Introducing the Leftovercash blog

Hi! My name is Ferdinand Poon and I invented the Leftovercash kiosk.

The Leftovercash kiosk solves a problem for travelers who return home with leftover bills and coins from foreign countries.

Instead of stashing away your leftover foreign cash in a sock drawer, a ziploc bag or giving it away as a souvenir, the Leftovercash kiosk takes all your foreign bills and even your “big” foreign coins and exchanges it into retail gift cards you can use like cash at Staples and Lowe’s and many other stores.

We’re the only place in town that’ll take your foreign coins!

Today I’m launching the new Leftovercash blog. My intention is to host a discussion on the best ways to get and spend money while traveling overseas. I’ll share my experiences on:

• buying foreign money before you leave for your big trip … or once you’re overseas
• using credit cards and debit cards internationlly
• figuring out the fees related to the different ways of spending
• what to do with your leftover foreign bills and coins when you return home

… and even how I got ripped off by a money changer in Bali and a “friendly” local in Bangkok (who said he just wanted to practice his English).

My hope is that you’ll feel inspired to share your best practices in the comments section below so we can learn from each other!

I’m sure other ideas and topics will crop up over time once we get started. Feel free to chime in below with your comments and suggestions. If you like this blog, and find it useful, let me know that too. It’s always nice to get positive feedback!

Let’s start with:

Foreign Exchange Buy and Sell Rates

You’ll often see one of these Buy/Sell rate signs when dealing with foreign currency and it’s super important that you understand what they’re telling you.

This sign is one I saw posted outside a traditional foreign exchange shop in Santa Monica, California – you know, the kind where one person sits behind a counter waiting for you to do business with them.

Point #1—

The WE BUY AT column sets outs out the US dollar amount this foreign exchange shop will give you in exchange for one “unit” of foreign currency.

For example, using the Euro rates I circled in blue above, this foreign exchange shop will give you $1.0474 US dollars for every 1 Euro you give them.

So, if you give them 10 Euros, you will get $10.47 US dollars in return (10 x $1.0474).

Point #2—

The WE SELL AT column sets outs out what 1 unit of the foreign currency will cost you in US dollars.

Again, using the Euro rates I circled above, this foreign exchange shop will charge you $1.2014 US dollars for every 1 Euro you buy from them.

So, if you want to buy 10 Euros, it will cost you $12.01 US dollars (10 x $1.2014).

Point #3—

Always keep in mind the LOCATION of the Buy/Sell rate sign. It’s important because all the numbers on it are displayed relative to the local currency – in this case, the US Dollar.

REMEMBER—

If you want to get some foreign cash before you head overseas on your trip, you should focus on the WE SELL AT column.

For every 1 unit of foreign currency you want, multiply by the number you see in the WE SELL AT column and that’s how much it will cost you in US dollars.

If you’re now back in the US after your trip, with some leftover foreign bills, you should focus on the WE BUY AT column.

For every 1 unit of foreign currency you want to get rid of, multiply by the number you see in the WE BUY AT column and that’s the amount you’ll get back in US dollars.

Make more sense now?

Test yourself—

You’re about to fly to Japan and want to have 10,000 Japanese Yen in your pocket when you land. What will it cost you (in US dollars) at this foreign exchange shop?

The answer is at the VERY BOTTOM of this blog entry.

Keep us in mind when you return from your travels. Round up all your bills and big coins from :

• Canada
• Europe
• Britain
• Japan
• Switzerland

and convert it into retail gift cards and donations at the Leftovercash kiosk!

About Leftovercash, Inc.

Leftovercash is a Los Angeles, California based company. In these tighter economic times, Leftovercash wants to help everyone make the most of the assets they already have. We believe: “Leftover foreign currency is valuable. It’s just in the wrong country”.

Contact Information

Ferdinand Poon
President
Leftovercash, Inc.
(o) 213-260-9606 ext. 701
ferd@leftovercash.com
www.leftovercash.com

For directions to our kiosk –http://www.leftovercash.com/location/

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Answer—

10,000 Japanese Yen will cost you US$86.20 based on the rates posted in the sign above.

So who got it right?