We calculate the amount we pay for foreign coins and banknotes using mid-market exchange rates provided on www.xe.com. In the case where this rate is not available we use the spot rates published in the Financial Times. We use exchange rates published on the Monday before collection.
We use mid-market rates for foreign coins because they indicate the value of a currency that is not weighted towards buying or selling. They are calculated as the mid-point between the buy and sell rates from global currency markets.
We pay a percentage of this exchange rate and the percentage varies by country – for example we pay 90% of the exchange rate for Euro coins and for some European countries, and varying lower percentages for those from more distant countries.
The rates we pay are highly competitive – the banks buy at the buying rate and for comparison 90% of the mid-market rate works out at around 5% more income for you !
Please use our contact form or call us on 01454 801522 for the percentages that we pay by country.