Terms and Conditions

The following terms and conditions apply to all exchange transactions of coins or banknotes on ForeignMoneyExchange.co.uk. By using our exchange service you agree to the terms and conditions set out below.

Terms of use

You must be 18 or over and resident in the UK to use our currency exchange service and be the owner of the coins and banknotes you want to exchange.

Authenticity

Where there is reasonable doubt about the authenticity of the banknotes or coins we will not exchange them. We do not accept specimen banknotes or banknotes that have been deprived of their value (for example by punched holes, defacement, shredding, anti-theft dye, stamps, lamination or being incomplete). We do not accept mutilated, damaged or soiled coins. All banknotes submitted for exchange must have all the required safety features (watermark, security thread, optically variable ink, raised intaglio printing etc). Where there is reasonable doubt about the authenticity of a banknote or coin, or where we refuse to exchange the disputed banknote or coin, this can be returned at the customer’s request and at the customer’s expense. Standard 1st class signed-for Royal Mail post rates apply.

Money laundering regulations: due diligence measures

We are registered as a Bureau de Change under the Money Laundering Regulations (MLR), supervised in the United Kingdom by HMRC. Our MLR registration number is XZML00000139927. Our trading name is Foreign Money Exchange. To comply with the MLR, and in order to prevent activities related to money laundering and terrorist financing, we will take risk-based due diligence measures. The following types of high-value transactions qualify for enhanced due diligence measures:

Transactions over £1,000 exchange value (or series of transactions in 12 months):

We will ask customers to provide a copy of their valid photo ID which confirms their identity and their residential address or date of birth. Accepted photo ID’s are a passport, a driver’s license and a national identity card. For multiple exchange transactions with the same customer within a 12 months period the exchange values of all the exchange transactions will be combined and MLR checks will be based on the total. If the total of multiple exchange transactions exceeds £1,000 we will also ask the customer for a photo ID copy.

Transactions over £5,000 exchange value (or series of transactions in 12 months):

In addition to the measures mentioned above we will request information about the origin of the funds and a recent proof of address (original or certified copy). The provided photo ID needs to be a certified copy.

Transactions over £10,000 exchange value (or a series of transactions in 12 months):

In addition to the measures mentioned above, we will arrange to meet the customer in person or via video call.

Transactions involving any single banknote with an exchange value over £100

We will ask the customer to provide us with a copy of a valid photo ID which confirms their identity, and their residential address or date of birth.

If there are doubts about the origin of a consignment of notes and coins we will ask for additional information. We will then decide whether we accept the submitted banknotes and/or coins for exchange. If the information provided does not resolve those doubts and we refuse to exchange the disputed banknotes and coins these can be returned to the customer upon request and at the customer’s expense. Standard 1st class signed-for Royal Mail post rates apply.

All information provided will be securely stored in our offline archives for 5 years to comply with MLR.

Banknotes and coins accepted for exchange

Banknotes and coins submitted for exchange are accepted when they meet the authenticity requirements and are depicted or described for exchange on our website. All other banknotes and coins will be dealt with as mixed obsolete currency and paid for at those rates unless a prior agreement to exchange has been made.

Exchange Value

The exchange value for submitted coins and banknotes is calculated by multiplying the amount per currency type with the applicable price per currency unit (exchange rate). Our exchange rates are listed on the exchange rates page and also the specific item page. Our exchange rates differ from the spot rates determined by the foreign exchange market and reflect our exchange costs which are higher for the exchange of coins and obsolete currencies. There are no extra charges, commissions or fees for the exchange of banknotes or coins.

Our exchange rates are updated on a regular basis reflecting fluctuations in the foreign currency market.

Exchange Rates

When a customer uses the Foreign Money Exchange online wallet the exchange rates are fixed for 14 days starting on the day the customer completes checkout. The exchange value for each currency is indicated on the exchange form.

When the submitted currency is received within 14 days of checkout the exchange rates indicated on the exchange form will be used regardless of any subsequent exchange movements. If there are differences between the currency types or amounts indicated on the exchange form and the currency submitted the exchange value will be calculated by multiplying the updated totals with the fixed exchange rates.

When the currency is received more than 14 days after checkout we use the exchange rates on the day the submitted coins and banknotes are processed.

Shipping

The shipping of banknotes and coins submitted for exchange is at the risk of the customer. We are not responsible for items lost in the post which is why we recommend customers use a tracked or signed for delivery service. We strongly advise the customer to pack the submitted coins and banknotes securely and to send them using registered mail if the submitted coins and banknotes have a value of more than £20 and Special Delivery if more than £50.

Payment

Payment will be made upon completion of sorting verifying and counting the currency, and the completion of any required due diligence measures.

In most cases we are able to complete this in under five working days. If this takes us longer we will contact the customer and provide information about the reasons for the delay (for example missing information or a very large unsorted mixed collection) and the expected payment date.

Customers can choose between the following means of payment:

Bank transfer to UK bank: No minimum amount applies. There are no fees or charges deducted. The customer will receive the full exchange amount.

Cheque: Drawn on a UK bank and payable in British Pounds. A minimum amount of £10 applies for payment by cheque. We do not deduct any fees or charges and we pay the postage. Cheques are sent by second class mail.

PayPal: Available to all customers with a PayPal account. Customers can open a PayPal account for free on https://paypal.com. No minimum amount applies. We send the PayPal payment in British Pounds as a payment for goods and services. PayPal will charge a fee for receiving the payment. For UK customers the fee is 20p plus 3.4% of the payment amount. More information about PayPal fees can be found on the PayPal website.

Applicable law and jurisdiction

These terms and any non-contractual obligations arising out of or in connection with them are governed and must be construed in line with the laws of England and Wales. The courts of England and Wales have exclusive jurisdiction to settle any dispute arising out of or connected with these terms. This includes any dispute about any non-contractual obligation arising out of or connected with these terms.