Posted by Tony on 24.06.11

Founded in 2011 buymycurrency.com allows users to buy and sell directly with each other at exchange rates set by them as opposed to the rates dictated by the high street shops. This means that users always get a better deal than is available from traditional foreign exchange outlets.

The new site allows users to track their sales and purchases as well as compare their saving with the latest rates on the high street. The site has initially launched trading € and $ but will grow into other currencies in the very near future.

In Nov 2009 it was reported that British holidaymakers returned home with £1.78bn worth of unspent foreign currency. As many as 8% gave their unspent money away - with 3% donating it to charity and 5% to friends.

While 1% wait for favourable exchange rates before converting their money to sterling, 3% do nothing with it, thus leading to a total of £29.8 million going to waste.

In these times of economic hardship it is no exaggeration to say that people are less willing “to sit on unusable money” and these individuals will be very eager to exchange their unspent holiday money for whatever rate they can get upon returning to the UK.

A survey, of 2,003 British adults, also showed that 62% had been on holiday and - of these - nearly half had been abroad. The average spending per person on a main holiday has been £1,079, or £31.4 billion in total.

With so much money lost on exchange rates it makes perfect sense to use buymycurrency.com and “Get Yourself A Better Rate!!”