Bidwedge, a new fintech platform that solves the problem of what to do with small amounts of unused cash currency when you return from your holiday, has launched.
It is estimated, in a survey by M&S Bank in November 2019 that £3 billion in unused foreign CASH currency is sat in drawers of UK households and that each year, on average, travellers return with £1 billion in various denominations in CASH, plus around £1bn is spent each year by UK travellers ‘using up’ currency in their departure airport before returning home.
For larger amounts, buy back schemes, and even just taking the hit and changing your unused currency at the airport when you get home, are options.
But beyond that, and especially for small amounts, there isn’t an easy, cost effective solution – so the cash sits in a drawer and gets ‘wasted’.
Bidwedge allows users to create a free account, state the amount of currency you have and then Bidwedge will tell you the price they will pay for your currency. If you agree, post your currency to Bidwedge and the agreed amount will be paid direct into your bank account. There are no additional fees, postage is free, and all transactions are insured.
“By offering great rates, being willing to take small amounts, and deducting the fee from the payment, rather than asking for an upfront amount, we aim to make it easy for people to change their unused cash back into Sterling. Just imagine how much money you might have stashed away in drawers or plastic currency envelopes – and just imagine what you could treat yourself to if you changed it all back to Sterling.” said Shon Alam, founder of Bidwedge.
“’Easy to do’ is what Bidwedge is all about. So, we’d like to encourage anyone who has ever come back from a trip with left over currency, to dig it out of the bottom drawer and send it to us – and we’ll pay the Sterling direct into your UK bank account,” adds Shon.