apply, i.e. the "cash rate" which is a few % worse than the rate for electronic transactions.
And, virtually nobody changes coins, you just have to keep those for your next trip.
Before I leave Europe, I change all my spare euros into 5 euro notes to hand out as souvenirs to friends when I return. After three trips abroad, Ive become pretty good at making sure I don't have any more than 20-30 euros left at the end of a trip, so it doesn't matter much. I know one fellow who purposely changes a bulk of his money into Czech crowns before coming home, so he will have more motivation to return to Prague and spend them :).
"After three trips abroad, Ive become pretty good at making sure I don't have any more than 20-30 euros left at the end of a trip, so it doesn't matter much."
Why not just keep the euro so that you will have some to start your trip when you return ("Assume you will return"), so you don't have to rely on finding an ATM on arrival.
I still have one 5 euro note and one 500 crown note. If I never return (gasp!) I have a couple of souvenirs, and when I do return I have enough to buy a coke or something in the airport until I hit an ATM :)
The best "savings" for me after a trip is to keep my leftover currency for my next trip. I have 60 pounds and about 50 euros left from my last trip which will get me started on my next. No worries about exchanging money back and forth, exchange rates, fees, etc.
If it is possible to return foreign currency through your bank's ATM, expect to receive less than the international bank rate.
I bought my Euros at $l.19 per Euro when the XE.com rate was $1.13 per Euro. If I had sold them back the day I received them I would have received $1.09 per Euro.
Good to know that since I always bring back Euro bills in preparation for the next trip. But, in case, I ever decide to reconvert them I'll take the Euro amount bank here. Maybe the exchange at the end of May will still be as it is now, ca $1.13. Even if goes up to $1.23 it's acceptable, when you're used to $1.33 or higher.