I have 50,100 pesetas and would like to exchange them in pounds. Is this still possible – and how is it easiest?
Is there any rough indication of how much this would mean in sterling? By email.
According to the Remaining Currency Office, the average UK household has £ 65 worth of leftover currencies in its drawers, and a whopping £ 1.8 billion of dust accumulates
Angelique Ruzicka, of This is Money, replies: The Spanish peseta became obsolete when Spain joined the Eurozone in January 2002.
Although years have passed since most countries joined the euro, you will not be the only one with foreign currency.
Last year, the Leftover Currency exchange office said that the average UK household had foreign currency worth £ 65 in its drawers – taken together to steal a whopping £ 1.8 billion, though it's worth noting that these are all currencies, not just obsolete ones ,
You may think your foreign money is now worthless thanks to the passage of time – but it is not necessarily true.
You do not mention what kind of currency you have – whether it's banknotes, coins or a combination of both.
Fourex, where foreign coin converters are mainly scattered at major train stations – and accept old currencies – says their pesetas could be worth about £ 164.
If your expired peseta is a note from the 1970-2002 period, you can expect Unused Travel Money's conversion calculator to be around £ 116. So it's probably somewhere in the middle of these two figures.
The good news is that there are several ways to exchange old European cash.
Top 10 currencies that collect dust
2nd US dollar
3. Swiss franc
4. German Mark
5. Spanish pesetas
6. French francs
7th Italian Lire
8. Irish pounds
9. Canadian Dollars
10. Australian dollar
However, the process may not be that easy, as it may need to be converted first to Euro and then to pounds, depending on the chosen route.
Former national currencies such as Deutsche Mark and Spanish pesetas can be exchanged into euro at central banks in Europe.
The Spanish Center (Banco de España) is headquartered in Madrid, but has 15 offices throughout Spain.
It is important to note that some central banks have a deadline for the exchange of national notes and coins.
Spain has set a deadline of 31 December 2020. The full list can be found on the ECB's website.
So you still have some time to exchange your pesetas if you are going to Spain soon.
However, if you do not plan to travel to Spain for the next two years, there are a few more options that you can explore in the UK.
You could try sharing them at one of the many Fourex machines in and around London if you live nearby or commute to the city.
The machines accept mixed coins and banknotes – just put them in the kiosk to evaluate your money in pounds, euros or dollars.
It accepts coins and banknotes from over 150 currencies as well as from old European currencies like D-Mark, peseta and even shilling.
Spain says that you can still swap old currencies (like this old 5-peseta coin) with the central banks, but this must happen before 2020.
There will be no hidden commissions or fees. However, the fee will be considered at what they call the "middle market exchange rate" (ie at the time of conversion).
You can not trade more than £ 675 through the Fourex machines as this is a Government-initiated limit.
If you try, you will be notified. However, if the calculations made by Fourex are correct, the amount you wish to convert falls well below that threshold and will be converted automatically.
Expect something more when you exchange coins.
Fourex z. For example, you charge more if you have coins because they say it's difficult for them to manage.
In addition to Fourex, you can also go to British offices like Leftover Currency or unused travel money, but the downside is that you have to book the money, which is a bit risky.
To mitigate this risk, both companies recommend that customers use postage tracking, insurance and signing upon receipt of the shipment.
If you have coins, make sure you pack them safely.
It is not clear on his website whether fees are charged for unused travel money. However, Leftover Currency states that they will not charge any fees or commissions and earn their money over the exchange rates they offer. I suspect that untapped travel money will do the same.
As soon as you receive the money, they will usually be transferred directly to your bank or Paypal account.
You can expect to wait only a few days if your money has been successfully booked.